BaltCap exits Qvalitas and Unimed

BaltCap Private Equity Fund II (BPEF II) exits the leading Estonian private healthcare companies – occupational healthcare provider Qvalitas Arstikeskus and dental care chain Unimed Grupp – which join Mehiläinen, the leading private provider of health care and social services in Finland. BaltCap exits through selling its holding company DenCap, Mehiläinen acquires 100% of the companies.

According to Martin Kõdar, Managing Partner at BaltCap, the 5-year holding period gave BaltCap a unique opportunity to back Unimed in becoming the true leader in Estonian dental healthcare and help Qvalitas to considerably strengthen its position as the largest occupational healthcare provider.

“Under our ownership both companies significantly expanded their service offering, improved their operations and have become vital countrywide service providers shaping the long-term development of health care sector in Estonia. We are grateful to the managements and medical professionals of Qvalitas and Unimed for their contribution and grit,” Kõdar emphasizes. “We also recognize the LP co-investors EIF and eQ Private Equity and healthcare industry expert Erki Mölder for their support and contribution in making this investment a success,” Kõdar adds.

Oliver Kullman, partner at BaltCap, says that the entrance of Mehiläinen marks an important milestone for the Estonian healthcare market and will widen the service offering to patients and to the entire Estonian healthcare. “We value the long-term expertise of Mehiläinen in combining traditional medical operations and digital services and trust their vision as a strong strategic partner to Qvalitas and Unimed,” Kullman adds.

Marja-Liisa Alop, the CEO of Unimed, emphasized BaltCap’s role as excellent partner with essential role in the company´s growth journey. “We were incredibly lucky to have an owner like BaltCap. Their experienced team guided our way out of a very difficult situation and helped to make a remarkable turnaround in Unimed´s development in becoming a market leader. The strategic backing of BaltCap enabled us to invest in new and existing clinics and was also critical when coping with the Covid-19 crisis. We look forward to working with Mehiläinen to further improve our patients’ satisfaction and provide the best working conditions to our team of professionals.”

“Together with BaltCap, we have greatly matured as a company and a team while going through a significant growth phase. I would like to thank BaltCap team for their partnership and trusting cooperation,” Tõnu Velt, the CEO of Qvalitas says. “We are excited to continue our growth and further our mission with a respected industry leader from the Nordics,” Velt added.

Ellex in Estonia acted as the legal counsel to BaltCap Private Equity Fund II and other sellers. The team was led by Partner Ermo Kosk and Senior Associate Sandra Värk and included Managing Partner Ants Nõmper, Partners Gerli Kivisoo and Martin Mäesalu, Counsel Toomas Kasesalu, Tax Counsel Dmitri Rozenblat, Senior Associates Maria Teder, Julia Kisseljova, Hanna Pahk and Anneli Krunks, and Associates Kevin Gerretz, Merlin Liis and Kairi Kilgi.