Baltic M&A Advisory

Operators
who advise.
Insiders who
deliver.

ZipiCap advises Baltic business owners and international investors on the most consequential financial decisions of their careers — with the mindset of operators, the network of insiders, and the reach of a global firm.

How We Can Help Get in Touch
€310m+Transaction Value
20+Years in Finance
3Baltic Markets
+22%PE Fund Net IRR
Who We Serve

Two types of client.
One set of values.

We work with Baltic business owners facing the most important financial decision of their lives — and with international investors who are new to the region and need someone who knows it from the inside out.

Baltic Business Owners & Founders

You have spent 15 to 25 years building your company. Now you are considering a sale, seeking a strategic partner, looking to grow through acquisition, or need to raise capital. You need an adviser who thinks like an owner — because they have been one.

The right buyer for your business is rarely in Riga or Vilnius. They are in Stuttgart, Amsterdam, Helsinki, or Chicago. Finding them — and making them compete for your business — is what we do.

International Investors & Acquirers

The Baltic states are producing compelling M&A opportunities across healthcare, technology, industrials, food & agriculture, energy, defence, and infrastructure & logistics — including ports and terminals that are strategically located and attractively priced. For investors new to the region, the gap between identifying an opportunity and closing a transaction is filled with things that cannot be learned from a desk.

ZipiCap provides the market intelligence, local relationships, and cultural fluency that turn a Baltic opportunity into a closed transaction. Eyes on the ground. Intelligence from the inside. A bridge between how business works here and how it is presented abroad.

Services

Full-spectrum corporate finance,
Baltic to global.

We run complete processes — not introductions. From mandate origination and documentation through buyer identification, negotiation, and closing.

Mergers & Acquisitions

Sell-side advisory, buy-side advisory, MBOs, strategic partnerships and stake sales. We run the full process and act exclusively for one party.

Capital Raising

Equity and debt capital raising for growth, expansion, and development projects. Structuring the right capital stack — not just finding the nearest lender.

Debt Advisory

Structuring and arranging debt financing including bank debt, alternative lenders, and grant co-financing. Optimising cost of capital and covenant terms.

Corporate Finance Advisory

Valuations, pre-deal strategy, succession planning, corporate restructuring, and strategic financial advisory — the work before and after the transaction.

Market Entry Advisory

For international companies entering the Baltics: target identification, market intelligence, introductions, and local navigation from first conversation to closing.

Buy-Side Target Search

Systematic identification of acquisition targets in Baltic and European markets — AI-assisted search combined with local relationship access. The widest universe, qualified.

Why ZipiCap

What makes the difference

Three things that cannot be replicated by a boutique that opened last year or a global firm that visits quarterly.

01

Operators who advise

We have run companies, managed investors, and sat on boards — not just advised. When we model your valuation, we know how a buyer's board will scrutinise it. When we structure your deal, we understand what you actually need post-closing, not what looks clean on a term sheet.

02

Baltic market depth

Twenty years of relationships with Baltic business owners, founders, PE fund managers, and senior executives across every major sector. Our network is a community of people who answer the phone — across Estonia, Latvia, and Lithuania.

03

International reach

Through our international network, we approach buyers simultaneously across Germany, the Nordics, Benelux, France, the UK, and North America — the geographies that drive Baltic M&A value. The right buyer is rarely the nearest one.

Baltic Opportunities

Compelling M&A opportunities
across every major sector

The Baltic market is generating institutional-grade transactions in sectors that European and global acquirers are actively targeting right now.

Healthcare

Diagnostics, clinics & care

Fastest-growing sector for cross-border Baltic M&A. Active interest from Finnish, German, and Dutch acquirers.

Technology

Software, AI & fintech

Baltic tech companies attracting top-tier European and North American VC and strategic buyers at scale.

Industrials

Manufacturing & production

EU-standard industrial assets with competitive cost base — sought by German, Austrian, and Nordic strategics.

Infrastructure & Logistics

Ports, terminals & transport

Strategically located assets at attractive valuations. NATO-driven investment and EU corridor spending accelerating interest.

Food & Agriculture

Production & processing

Baltic farms rank among Europe's most efficient. Climate change is expanding growing seasons and export opportunities. Specialised processors are scaling to meet growing international demand.

Energy

Renewables & infrastructure

Baltic energy independence driving unprecedented investment in renewables and power infrastructure.

Defence & Dual-Use

Technology & production

All three Baltic states among the world's highest NATO contributors per GDP. Emerging investment theme.

Consumer & Retail

Brands & distribution

Succession-driven exits from founder-owned businesses. Consolidation actively underway below the mega-deal level.

About

Founded by someone
who has done it

Agris Grīnbergs
Agris Grīnbergs
Founder & CEO, Zipi Capital, SIA

I founded ZipiCap because I saw the gap: Baltic business owners making the most important financial decisions of their lives, with advisers who could explain M&A theory but had never run a business, never sat on an investor's side of the table, and never felt the difference between a good outcome and a great one.

I have spent 20 years on both sides. As a banker structuring €165m in corporate loans at ABLV Bank, I saw how buyers and lenders evaluate Baltic businesses from the inside. As Chairman of AmberStone Group, I built and managed a €35m Baltic private equity portfolio across healthcare, industrials, hospitality, and agriculture — sitting on the boards of 15 investee companies. As founder of ABLV Private Equity Management, I ran a PE fund and achieved a net IRR of +22%. And as Associate Partner at Prudentia, one of Latvia's leading M&A boutiques, I ran sell-side and buy-side processes for Baltic mid-market clients.

The result is a firm that gives you advice the way an owner thinks, not the way a banker explains. That is the only kind of advice worth paying for.

  • Zipi Capital, SIA — Founder & CEO2018 – Present
  • Prudentia, AS — Associate Partner, M&A2021 – 2024
  • Tirdzniecības Nams "Kurši" — Chairman, Supervisory Board2020 – 2021
  • AmberStone Group — Chairman of the Board2013 – 2018
  • ABLV PE Management — Chairman & Fund Manager2010 – 2016
  • ABLV Bank — Deputy Head, Corporate Finance2008 – 2011
Baltic Market

The market is moving.
The window is now.

The Baltic states delivered a breakout year in 2025. For sellers, buyers, and investors, conditions are more compelling than at any point since 2021.

€3.85bn 2025 total Baltic M&A deal value — up 47% year-on-year
€1.47bn Early 2026 deal value — mega-deal trend accelerating
#1, #2, #5 Estonia, Latvia, Lithuania in OECD 2025 Tax Competitiveness Index

German industrials, Scandinavian retailers, North American infrastructure funds, Gulf sovereign investors, and GCC food security strategics have all made landmark Baltic acquisitions in the past 12 months. Companies founded in the 1990s are reaching succession inflection points. Baltic companies are acquiring abroad. Ports and terminals in strategically critical NATO corridors sit at valuations that reflect yesterday's risk assessments, not today's geopolitical reality. The market rewards advisers with the right relationships and the right international reach.

Contact

Let's talk.

Whether you are considering a sale, exploring an acquisition, or approaching the Baltic market for the first time — the conversation starts here.

Email agris@zipicap.com
Phone +371 2921 8700
LinkedIn Agris Grīnbergs
Location Riga, Latvia