TRANSACTIONS
Keystone Advisers has an extensive track record from offering advisory to clients in a variety of industries and business situations.
SALE
June 2024 – sale of cybersecurity company Security Software OÜ
SALE
| Seller | Buyer |
| Estonian entrepreneurs | 
|
June 2024 – Keystone Advisers acted as sell-side financial advisor to Estonian entrepreneurs in the divestment of Security Software OÜ (Cybers) to an international cybersecurity conglomerate Neverhack. Security Software OÜ is Estonia’s leading provider of cybersecurity services and software. Neverhack is a portfolio company of Carlyle European Technology Partners, the technology branch of Carlyle, the world’s third-largest PE (private equity) firm.
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CAPITAL RAISING
January 2024 – 2C Ventures capital raise.
CAPITAL RAISING
Keystone advised new Northern-Europe focused cleantech fund 2C Ventures in raising capital. The fund’s first closing was at EUR 30 million.
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CAPITAL RAISING
April 2023 – ELMO Rent growth funding.
CAPITAL RAISING
In cooperation with KPMG, Keystone advised elmo Rent, a new generation mobility company, on raising growth capital. The capital will boost the licensing of remote control technology in foreign markets, increase the team needed to develop the next generation of technology, and prepare the next clean cars with remotely controlled technology and bring them to public roads.
Investors: Highgoal Capital Management OÜ, Barolo Finants OÜ, Saggis OÜ
SALE
December 2022 – Sale of majority shareholding in the leading fresh produce distributor to the foodservice market in Estonia.
SALE
| Seller | Buyer |
| Estonian entrepreneurs |  |
December 2022 – Keystone Advisers acted as sell-side financial advisor to Estonian entrepreneurs in the divestment of majority shareholding in Fruit Xpress OÜ to a international broadline foodservice group Bidcorp. Fruit Xpress OÜ is the leading fresh produce distributor to the foodservice market in Estonia.
CAPITAL RAISING
Ongoing – Chaga Health growth funding.
CAPITAL RAISING
Ongoing – Keystone is advising Estonian green innovation and wellness company Chaga Health in growth funding. Chaga Health is a leading medicinal mushroom based health products manufacturer and medicinal plants grower in the region.
CAPITAL RAISING
Ongoing – Startup Wise Guys fundraising.
CAPITAL RAISING
Ongoing – Keystone is advising European startup accelerator Startup Wise Guys in their fundraising process for Challenger Fund II and Opportunity Fund I. Startup Wise Guys identifies strongest founders and writes them the first check.
CAPITAL RAISING
July 2022 – Antegenes seed funding.
CAPITAL RAISING
July 2022 – Keystone advised Estonian digital health startup Antegenes in raising a seed round to revolutionize cancer prevention. Antegenes has introduced to the market advanced genetic tests for personalized prevention of cancer and other major complex diseases.
BUY
December 2021 – Investor group led by Palmgrupp OÜ acquires the property of Ülemiste Hotel in Tallinn.
BUY
| Seller | Buyer |
| Estonian entrepreneurs | Investor group led by Palmgrupp OÜ |
December 2021 – Keystone Advisers advised the investor group led by Palmgrupp OÜ in the process of acquiring the property of Ülemiste Hotel – the land plot on Lennujaama tee 2 with its hotel building in close proximity to Tallinn Airport. New owner plans to renovate the building and open a new business-class hotel.
CAPITAL RAISING
November 2021 – Startup Wise Guys fundraising.
CAPITAL RAISING
November 2021 – Keystone advised European startup accelerator Startup Wise Guys in their fundraising process for Challenger Fund I. Startup Wise Guys identifies strongest founders and writes them the first check.
MERGER
June 2021 – Combination of Hobby Hall Group and Pigu Group.
MERGER
| Investors in the combined Group |
 |
June 2021 – Keystone Advisers acted as financial advisor to Hobby Hall Group shareholders in the combination of Hobby Hall Group and Pigu Group. The combination will result in creation of the leading e-commerce and online marketplace platform operating in the Baltics and Finland. Mid Europa, a private equity fund focused on Central Europe, will emerge as the majority shareholder in the combined company.
CAPITAL RAISING
December 2020 – Bond issue.
CAPITAL RAISING
December 2020 – A real estate development company Liven issued bonds in the amount of 2 million euros and will build a new residential and commercial building in Tallinn. Keystone advised Liven.
SALE
September 2020 – Sale of minority shareholding in Vedelgaas OÜ.
SALE
| Seller | Buyer |
| Minority shareholder | Majority shareholders |
September 2020 – The minority shareholder and one of the founders of Vedelgaas sold his shares in the company to majority shareholders. Vedelgaas is one of the leading tank LPG sellers in Estonia.
BUY
March 2020 – Acquisition of alcohol addiction treatment clinic Kordamed.
BUY
| Seller | Buyer |
| Estonian entrepreneurs |  |
March 2020 – Keystone Advisers acted as buy-side financial advisor to Confido Healthcare Group in the acquisition of Kordamed AS which operates alcohol addiction treatment clinic.
MBO
December 2019 – Management buyout in Hobby Hall Group.
MBO
| Seller | Buyer |
| Finnish entrepreneurs | Estonian entrepreneurs |
December 2019 – Keystone Advisers acted as financial advisor to Hobby Hall Group OÜ management in the co-investors buyout transaction and in securing financing for the deal. Hobby Hall Group operates leading Estonian and Finnish online department stores hansapost.ee and hobbyhall.fi
SALE
October 2019 – Sale of largest Apple premium reseller in the Baltics and Finland.
SALE
| Seller | Buyer |
| Finnish entrepreneur |  |
October 2019 – Keystone Advisers acted as sell-side financial advisor to Finnish entrepreneur in the divestment of IM Arvutid to Estonian investment company UP Invest. IM Arvutid is a leading Apple premium reseller in the Baltics and Finland.
SALE
September 2019 – Sale of largest wild game producer in Estonia.
SALE
| Seller | Buyer |
| Estonian entrepreneurs | |
September 2019 – Keystone Advisers acted as sell-side financial advisor to Estonian entrepreneurs in the divestment of Linnamäe Lihatööstus to Estonian investment company UP Invest. Linnamäe Lihatööstus is largest wild game producer in Estonia.
BUY
June 2019 – Acquisition of controlling stake in medical aesthetic clinic Vitaclinika.
BUY
| Seller | Buyer |
| Estonian entrepreneurs | |
June 2019 – Keystone Advisers acted as buy-side financial advisor to Confido Healthcare Group in the acquisition of controlling stake in Medco Partners OÜ which operates medical aesthetic clinic Vitaclinika.
CAPITAL RAISING
June 2018 – Equity financing arrangement.
CAPITAL RAISING
June 2018 – Keystone Advisers advised Larsen Kinnisvara to raise equity capital for rental property development in Liimi 1, Tallinn.
SALE
November 2017 – Divestment of 80% Verifica stake to Norwegian listed company B2Holding.
SALE
| Seller | Buyer |
| Shareholders |  |
November 2017 – Keystone Advisers acted as sell-side financial advisor to shareholders of Verifica, a reference platform in the provision of a full-range of consumer credit management services in Spain. B2Holding is a leading pan-European debt purchaser listed in the Oslo Stock Exchange.
BUY
September 2017 – Acquisition of controlling stake in Finnish cyber security company Deltagon Group OY .
BUY
| Seller | Buyer |
| Finnish entrepreneurs |  |
September 2017 – Keystone Advisers acted as buy-side financial advisor to INVL Technology in the acquisition of controlling stake in Deltagon Group OY. Deltagon develops information security solutions for electronic communication and services.
BUY
July 2017 – Purchase of distressed Estonian dairy company Tere .
BUY
| Seller | Buyer |
| Elveda OÜ (bankruptcy estate) |  |
July 2017 – Keystone Advisers advised leading Estonian food processing company Maag Grupp in acquisition of Tere. Tere is major dairy company in Estonia that has been seeking restructuring due to financial distress.
SALE
March 2017 – Sale of leading Baltics job classifieds business CV Keskus OÜ .
SALE
| Seller | Buyer |
 |
 |
March 2017 – Keystone Advisers acted as sell-side financial advisor to Headhunter Group in the divestment of CV Keskus. CV Keskus operates under cvkeskus.ee brand in Estonia and under cvmarket.lv and cvmarket.lt brand in Latvia and Lithuania.
BUY
March 2017 – Purchase of debt claims of a distressed Estonian dairy company Tere .
BUY
| Seller | Buyer |
 |
|
March 2017 – Keystone Advisers advised leading Estonian food processing company Maag Grupp in acquisition of all claims against Tere and related companies from Nordea and DNB Bank. Tere is major dairy company in Estonia that has been seeking restructuring due to financial distress.
BUY
December 2016 – Acquisition of medical devices distributor in Lithuania.
BUY
| Seller | Buyer |
| Private | Undisclosed |
December 2016 – Keystone Advisers acted as buy-side financial adviser in the acquisition of 100% shares in medical devices distributor in Lithuania.
SALE
July 2015 – Kamm Ettevõtmiste OÜ, an Estonian Investment Company, sold its shares in Flainest AS sawmill to the company’s management.
SALE
| Seller | Buyer |
| Private investor | Management |
July 2015 – Kamm Ettevõtmiste OÜ sold its 50% stake in Flainest AS to the management controlled company. Flainest AS is a sawmill located in Tartumaa that sell’s most of it products to Great Britain. In addition to sawmill operations the company also manages forest properties. Transaction value is not disclosed. Keystone Advisers acted as the exclusive financial advisor to the Seller.
SALE
July 2015 – The owners of Krol Watch Group, Lithuanian watch and jewelry distributor, sell the business to local strategic investor.
SALE
| Seller | Buyer |
| Private individuals | Star Group |
July 2015 – The owners of Krol Watch Group sold 100% of their shares in the company to Star Group. Krol Watch Group is a Lithuanian wholesale and retail trading company, specialized in watches and accessories. The company represents various international brands in Lithuania, including DKNY, Fossil, Diesel, Rotary, Nixon and others. Keystone Advisers acted as the exclusive financial advisor to the Seller.
SALE
June 2015 – The minority shareholder and one of the founders of Contimer, an Estonian logistics provider, sold his shares.
SALE
| Seller | Buyer |
| Minority shareholder | Private individuals |
June 2015 – One of the founders and minority shareholder of Contimer sold his shares in the company. Contimer is among the top three customs bonded warehouse keepers and forwarders of general cargo and dry bulk in Estonia. The company was founded in 1995 and its turnover reached EUR 15.2 mln. in 2013. Transaction value is not disclosed. Keystone Advisers acted as the exclusive financial advisor to the Seller.
SALE
April 2015 – Garsdalo Medienos Technologija, specialized tools and equipment provider for the woodworking industry, is acquired by Kyocera Unimerco.
SALE
| Seller | Buyer |
| Private individual |  |
April 2015 – Garsdalo Medienos Technologija, specialized tools and equipment provider for the woodworking industry, is acquired by Kyocera Unimerco. Garsdalo specializes in production of polycrystalline diamond (PCD) tools, providing re-sharpening services and distributing tools and equipment for the woodworking industry. Keystone Advisers acted as the exclusive financial advisor to the Seller. For additional information please refer to transaction announcement.
BUY
April 2015 – Atea Baltic acquires Baltnetos Komunikacijos, leading Lithuanian cloud and IT outsourcing provider.
BUY
| Seller | Buyer |
| Kazickas family and management |  |
April 2015 – Atea Baltic acquires Baltnetos Komunikacijos, leading Lithuanian cloud and IT outsourcing provider. Company’s turnover reached €7.2 million in 2014. Keystone Advisers acted as an advisor to Atea Baltic in the transaction. The agreed enterprise value is €10.4 mln. For additional information please refer to transaction announcement.
BUY
April 2015 – Estonian largest e-commerce company Hansapost has acquired Xnet.lv, one of the leading e-shops in Latvia.
BUY
| Seller | Buyer |
| Latvian entrepreneurs |  |
Aprill 2015 – Keystone advised the acquisition of a majority stake in SIA “Xnet” by Hansapost OÜ. Xnet is one of the leading e-commerce businesses in Latvia operating Xnet.lv, a popular online department store, and aboluveikals.lv, the first official online retailer of Apple products in Latvia. Company’s turnover reached EUR 4 mn last year. Hansapost is the largest e-commerce company in Estonia with turnover exceeding EUR 10 mn. For additional information please refer to transaction announcement.
BUY
January 2015 – Estonian private investors acquired Unity, the provider of internet broadband solutions and B2B IT services.
BUY
| Seller | Buyer |
| Majority owner Herty Tammo (through T-Ventures AS & HT Management OÜ) | Unicom Eesti OÜ |
January 2015 – Keystone advised the owners of Unicom Eesti OÜ in the process of acquiring Estonian IT firms Unity Systems ja Unity Internet.
The price of the transaction is not disclosed. For further information please read the transaction announcement.
SALE
December 2014 – Rolvika, a company active in design and installation of refrigeration equipment for retail and HoReCa sectors, was divested to the Finnish Monilaite-Thomeko.
SALE
| Seller | Buyer |
| Venture Capital Fund Gild Arbitrage |  |
December 2014 – Keystone Advisers advised the owners of Rolvika group in the process of divesting the business to a Finnish family owned company Monilaite-Thomeko.
The consolidated revenue of the group was €12 million in 2013.
The price of the transaction is not disclosed. For further information please read the transaction announcement.
SALE
May 2014 – Keystone Advisers advised the owners of Cinamon Group OÜ in the process of divesting the business to private investment company DLT Capital OÜ.
SALE
| Seller | Buyer |
| Venture Capital Fund Gild Arbitrage | DLT Capital OÜ |
May 2014 – Keystone Advisers advised the owners of Cinamon Group OÜ in the process of divesting the business to private investment company DLT Capital OÜ. Cinamon Group is operating a cinema chain in Estonia, Latvia, and Lithuania. The consolidated revenue of the group was €5.6 million in 2013. Transaction price is not disclosed.
SALE
March 2014 – Alma Media divests BNS Group, the leading Pan-Baltic news agency and media monitoring company
SALE
| Seller | Buyer |
 |
KOHA Capital |
March 2014 – Alma Media divests BNS Group, the leading Pan-Baltic news agency and media monitoring company. Keystone Advisers and PCA Corporate Finance jointly advised Alma Media Corporation, a public company listed on the Helsinki stock exchange, in the process of divesting 100% of the shares of Balti Uudistetalituse AS (BNS Group) to an Estonian private investment company Koha Capital OÜ.
The price of the transaction is not disclosed. For further information please read the press release.
BUY
March 2013 – Maag Grupp acquires Pouttu, Finland’s fourth-largest meat processing firm, from Sponsor Capital.
BUY
| Seller | Buyer |
 |
 |
March 2013 – The Estonian meat industry company Maag Lihatööstus has acquired 100 percent of the shares in Finland’s fourth-largest meat processing firm Pouttu, from the Finnish private equity firm Sponsor Capital. Keystone acted as adviser to Maag.
The price of the transaction is not disclosed. For further information please read the press release.
BUY
February 2013 – EfTEN Real Estate Fund acquires the property of Scandic Hotel Palace in Tallinn.
BUY
| Seller | Buyer |
 |
 |
February 2013 – Estonian real estate fund EfTEN Capital acquires a landmark hotel property in the heart of Tallinn from Scandic Hotels. Keystone acted as adviser to EfTEN. The price of the transaction is not disclosed.
SALE OF MINORITY STAKE
April 2011 – Sale of minority stake in BLRT Grupp AS, the leading shipbuilding and ship repair corporation in the Baltic Sea region
SALE OF MINORITY STAKE
| Seller | Buyer |
| Retired key executives | Founders, active management |
April 2011 – Retired founders and former key executives of BLRT Grupp AS sold their shares to founders and active management.
BLRT is the leading shipbuilding and ship repair group in the Baltic Sea region. Its subsidiaries operate in all three Baltic countries, Finland, Norway etc. Consolidated annual turnover of the group exceeds EUR 300m.
Keystone acted as adviser to the sellers. The price of the transaction is not disclosed.
SALE
September 2010 – The owner of Barrus, an Estonian timber processing company, sells the company after a turnaround process to a group of financial investors.
SALE
| Seller | Buyer |
| Founder | Syndicate of private investors |
September 2010 – The owner of Barrus, an Estonian timber processing company, sells the company after a turnaround process to Danish Inter-Invest A/S. Keystone Advisers acted as advisor to the owner in the transaction. For further information please view press release.
BUY
June 2010 – AD Baltic acquires BAKT Autotehnika AS, a wholesaler of automotive parts in Estonia, from private investors.
BUY
| Seller | Buyer |
| Founders |  |
June 2010 – AD Baltic acquires BAKT Autotehnika AS, a wholesaler of automotive parts in Estonia, from private investors.
Keystone acted as adviser to AD Baltic. The price of the transactions is not disclosed.
GROWTH CAPITAL FINANCING
January 2009 – Owners of the leading Estonian DIY store network Bauhof have raised growth capital from a group of private investors.
GROWTH CAPITAL FINANCING
| Seller | Buyer |
| Private investors | Private investors |
January 2009 – Owners of Bauhof, a leading Estonian DIY chain, have raised growth capital from a group of private investors aiming to finance expansion on the Lithuanian market.
Keystone acted as exclusive financial advisers to Bauhof.
SALE
April 2008 – Founders of the leading Estonian DIY store network Ehituse ABC have divested the business to Norwegian Optimera.
SALE
| Seller | Buyer |
| Founders |  |
April 2008 – Founders of the leading Estonian DIY store network Ehituse ABC have divested the business to Optimera (Saint-Gobain Distribution Nordic AB). Net turnover of Ehituce ABC exceeded 100 EURm in 2007.
Keystone acted as exclusive financial advisers to the owners.
The price of the transactions is not disclosed. For more information please read the press release.
SALE
February 2008 – Founder of Estonian shoe retailer Suurtüki NK has divested the business to a major listed Baltic retail group Tallinna Kaubamaja.
SALE
| Seller | Buyer |
| Founder |  |
February 2008 – Founder of Estonian shoe retailer Suurtüki NK has divested the business to a major listed Baltic retail group Tallinna Kaubamaja. Suurtüki operates 15 stores in Estonia and has also lately expanded to the Latvian market.
Keystone acted as financial adviser to the owner.
The price of the transactions is not disclosed.
BUY
November 2007 – Maag Grupp acquired Estonian dairy Rakvere Piim.
BUY
| Seller | Buyer |
| Private investor | |
November 2007 – Maag Grupp acquired Estonian dairy Rakvere Piim AS. The target operates under a recognized brand name Farmi, making it a perfect add-on to Maag’s existing dairy production in Jõhvi.
Keystone acted as financial adviser to Maag. The price of the transactions is not disclosed.
BUY
January 2007 – Leading Estonian tour operator Horizon Travel was divested to Finnish Aurinkomatkat, a part of Finnair Group.
BUY
| Seller | Buyer |
| Private investor |  |
January 2007 – Leading Estonian tour operator Horizon Travel was divested to Finnish Aurinkomatkat, a part of Finnair Group.
Horizon Travel the second largest tour operator on the Estonian market measured in number of clients and turnover. The main destinations are, among others, Gran Canaria, Tenerife, Thailand, Costa del Sol and Rhodes. The number of customers is expected to mount to some 20 000 in the year.
Keystone acted as financial adviser to the owners. The price of the transactions is not disclosed.
BUY
September 2006 – Swedish Ahlsell acquired FEB AS, the leading Estonian wholesaler in the heating and plumbing sector.
BUY
| Seller | Buyer |
| Entrepreneurs |  |
September 2006 – Swedish Ahlsell acquired FEB AS, the leading Estonian wholesaler in the heating and plumbing sector.
The company has an annual turnover of about EUR 25 million and about 120 employees. Ahlsell is the Nordic region’s largest trading company in installation products and tools & machinery.
Keystone acted as financial adviser to the buyer. The price of the transactions is not disclosed.
Tallinn – Estonia
+372 681 7040
Rävala puiestee 3,
Tallinn, 10143
info@keystoneadvisers.ee
www.keystoneadvisers.ee
caotica.ee veebilehe arendus, veebiarendus, kodulehe disain valmistamine, interneti online turundus
Rävala puiestee 3,
Tallinn, 10143
info@keystoneadvisers.ee
www.keystoneadvisers.ee
caotica.ee veebilehe arendus, veebiarendus, kodulehe disain valmistamine, interneti online turundus