EXIT: BaltCap sells Kool, Latvian chain of fuel stations and convenience stores to Olerex

02 August 2021

BaltCap Growth Fund (BGF) sells its shares in Kool SIA, the operator of Latvian fuel stations and convenience stores chain, to Olerex, the leading fuel station network in Estonia. Olerex acquires Kool through Aqua Marina, the holding company of Olerex group in Estonia. Sandis Šteins, CEO and concept author of Kool, will continue to manage the company in Latvia.

Kool is a network of 10 convenience stores and fuel stations in Latvia, based on module-type stations in busy traffic areas. Kool offers competitive fuel prices in combination with high-quality convenience stores and carefully selected, locally sourced meal varieties.

“Building Kool and its network of fuel stations and convenience stores has been a challenging 3-year period, we are happy to have been part of the rapid growth journey,” said Mārtiņš Jaunarājs, partner at Baltcap, the biggest shareholder of Kool. “Kool has established its market position and we have accomplished our goal as growth capital provider and strategic partner. We are thankful to the management team and to our fellow investors for their contribution to developing the business. I trust that Olerex, the leading player in Estonia, will write the next successful chapter in KOOL´s growth story,” Jaunarājs added.

Sandis Šteins, CEO of KOOL Latvija and the concept author, will continue managing the company. “Becoming the Latvian branch of Olerex international retail network opens up many new opportunities for our customers. This will only accelerate our growth,” Steins comments.

After the acquisition of KOOL, Olerex becomes the first fuel company of Baltic origin whose stations cover all three Baltic states.

“We have been cooperating with our good neighbours Latvians for many years,” said Antti Moppel, Board Member of Aqua Marina, after signing in Riga. “With our direct entry into Latvian market, we bring in our market power, experience, and innovative mind, which will add value not only to KOOL Latvija, but to the whole Latvian petrol industry.”

Walless advised BGF in the transaction, the buyer side was advised by Palladium law firm and the transaction was co-financed by SEB. The transaction value and other details have not been disclosed.

KOOL Latvija is the ninth biggest Latvian fuel retailer by sales volume with 10 service stations mostly in Riga and suburbs, and Valmiera.

Olerex is the Estonian fuel retail market leader with 100 service stations in Estonia and 5 stations in Lithuania. Olerex has a strong international fleet card for business customers.

Aqua Marina is the holding company for Olerex and Olerex Terminal with 200 million euros in assets, established in 1990. Aqua Marina is fully based on the Estonian domestic capital.

BaltCap is the largest private equity firm in the Baltics focusing on buy-out, growth capital, venture capital and infrastructure investments. BaltCap has a strong presence in all three Baltic countries, Finland, Sweden and Poland with local offices and an experienced team. Since 1995, BaltCap has been managing several generations of private equity funds with total capital of over EUR 700 million and has completed about 100 platform investments.

Additional information:

Martins Jaunarajs
Partner, BaltCap

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