BaltCap Growth Fund exits Karell Kiirabi, Estonia's first private ambulance service provider, as it is sold to the owners of the elderly care chain Südamekodud, following significant growth and modernization of its services.
Target Company Overview
Karell Kiirabi, based in Estonia, is the country’s first private ambulance service provider. Established to enhance emergency medical services, the company operates a fleet of 18 units and employs over 300 professionals, serving the regions of North and North-East Estonia. Throughout its trajectory, Karell Kiirabi has significantly upgraded its operations, including modernizing its ambulance fleet and stations, leading to substantial business growth.
Since BaltCap Growth Fund (BGF) invested in Karell Kiirabi in 2019, the company has experienced remarkable developments. Under the leadership of Co-CEOs Õnne Bartoševitš and Ivetta Sakkart, Karell Kiirabi has demonstrated a 50% increase in revenue during the holding period, indicating its robust operational expansion and strengthening management team.
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Industry Overview in Estonia
The ambulance services industry in Estonia has seen critical advancements in recent years, particularly with the advent of private sector participation like Karell Kiirabi. Traditionally, the Estonian e
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Südamekodud
invested in
Karell Kiirabi
in 2023
in a Buyout deal