Senior executive acquired Eesti Eine AS – one of the largest industrial catering services provider in Estonian hospitals segment

Senior manager of Eesti Eine AS Mr Indrek Kirss acquired 100% share of the company from a Swedish private equity investor Askembla Growth Fund. The parties have agreed not to disclose the transaction price.

Indrek Kirss has been with Eesti Eine over five years. During this period Mr Kirss managed to expand the business and significantly improve the company’s profitability. Indrek Kirss is intended to continue building the value of Eesti Eine with subsequent growth of its market share in catering sector.

Askembla Growth Fund’s financial advisor in the transaction has been Redgate Capital and legal advisor Tark Grunte Sutkiene.

Eesti Eine AS, operating since year 2000, has established itself as a market leader in Estonia in hospitals segment, with a presence also in educational catering sector. The company puts high emphasis on the quality of food as well as promotion of healthy eating habits. Eesti Eine is expected to have sales of EUR 2.5 million and a net profit of EUR 209 thousand in 2013.

Askembla Growth Fund started to prepare exits from its holdings in the Baltic countries earlier this year. In addition to Eesti Eine the fund has already divested its interests in one of the largest DIY retailers in the Baltics, Bauhof Group AS, the largest chain of fitness clubs in Estonia, My Fitness AS, and one of the largest distributors of IT products in the Baltic countries, TD Baltics AS.

Additional Information:

Indrek Kirss, CEO of Eesti Eine AS,
Christoffer Kurpatow, Founding Partner in Askembla Growth Fund,