BaltCap has increased its ownership in TREV-2, the Estonian infrastructure construction company, by acquiring an additional 38 per cent stake from East Capital Explorer for EUR5.7 million.
BaltCap’s total ownership after the acquisition is 75 per cent.
TREV-2 has been in BaltCap’s portfolio since December 2010.
Kristjan Kalda, partner of BaltCap, says: “Infrastructure construction market in Estonia has been challenging in recent years. At the same time, TREV-2 has a young and ambitious team that BaltCap wants to continue supporting.”
TREV-2 generated revenues of EUR51 million in 2015 and EUR54 million in 2016, with EBITDA margins of approximately 4 and 5 per cent, respectively.
