Baltic investor BaltCap has increased its ownership in Estonian infrastructure construction company TREV-2, to take a majority stake.

BaltCap acquired an additional 38 per cent of the business from Swedish investment company East Capital Explorer for €5.7m, and now owns 75 per cent.

The firm originally acquired a stake in TREV-2 in 2010, when the business intended to float on the Nasdaq OMX Tallinn Stock Exchange.

However, the IPO was cancelled due to poor market conditions. According to BaltCap partner Kristjan Kalda, the business “downsized expectations to increase profitability”.

In 2015, TREV-2 generated revenues of €51m which increased to €54m in 2016. Ebitda margins stood at four and five per cent in the two years respectively.

The business, which counts road construction, repair and maintenance, and environmental construction among its core activities, has no plans to float in the foreseeable future.


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