DERLING’s partners Andres Siigur and Rolan Jankelevitsh advised Nortal shareholders on company buyout

The shareholders of Nortal bought back 50 per cent of the group’s shares from the Enterprise Investors investment fund and LHV Pension Funds, regaining full ownership of the company. Company shareholders include 34 employees and the transaction was financed by a combination of own funds and leverage.

The combined transaction price is EUR 15 million based on the current equity value of EUR 30 million. LHV Pension Funds became Nortal Group’s shareholder in November 2012 and Enterprise Investors EVF I two years earlier. In the company’s press release, Nortal’s CEO Priit Alamäe commented on the deal by saying that six years ago they reached a point where they needed investments to maximise the company’s potential for growth and expansion, and now they have increased their revenue threefold.

Nortal is a leading IT company in the Baltics providing services to the public and healthcare sectors and to the private sector in the manufacturing and logistics, energy, telecom, and financial services industries.

Enterprise Investors is one of the oldest and largest private equity firms in Central and Eastern Europe.