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Ardian, Resource Partners up stake in Latvian cable TV major Baltcom

20 Dec 2013

TV television cableEuropean private equity firm Ardian and Central and Eastern Europe-focused Resource Partners have upped their joint investment in Latvia’s largest cable TV operator Baltcom.

The company, which was founded in 1991, provides analogue and digital TV, high-speed internet and fixed telephone services, and recently branched out into electric energy retail distribution for households.

Ardian invested in Baltcom in May 2011 when it was known as AXA Private Equity. Ardian and Resource Partners increased their investment by buying out a minority shareholder.

Marton Hunek, director at Ardian, said, “This additional investment is a further indication of Ardian’s continuing long-term commitment to Baltcom and its management team.

“We look forward to working with the company as it continues to expand organically and through acquisitions in the fast-growing Latvian economy.”

Resource Partners managing partner Piotr Noceń said, “We were impressed with the pace of Baltcom’s growth and therefore decided to increase our stake in the company.

“We strongly believe in Baltcom’s future prospects and its ability to consolidate in the Latvian market.”

Earlier this week Paris-headquartered Ardian sold its minority stake in vocational training company Cegos Group to management and long-standing shareholder the Cegos Association.

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