Baltic Partners

What Baltic Partners does

Baltic Partners is an independent financial advisory firm founded in September 2016 by Valeri Kulitski and Dmitry Smirnov, headquartered in Riga, Latvia, with a second office in Kyiv, Ukraine. The firm provides M&A advisory, capital raising, capital markets advisory (IPO/SPO), and general financial advisory services to growth companies, mid-market leaders, private equity funds, family offices, and corporate M&A teams across the Baltic States, broader CEE region including Ukraine, and Nordics. Baltic Partners operates as a lean partnership (~5 employees) leveraging senior practitioner experience drawn from Deloitte, EY, PwC, KBC Securities and the Globalscope global M&A network of 100+ offices across 50 countries.

The firm's service offering spans the full transaction lifecycle — from valuation, due diligence and deal structuring through to closing and post-transaction support. The core advisory practice has executed high-profile transactions including the iCotton/Harper Hygienics acquisition (2017), the MediCA/InMedica merger recognized as the largest healthcare deal in Lithuanian history (2022), the sale of AS Eco Baltia to INVL Baltic Sea Growth Fund (2020), and the management buy-out of SIA Mobilly backed by Civinity AB (2024). In September 2025, Baltic Partners expanded its model by co-managing the Baltic Capital Markets Acceleration Fund (BCMAF), a €50+ million growth-focused private equity vehicle investing in Baltic SMEs and mid-cap companies targeting enterprise values of €5-100 million preparing for IPO, with institutional commitments from Lithuania's ILTE (€18.8M) and Latvia's ALTUM (€20M).

Revenue is generated exclusively through professional services fees: transaction-based success fees, retainers, and — newly as of 2025 — fund management fees on BCMAF. The firm has no proprietary technology platforms, no app or API products, and no disclosed AI/ML capabilities; its value proposition rests on practitioner expertise, regional relationships, and the institutional credibility of its founders. The customer base is well-diversified across industries (hygiene, healthcare, payments, environmental, wine retail, transportation) but exposed to anchor-client concentration risk and transaction-volume volatility inherent to deal-based revenue.

Name

Baltic Partners

Legal name

Baltic Partners

Website

https://balticpartners.eu

Company type

Private

Founded year

2016

Operating status

Operating

Headcount range

1–10 employees

Short description

Baltic Partners is an independent financial advisory firm founded in 2016 in Riga, Latvia, providing M&A advisory, capital raising, and capital markets services to mid-market companies, private equity funds, and family offices across the Baltic States and broader CEE region, and now co-managing the €50M+ BCMAF growth fund.

Ownership category

akta.pro rank

Product category

Investment Banking & Financial Advisory

NAICS

Investment Banking and Securities Intermediation (523150), Miscellaneous Intermediation (523910)

SIC

Services-Management Consulting Services (8742), Security Brokers, Dealers & Flotation Companies (6211), Investment Advice (6282)

akta.pro primary industry

Corporate Finance & Capital Advisory (BPAHADAB)

akta.pro secondary industries

Capital Markets Advisory (IPO Readiness, SPAC, ECM/DCM Advisory) (BPAHAOAL), Capital Raising Advisory (Debt/Equity/Private Capital) (BPAHADAG), Equity Capital Advisory (Private Equity Placements, Growth Capital) (BPAHAOAE), Corporate Finance Advisory (Strategic Finance, Capital Structure & Recaps) (FSAEAGAE), Corporate Development & Strategic Partnerships Advisory (JVs, Alliances, Carve-outs) (BPAHAOAG)

Keywords

• Mergers and acquisitions advisory
• Capital raising advisory
• Capital markets advisory
• Private equity fund management
• Financial advisory services

Headquarters

HQ city

Riga

HQ country

Latvia

HQ region

Europe

Offices2 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Marketing or Sales, Infrastructure

Revenue model

1. Advisory Services Revenue: Revenue generated from providing independent financial advisory services including M&A advisory, capital raising advisory, capital markets advisory, and financial advisory. Services are tailored to client needs and typically involve transaction-based engagements.

Go-to-market motion1 record

Distribution channels1 record

Marketing channels4 records

Core offering

Baltic Partners provides independent financial advisory services across the Baltic countries, broader CEE region (including Ukraine), and the Nordics. Offerings include M&A advisory (buy-side and sell-side, management buy-outs, mergers and joint ventures), capital raising advisory (private equity, institutional and debt financing), capital markets advisory (IPO, SPO, public-to-private, bond offerings), and financial advisory (valuation, structuring, exit planning). In 2025 the firm became co-manager of the Baltic Capital Markets Acceleration Fund (BCMAF), a growth-focused private equity vehicle targeting Baltic SMEs and mid-caps preparing for listing.

Product overview

Baltic Partners is an independent regional financial advisory firm providing a unified suite of advisory services for corporate M&A transactions, capital raising, and capital markets advisory across the Baltic countries, broader CEE region, and Nordics. The core offering consists of Advisory Services (covering M&A Advisory, Capital Raising Advisory, Capital Markets Advisory, and Financial Advisory) and Private Equity services through co-management of the Baltic Capital Markets Acceleration Fund (BCMAF), a growth-focused private equity fund targeting SMEs and mid-cap Baltic companies preparing for IPO.

Differentiator

Problem solved

Functional benefit

Brands

• Baltic Capital Markets Acceleration Fund (BCMAF): Growth-focused private equity fund investing in Baltic SMEs and mid-cap companies with ambition to become listed on the stock exchange. Target size exceeding €50 million.

Products and services

• Advisory Services Tailored independent financial advisory services in the Baltic countries and broader CEE region, comprising M&A advisory (acquisition/sale of shares, mergers, joint ventures, management buy-out/buy-in), capital raising advisory (private equity, institutional funding, private funding, debt financing), capital markets advisory (IPO, SPO, public-to-private, bond offerings), and financial advisory (business plan development, valuation, structuring, exit/liquidity planning, and supervisory board representation). Designed for founders, corporates, private equity funds, family offices, and M&A teams in the region.
• Baltic Capital Markets Acceleration Fund (BCMAF) Growth-focused private equity fund investing in Baltic SMEs and mid-cap companies with the ambition to become listed on the stock exchange. Target size exceeds €50 million, investing in companies with enterprise values of €5-100 million through newly issued share capital or bond placements. Co-managed by Baltic Partners alongside 1 Asset Management.

Named customers7 records

Segments4 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Three partnerships are on record, tiered core and minor.

• 1 Asset ManagementcoreStrategic or Co-development Partner · 29 September 2025Baltic Partners teamed up with 1 Asset Management to launch the Baltic Capital Markets Acceleration Fund (BCMAF) with a target size exceeding €50 million. The fund provides long-term financing to Baltic companies preparing for IPOs and aims to accelerate development of local capital markets.
• GlobalscopecoreStrategic or Co-development PartnerBaltic Partners is a member of Globalscope, a global M&A firm network with over 100 offices worldwide and presence in 50 countries. This partnership provides access to international deal referrals and cross-border transaction support.
• Latvian Private Equity and Venture Capital Association (LVCA)minorOthersBaltic Partners is a member of LVCA, the Latvian Private Equity and Venture Capital Association.

Scale indicators5 records

Recent moves8 records

Expansion highlights5 records

Regional players

• Sorainen: Sorainen is a leading Baltic law firm with corporate finance and M&A advisory practices spanning the Baltics, Belarus, and broader CEE region. Comparable as a regional full-service advisor in the same geographies, though structured as a law firm rather than independent financial advisor.

Direct peers

• Superia Corporate Finance: Superia is a CEE-based independent corporate finance advisory firm providing M&A advisory, capital raising, and strategic advisory to mid-market companies. Comparable to Baltic Partners in its regional boutique positioning, cross-border CEE deal expertise, and independent partnership model.
• Concord Capital: Concord Capital is a Lithuanian investment banking and securities brokerage firm providing M&A advisory, capital raising, and equity brokerage to Baltic companies. Direct regional competitor with overlapping service lines and shared focus on Baltic mid-market transactions.
• Redgate Capital: Redgate Capital is a Baltic-focused investment banking and corporate finance advisory firm headquartered in Vilnius, Lithuania, providing M&A advisory, capital raising, and equity research. It is the most direct regional competitor to Baltic Partners in terms of geography, service offering, and mid-market deal focus.

Broad incumbents

• Oaklins: Oaklins is a global financial advisory firm with deep mid-market M&A coverage across Europe, including the Baltics. As a member of Globalscope, Baltic Partners refers deals that exceed its regional scope; Oaklins represents the broader incumbent counterpart in cross-border mid-market M&A.
• Lincoln International: Lincoln International is a global mid-market investment bank with strong European and cross-border M&A capabilities. Comparable in mid-market advisory focus but operates at a meaningfully larger scale with sector-specialist teams.
• IMAP: IMAP is a global organization of M&A advisory firms with deep mid-market coverage across Europe and emerging markets. Comparable to Baltic Partners via its member-firm network model (analogous to Globalscope) and focus on mid-market cross-border M&A.
• Clearwater International: Clearwater International is a global independent M&A advisory firm with strong European mid-market coverage. Comparable to Baltic Partners in independent advisory positioning and mid-market focus, but with substantially broader geographic and sector reach.

Others

• 1 Asset Management: 1 Asset Management is a Lithuanian asset management firm that co-manages the BCMAF fund with Baltic Partners. Adjacent ecosystem participant sharing a strategic partnership and co-management mandate on the same growth-focused PE fund.
• INVL Baltic Sea Growth Fund: INVL Baltic Sea Growth Fund is a Baltic-focused private equity fund managed by INVL Asset Management. Comparable as a regional PE capital pool that engages Baltic Partners for transaction advisory, and a repeat counterparty in transactions such as the Eco Baltia acquisition.

Market position

Strengths1 record

Weaknesses1 record

Competitive moat4 records

Key risks5 records

Key highlights6 records

Customer concentration

• Xx.com/balticpartners
• LinkedInlinkedin.com/company/baltic-partners

Revenue estimate

Valuation estimate

Number of profiles

Profiles5 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Baltic Partners