Yesterday, the Baltic Deals of the Year were announced at the Baltic M&A and Private Equity Forum 2025 in Tallinn. The winners were Finnish-based Mehiläinen, Lithuania’s Vinted and Invalda, and Estonia’s Elenger, part of the Infortar group.

Award Winners 2025

The Baltic M&A Deal of the Year is Mehiläinen’s acquisition of InMedica. The Finnish-based private healthcare provider acquired the Lithuanian-based healthcare clinic operator from Invalda AB, a Lithuanian investment company. Mehiläinen is a high-quality private provider of social and healthcare services operating in Finland, Sweden, Germany and Estonia, serving 2.1 million customers annually. This is a landmark transaction for the entire Lithuanian healthcare market and one of the most significant healthcare investments in the Baltic region.

Mehiläinen Business Line Director Andreas Taalas (left) and Meliva Managing Director Marja-Liisa Alop with the award for Baltic M&A Deal of the Year, together with SmartCap CEO Sille Pettai and Sorainen partner Toomas Prangli (right).

Other nominees in the Baltic M&A Deal of the Year category included the merger of Printful and Printify, both Latvian-based print-on-demand dropshipping company and software and e-commerce companies, and Inter IKEA Holding‘s acquisition of franchise operations in the Baltics from Fe Corp.

The Baltic Private Equity Deal of the Year is Invalda’s exit from InMedica. INVL Baltic Sea Growth Fund exited its shareholding in Lithuania’s largest private healthcare network, InMedica Group, via a sale to Finland’s largest social and healthcare provider, Mehiläinen.

INVL Baltic Sea Growth Fund and INVL Private Equity Fund II Partner Nerijus Drobavičius with the award for Baltic Private Equity Deal of the Year, together with Porta Finance Managing Director Julijus Grigaliūnas (left), Mehiläinen Business Line Director Andreas Taalas, Meliva Managing Director Marja-Liisa Alop, and Sorainen partner Toomas Prangli (right).

Other nominees in this category included Baltic private equity firm Livonia Partners’ exit from the Estonian wellness benefits platform Stebby, as part of the sale to the French rewards and benefits company Up Group; and the European Bank for Reconstruction and Development’s (EBRD) EUR 100 million investment in Green Genius, a Lithuanian-based developer of solar, wind and biogas projects.

The Baltic Venture Capital Deal of the Year is Lithuanian unicorn Vinted’s EUR 340 million secondary round led by asset manager TPG. The transaction values Vinted at EUR 5 billion and brings in new investors for the next growth phase. The platform, which allows users to buy and sell second-hand items and earn commission fees, has experienced rapid growth and profitability in recent years and plans to expand its markets and offerings beyond fashion.

Vinted’s Baltic Venture Capital Deal of the Year award, accepted on their behalf by Enrika Tamašauskaite from Ellex Valiunas, together with SmartCap CEO Sille Pettai and Sorainen partner Toomas Prangli (right).

Other nominees were Elcogen’s EUR 140 million investment round for the continuous development and scaling of its market-leading solid oxide technology from Baker Hughes, Hydrogen One Capital Growth plc, HD Hyundai and Mirae, including project grants from the European Commission; and Starship Technologies’ USD 90 million investment round for autonomous last-mile delivery expansion, co-led by Plural Platform and Iconical.

The Baltic Outbound Deal of the Year is the Estonian Elenger’s acquisition of EWE Group’s Polish energy businesses. Elenger, the largest privately owned energy company in the Baltic-Finnish region and part of the Infortar group, acquired EWE Group’s natural gas distribution network and energy sales operations in western Poland. The transaction totals EUR 120 million, making it the most significant Estonian investment in Poland.

Elenger CFO Vaiko Tammeväli with the award for Baltic Outbound Deal of the Year, together with Porta Finance Managing Director Julijus Grigaliūnas (left), and Sorainen partner Toomas Prangli (right). All photos by: Eneli Riim

Other nominees in this category included Piletilevi Group’s (PLG) acquisitions of ticketing companies Ticketstream, Ticketing Nation, eWejeciowki, Kicket and Biletomat.pl in the Czech Republic, Romania and Poland; and Transporent’s (SIXT Baltics) acquisition of Veho Rent, an independent SIXT franchise in Finland, from Veho Group.

The Baltic M&A and Private Equity Awards are presented annually at the Baltic M&A and Private Equity Forum. This ten-year-old tradition celebrates the achievements of the Baltic M&A industry. The awards cover deals completed between 1 January 2024 and 31 March 2025. The winning deals were selected based on their strategic importance for the Baltic market; their value, complexity and/or innovative nature; the ESG impact; and the involvement of Baltic stakeholders.

Awards Committee

The transactions of the year were selected by an independent pan-Baltic panel of market professionals and experts:

  • Jūratė Majauskienė, associate partner at Summa Advisers (Lithuania)
  • Agnese Kalniņa, executive director at LVCA (Latvia)
  • Julijus Grigaliūnas, managing partner at Porta Finance (Lithuania)
  • Sille Pettai, CEO of SmartCap (Estonia)
  • Edgars Cimermanis, partner at ZGI Capital (Latvia)
  • Madis Lehtmets, managing director at EstVCA (Estonia)

You can read more about previous award winners here: 2024, 2023, 2022, 2021, 2019, 2018.

About the Baltic M&A and Private Equity Forum

Sorainen organised the Baltic M&A and Private Equity Forum 2025 in Tallinn on 22 April in cooperation with Äripäev, the Estonian business media house. The forum rotates between the three Baltic countries and is organised annually by Sorainen in partnership with Baltic business media and venture capital associations.

Each year, the forum gathers together about 250 participants representing private equity, venture capital funds, investment bankers, consultants, lawyers, business executives, and owners from the Baltics and beyond.

Next year, the Baltic M&A and Private Equity Forum will be held in Riga, Latvia.