BaltCap, the leading private equity fund manager in the Baltics, through its portfolio company Adoro, signed an agreement to acquire a 100% stake in Senior Baltic SIA, which operates the Latvian elderly care facility Dzintara Melodija. The add-on investment is part of Adoro’s strategy to build a leading social and healthcare chain that provides high-quality care services in Latvia.
BaltCap entered the Latvian social and healthcare sector in November 2022 by acquiring the social care centre Dzīves Ābece in Riga. BaltCap's subsidiary Adoro plans to establish several new social care facilities in Latvia over the next five years with a total of 500+ beds. Given the significant lack of high-quality senior care services in Latvia, the general trend of an aging population, as well as the current situation of high occupancy rates in state and municipal social care facilities, BaltCap as an investor sees potential in this area.
Dzintara Melodija is a modern elderly home with 202 beds that opened in Riga, the capital of Latvia, in 2013. The 5830 m2 4-floor facility is a purpose-built institution for elderly care. It incorporates all relevant features, including special-purpose rooms for care and leisure, elevators, wide corridors, and single and double rooms for the residents. Dzintara Melodija employs more than 70 medical, nursing, and care specialists. Juris Parups
, Investment Director at BaltCap, stated, “Our ambition is to build Adoro into a leading elderly care chain in Latvia and introduce new high-quality services in this field to ensure the health, well-being, and comfort of seniors. Acquiring Dzintara Melodija, which adheres to the highest care standards in the industry, and joining forces with its experienced management team is a crucial step in this direction.” Uldis Priedītis
, CEO of Adoro, had this to say about the expansion plans: “With the acquisition of Dzintara Melodija, we will be able to provide high-quality care for up to 300 people in the Adoro network. Adoro is Latin for respect, admiration, love, and honour - these are the core values that shape our attitude towards both the residents and our employees. We plan to offer not only residential and home care but also rehabilitation, physiotherapy, and other short-term healthcare services.”
The deal’s completion is subject to the approval of the Latvian competition authorities.
In recognition of its investments in the sector, BaltCap received the 2022 Sustainability Award of the Year from the Latvian Business Angel Network (LatBAN) and the Latvian Private Equity and Venture Capital Association (LVCA for its investment in the social care company Dzīves Ābece.
BaltCap has notable experience in the care sector.BaltCap Growth Fund has active investments in Estonia’s leading elderly care chain Pihlakodu and in Lithuanian-based private nursery hospital and rehabilitation centre, Gemma.
BaltCap is the largest and most experienced private equity investor in the Baltics covering buyouts, growth, venture, and infrastructure investments. Since 1995, BaltCap has invested in over 100 companies across a wide range of industry sectors and raised aggregate capital of over €700 million. BaltCap has a team of 40 investment professionals working across Tallinn, Riga, Vilnius, Warsaw, Helsinki, and Stockholm offices.