What NG Investeeringud does

NG Investeeringud is an Estonian private investment and holding company whose principal operating exposure is TKM Grupp AS (formerly Tallinna Kaubamaja Grupp AS), a publicly listed group on Nasdaq Tallinn that consolidates a diversified portfolio of Estonian and Baltic consumer-facing businesses. The group organizes itself across seven segments: retail (Selver supermarket chain with 72 stores, Kaubamaja and Tartu Kaubamaja department stores, Delice, Kulinaaria, I.L.U., and Viimsi Kespus); beverages (Liviko producing Vana Tallinn, Crafter's gin, Bellingshausen vodka, and the new Tripsy functional line, plus Balbiino ice cream); automotive (Viking Motors for KIA, Motus, Forum Auto SIA, Verte Auto, and the recently acquired Rohe Auto and SKO Motors); security services (Viking Security); real estate (TKM Kinnisvara, Roseni torn, Kuulsaal); manufacturing (Kitman, Kitman Coldtech, Thulema); and logistics (NG Logistics). The group serves primarily Estonian end-consumers through its retail and beverage brands, with growing cross-border distribution in the Baltics and selected Western European markets.

Revenue is generated through five primary mechanics: (1) Selver grocery retail, the largest contributor at approximately 620.8M EUR in 2024, monetized via in-store and e-Selver online channels with the Partner Kuukaart loyalty program covering 750,000+ members and driving 86% of group turnover; (2) automotive sales and service across multiple OEM franchises; (3) branded spirits production and distribution under Liviko, including exclusive Baltic distribution of Brown-Forman; (4) departmental store retail under Kaubamaja; and (5) B2B manufacturing and logistics services to internal group entities and third parties. TKM Grupp's consolidated revenue was 919.6M EUR in 2025 with 17.5M EUR net profit, down from 944.6M EUR in 2024, reflecting modest contraction in the core business offset by active M&A-led expansion in automotive and adjacent verticals.

Name

NG Investeeringud

Legal name

OÜ NG Investeeringud

Website

https://nginvest.ee

Company type

Private

Founded year

2013

Operating status

Operating

Headcount range

1–10 employees

Short description

NG Investeeringud is an Estonian private holding company whose primary asset is TKM Grupp AS, a diversified Baltic consumer group spanning 72-store Selver grocery retail, Liviko spirits, Balbiino ice cream, automotive retail, and manufacturing/logistics, with 919.6M EUR consolidated revenue in 2025.

Ownership category

akta.pro rank

Product category

Diversified Investment Holding

NAICS

All Other Financial Investment Activities (52399)

SIC

Investment Advice (6282)

akta.pro primary industry

Real Assets — Operating Platforms & Direct Investments (FSAAAKAL)

Keywords

• Investment holding company
• Private capital investments
• Diversified portfolio management
• Baltic retail conglomerate
• Supermarket chain operations

Headquarters

HQ city

Tallinn

HQ country

Estonia

HQ region

Europe

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Supply Chain, Marketing or Sales, Infrastructure

Revenue model

1. Investment in portfolio companies: NG Investeeringud OÜ operates as a private capital investment and holding company. It holds ownership stakes in diverse Estonian and Baltic companies across retail (Selver, Kaubamaja, Delice, Kulinaaria), automotive (Viking Motors, KIA Auto, Motus auto), logistics (NG Logistics), food & beverage (Liviko, Balbiino), real estate (TKM Kinnisvara), security (Viking Security, Walde), and other sectors. Revenue is derived from dividends, capital gains, and management fees from portfolio companies.
2. TKM Grupp consolidated revenue (subsidiary): TKM Grupp AS (a portfolio company) generates revenue primarily from: (1) supermarket retail through Selver AS (610.4M EUR in 2024, 72 Selver stores + 2 Delice + e-Selver); (2) department store retail through Kaubamaja AS; (3) car trade through Viking Motors / KIA Auto / Motus auto / Forum Auto SIA / Verte Auto SIA; (4) security services through Viking Security AS; (5) real estate through TKM Kinnisvara AS. Total consolidated revenue in 2025 was 919.6M EUR.
3. Liviko — production and distribution of alcoholic beverages: Liviko generates revenue from: (1) production and export of its own brands (Vana Tallinn liqueur, Crafter's gin, Bellingshausen vodka, Hõbe vodka, Viru Valge vodka, Cooler RTDs, Caribba Rum) to over 70 markets; (2) import and distribution of international premium brands as exclusive Baltic representative (Brown-Forman portfolio including Jack Daniel's and Diplomático in Lithuania from 2026; also Bacardi-Martini, Remy Cointreau). Founded 1898, headquarters in Tallinn.

Pricing tiers

Go-to-market motion3 records

Distribution channels6 records

Marketing channels5 records

Core offering

NG Investeeringud is an Estonian private capital investment and holding company that owns and manages a diversified portfolio of operating subsidiaries across retail (Selver supermarkets, Kaubamaja department stores, I.L.U. cosmetics), automotive dealerships (Viking Motors/KIA, Motus auto/Škoda, Peugeot), food & beverage production (Liviko spirits, Balbiino ice cream, Kulinaaria prepared foods), security services (Viking Security), logistics (NG Logistics), and real estate (TKM Kinnisvara). Revenue is generated through dividends, capital gains, and management fees from portfolio companies operating across Estonia, Latvia, and Lithuania.

Product overview

NG Investeeringud is an Estonian private capital investment and holding company managing a diverse portfolio of retail, beverage, automotive, and real estate businesses. The portfolio includes Selver supermarkets (72+ stores and e-Selver online platform), TKM Grupp companies (department stores, security services, real estate), Liviko beverages (Vana Tallinn liqueur, Crafter's gin, Tripsy functional drinks), Balbiino ice cream, Thulema ergonomic furniture, and Viking Motors automotive dealerships. The company operates primarily in Estonia, Latvia, and Lithuania through various subsidiaries.

Differentiator

Problem solved

Functional benefit

Products and services

• Selver Supermarkets Estonian grocery retail chain with 72 stores, 2 Delice specialty stores, mobile store, and café. Total sales area approximately 123,800 square metres. Part of TKM Grupp.
• e-Selver Online Grocery Platform Estonia's largest online grocery store by service area, offering delivery across mainland Estonia, islands including Hiiumaa, Saaremaa, Vormsi, and Kihnu. Features 58 delivery vehicles and handles over 114,000 milk packages and 100,000 kg of bananas annually.
• Tartu Kaubamaja Department Store Department store in Tartu, Estonia, featuring retail space with a public square pocket park recognized for urban design. Received 'Tartu kaunis kodu' (Tartu Beautiful Home) recognition in 2026.
• Liviko Alcoholic Beverages Estonian alcoholic beverage company producing Vana Tallinn liqueur, Crafter's gins, Bellingshausen vodka, Hõbe vodka, and functional beverages. Exports to over 70 markets worldwide. Founded 1898, headquartered in Tallinn.
• Tripsy Functional Beverages Alcohol-free functional mushroom drink developed by Liviko in collaboration with TFTAK scientists. Two variants: Tripsy Euphoria (energy, clarity, focus with juniper, hibiscus, shiitake) and Tripsy Chillax (relaxation with reishi mushroom, lemon balm, valerian, chamomile, magnesium).
• Balbiino Ice Cream Estonian ice cream producer. New CEO Anne Tääkre appointed May 2026. Received 'Riigikaitsjate toetaja' (Defender Supporter) recognition for supporting Estonia's national defense.
• Thulema Ergonomic Furniture Estonian furniture specialist, the only one in Estonia with AGR (Aktion Gesunder Rücken e. V.) certification for back-friendly ergonomic seating products. Products independently tested by doctors and experts.
• Viking Motors Automotive Dealership (KIA) KIA car dealership in Estonia, part of TKM Grupp. New flagship showroom opened in Peetri, Tallinn. Body shop under construction. Also developing new showroom in Riga, Latvia.
• Kulinaaria Prepared Foods Estonia's largest ready-made food producer, producing Selveri Köök branded products with over 400 products. Production volumes grew over 2.5% annually.
• Viking Security Services Security segment company providing surveillance, guarding, and technical security equipment services. Part of TKM Grupp with sales revenue of 21.9 million euros in 2024.
• TKM Kinnisvara Real Estate Real estate segment of TKM Grupp managing shopping centres, logistics facilities, and retail spaces. Completed 20 million euro logistics centre in Maardu with BREEAM Excellent certification.

Quantifiable outcome

• TKM Grupp consolidated revenue reached 947.3M EUR in 2023 (peak), 944.6M EUR in 2024, and 919.6M EUR in 2025
• +5 more outcomes

Named customers5 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

Feature3 records

Partnerships

Eleven partnerships are on record, tiered core and minor.

• TFTAK (Food and Fermentation Technologies Development Centre)coreStrategic or Co-development Partner · 6 February 2026TFTAK collaborated with Liviko in developing Tripsy, an alcohol-free functional mushroom drink. TFTAK contributed science-based development expertise combining functional mushrooms, adaptogens, and natural ingredients for modern lifestyle consumers. Tripsy launched in 2026 in two variants: Tripsy Euphoria (energy/focus) and Tripsy Chillax (relaxation/recovery).
• Rohe Auto AScoreTechnology or Integration · 7 January 2026On January 7, 2026, TKM Grupp subsidiary TKM Auto OÜ signed an agreement to acquire 100% of Rohe Auto AS and SKO Motors OÜ, acquiring Škoda dealership rights in Tallinn and Harju County. The transaction completed on March 11, 2026, after Competition Authority approval. This acquisition adds Škoda to TKM Grupp's automotive portfolio in Estonia.
• SKO Motors OÜcoreTechnology or Integration · 7 January 2026TKM Auto OÜ acquired 100% of SKO Motors OÜ alongside Rohe Auto AS, consolidating Škoda representation in Tallinn and Harju County. Approximately 100 new employees joined TKM Auto through this transaction, projected to increase automotive segment turnover by nearly one-third.
• Brown-FormancoreChannel Partner/ Reseller/ Distributor · 20 November 2025Brown-Forman selected Liviko as its exclusive representative in Lithuania, effective May 1, 2026. Liviko had already represented Brown-Forman's portfolio in Estonia and Latvia since 2020. The partnership covers brands including Jack Daniel's and Diplomático. This strengthens Liviko's position as the leading quality alcohol company in the Baltics.
• Golden Acre FoodscoreChannel Partner/ Reseller/ Distributor · 11 August 2025Golden Acre Foods, the UK's leading supplier of world foods and a Certified B Corporation, serves as the exclusive UK importer and distribution partner for Vana Tallinn Liqueur. The partnership enabled the listing of Vana Tallinn in 150+ Tesco stores across the UK, supported by targeted digital campaigns and in-store visibility.
• TescocoreChannel Partner/ Reseller/ Distributor · 11 August 2025Tesco is the UK's leading grocery retailer and the first UK retailer to list Vana Tallinn Liqueur 40% across 150+ stores. The listing was supported by targeted digital campaigns and in-store visibility to engage Estonian diaspora and curious UK consumers.
• WoltminorChannel Partner/ Reseller/ DistributorSelver partners with Wolt for grocery delivery integration, allowing e-Selver customers to receive deliveries via the Wolt platform in addition to Selver's own delivery fleet.
• Bolt MarketminorChannel Partner/ Reseller/ DistributorSelver partnered with Bolt Market for rapid grocery delivery, increasing operational volumes on the Bolt Market platform and expanding delivery options for Estonian consumers.
• Estonian Police and Border Guard BoardminorOthersSelver expanded its partnership with the Estonian Police and Border Guard Board to issue ID cards and passports in 41 stores across Estonia by end of 2023.
• President Kaljulaid Foundation (Vägivallavabaks initiative)minorStrategic or Co-development PartnerSelver joined the 'Vägivallavabaks' (Violence-Free Environment) initiative led by the President Kaljulaid Foundation, which unites employers in taking action against domestic violence. Selver also joined the 'For a Violence-Free Life' initiative in April 2025.
• Estonian National OperaminorStrategic or Co-development PartnerLiviko has been a major sponsor of the Estonian National Opera since 2012. The Vana Tallinn Gala tradition began in 2013 and opens the ENO season annually. The gala featured soloists and orchestra performing classical repertoire, reinforcing Vana Tallinn's heritage brand positioning.

Scale indicators8 records

Recent moves10 records

Expansion highlights4 records

Direct peers

• Maxima Group: Leading Baltic retail chain with extensive supermarket operations across Lithuania, Latvia, Estonia, Poland, and Bulgaria; competes directly with Selver in the Estonian grocery market.
• Amber Beverage Group: Baltic-origin global beverage group producing and distributing branded spirits worldwide; competes with Liviko in international spirits distribution and export markets.
• Latvijas Balzams: Largest spirits producer in the Baltic states, headquartered in Riga; competes directly with Liviko in the regional alcoholic beverage production and distribution market.
• Rimi Baltic (ICA Gruppen): ICA Gruppen-owned supermarket chain operating across all three Baltic states; directly competes with Selver in Estonian and Latvian grocery retail.
• Coop Eesti: Estonian retail cooperative operating grocery stores nationwide; directly competes with NG Investeeringud's Selver chain for Estonian grocery market share and consumer loyalty.
• Premia Foods: Baltic food company operating in ice cream, frozen goods, and fish; direct competitor to Balbiino in the regional ice cream and frozen food segments.
• PRFoods: Estonian food producer focused on fish and ready-meal categories; competes with NG Investeeringud's Balbiino and Kulinaaria subsidiaries in Estonian food manufacturing.

Broad incumbents

• Ekspress Grupp: Estonian media and entertainment holding company listed on Nasdaq Tallinn; comparable as a private-origin diversified Baltic holding with multiple operating subsidiaries.
• Olympic Entertainment Group: Estonian-based diversified entertainment and gaming operator with pan-Baltic presence; comparable as a large Estonian-headquartered holding group with multi-sector consumer-facing operations.
• Tallink Grupp: Estonian-listed diversified shipping, tourism, and retail holding; comparable as a public Baltic conglomerate with consumer-facing operations, listed on Nasdaq Tallinn alongside TKM Grupp.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

Compliance2 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles3 records

Subsidiaries24 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 NG Investeeringud