Hanseatic Capital

About Us

Investment Criteria

Investment Professionals

Track Record

Contact Us

About Us
Founded in 2003, Hanseatic Capital is a dedicated provider of fixed income growth capital in Emerging Europe. Hanseatic Capital is headquartered in Tallinn, Estonia, and has representative offices in Bulgaria, Poland and Latvia. With experience in investing across a broad range of industry sectors, Hanseatic Capital provides flexible financing solutions to small and medium size enterprises ("SMEs"). Hansetaic Capital invests exclusively in Emerging Europe and seeks growth oriented SMEs with experienced and committed management teams.Hanseatic Capital is a signatory of the United Nations Principles for Responsible Investment and a full member of European Private Equity and Venture Capital Association. Hanseatic Capital is also a member in the Polish Private Equity Association and Estonian Venture Capital Association. An investor initiative in partnership with UNEP FI and the UN Global CompactHanseatic Capital is a wholly owned subsidiary of Arco Capital Corporation.

Investment Criteria

We look for companies with the following characteristics:

Growth companies with substantial management ownership

Demonstrated capability to pay interest from cash flows

Financial controls and transparency in reporting

Operating history of at least three years

Established industry or sub segment

We are not venture capital investors

We typically use the following financing instruments:

Secured debt with equity participation features

Subordinated debt with senior debt covenants and equity participation features

Convertible bonds and hybrid instruments

Structured preferred stock

Our typical investments have maturities of three to five years with sizes between €1 to €5 million and unlevered IRRs in excess of 20%.

We can fund higher amounts under special circumstances.

Hanseatic Capital is a signatory of the United Nations Principles for Responsible Investment (PRI), and committed to implement these principles across all of our activities.

PRI was developed by an international group of institutional investors reflecting the increasing relevance of environmental, social and corporate governance issues to investment practices

For more information about PRI please visit www.unpri.org .

Investment Professionals
Angel Gyaurov / Managing Director / BulgariaTel: +359 2895 2000Email: angel.gyaurov_hanseaticcapital.netAngel joined the group in 2007. Prior to that Mr. Gyaurov worked in Bermuda with Ernst & Youngs hedge fund practice. He has over ten years of diverse transaction and analyst experience in private equity, corporate finance, risk management, and business assurance services. He has also held positions with ING Barings, Arthur Andersen, MG Asset Management, and Sigma Capital Management, a private equity fund. Angel received a B.S. degree in Economics and a M.A. degree in Macroeconomics from the University of Sofia, Bulgaria, (Honors), and in 2007 earned his MBA from INSEAD in France and Singapore. Angel is also a CFA chartholder. He has been involved in numerous financing, and/or advising transactions, encompassing both sourcing and execution.James Oates / Managing Director / EstoniaTel: +372 667 6253Email: james.oates_hanseaticcapital.netJames is a 20 year veteran of the financial markets of Central and Eastern Europe with experience in asset management, equity research and investment banking at major houses. He joined Hanseatic Capital in 2011 as Managing Director. Before Hanseatic Capital, from 2008 James worked as CEO at Cicero Capital, an investment advisory boutique based in Tallinn, Estonia. From 2005 to 2008, he worked for UniCredits investment banking unit based in London as Principal Investment Advisor focused on the CEE region. From 2001 to 2005 he worked as CEO for Convergence Capital, an investment fund advisor based in London. From 1993 to 2001, James held top manager positions at Lazard Capital Markets (Product Manager for CEE), Adriatic Baltic (Director), UBS (Product Manager for CEE), Robert Fleming & Co. (Fund Manager), and JP Morgan. James has received a M.A. degree in International Relations and Eastern European History from the University of Aberdeen.Tomasz Radwański / Investment Executive / PolandTel: +48 22 381 6072Email: tomasz.radwanski_hanseaticcapital.netTomasz has represented Hanseatic Capital in Poland since 2007. He has over ten years experience in corporate finance and investment industry. Before joining Hanseatic Capital, he worked at Trinity Management, a Polish private equity fund where he spent over four years as Investment Director responsible for four portfolio companies. From 1999 to 2002, he was an Associate at Arthur Andersens Corporate Finance division in Poland, where he was responsible for numerous M&A transactions and advisory services both for private and government clients. In 1998, Tomasz started his career with the largest law office in Poland, Domanski Zakrzewski Palinka, where over one year worked as a lawyer focused on tax and commercial law. During this time he was involved in numerous financing, and/or advising transactions, encompassing both sourcing and execution. Tomasz received his master degree in finance from Warsaw School of Economics, and master degree in law from Warsaw University.Priit Veering / Investment Executive / EstoniaTel: +372 667 6252Email: priit.veering_hanseaticcapital.netPriit has served as an investment executive for Hanseatic Capital since 2003. He has over 14 years in the banking and investment industry. Before joining Hanseatic Capital, he worked as Investment Executive at Baltic American Enterprise Fund (BalAEF) for five years. He has reviewed over 200, closed 16, and exited ten deals (average IRR 27%). From September 1994 to August 1998, Priit worked in Estonian Savings Bank (ESB) as Credit Analyst and later as a Project Manager for development of financial products. During the time in BalAEF and Hanseatic Capital he has been involved in supervising several portfolio companies from the beginning of investment until exit. In some companies, he has served as a board of directors member. Priit has a Bachelor of Arts degree on the fields of International Business and Banking from the University of Tartu, Estonia.
Track Record

Hanseatic Capital has invested approximately €30 million in 20 portfolio companies and exited 16 of these investments with an average internal rate of return (IRR) of approximately 20%.

Kalinausko

Real estate

Entry: September, 2000

Exit: March, 2007

IRR: 19%

Aitecs Medical

Medical equipment

Entry: August, 2001

Exit: December, 2008

IRR: 38%

C ableTEL 1

Cable TV

Entry: April, 2007

Exit: October, 2009

IRR: 23%

Sunorek

Window blinds

Entry: November, 2001

Exit: September, 2006

IRR: 32%

Olerex

Petrol stations

Entry: December, 2006

Exit: February, 2008

IRR: 30%

Marepleks

Glass manufacturing

Entry: April, 2004

Exit: July, 2006

IRR: 35%

Favor

Metal processing

Entry: January, 2005

Exit: June, 2007

IRR: 45%

Ortodontiakeskus

Ortodontics-Dental services

Entry: June, 2003

Exit: January, 2006

IRR: 21%

Labelprint

Label printing

Entry: January, 2004

Exit: October, 2005

IRR: 20%

Tallinna Masinatehas

Producer of HVAC

Entry: October, 2003

Exit: October, 2005

IRR: 12%

Birstono Mineraliniai

Mineral water producer

Entry: July, 2004

Exit: September, 2005

IRR: 33%

Ligatne Papermill

Recycled paper products

Entry: October, 2004

Exit: May, 2006

IRR: 18%

SEP Warehouse

RE Warehouse

Entry: April, 2003

Exit: February, 2006

IRR: 64%

Eskaro

Paint manufacturing

Entry: December, 2002

Exit: February, 2006

IRR: 18%

1 Investment booked through Arco

Contact Us

EstoniaRoosikrantsi 11,4th floor 10119 Tallinn, EstoniaTel: +372 667 6252Fax: +372 667 6251PolandMarynarska Pointul. Postępu 15C,3rd floor 02-676 Warsaw, PolandTel: +48 22 381 6072 Fax: +48 22 381 6073BulgariaSofia Central Park Building7 Sheinovo Street, floor 3Sofia 1000, BulgariaTel: +359 2 895 2000Fax: +359 2 895 2020

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