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FLYCAP: EXPERIENCE AND CAPITAL FOR BOLD IDEAS

INVESTMENT
STRATEGY

DEVELOPMENT PHASE
  • Focus of the fund is to invest in existing companies with established revenues and a profitable business model, however
  • 20% – 30% of the fund will be invested in start-up companies with a successfully proven business model
FINANCIAL INSTRUMENTS
  • The fund invests both in capital/equity of the company, as well as providing mezzanine financing
  • In case of mezzanine loans, there are possibilities that the company owners do not have to pledge their shares
  • For sums up to EUR 200,000 we finance 100% of the necessary funds
  • For sums above EUR 200,000 we finance up to 55% of the necessary funds (the remaining sum can be financed by the bank, owner or another investor)
  • Investment can be used to finance both fixed assets and working capital
  • The investment cannot be used to finance buyout
DEAL SIZE
  • Fund size: EUR 15 million
  • Maximum investment amount in a single entity: EUR 1,5 million
  • In case of a start-up company the first investment can amount to EUR 50,000 – 200,000 with the rights to invest more and acquire additional equity in the future

INVESTMENT
CRITERIA

OVERALL CRITERIA
  • Strong management team (competence, experience, motivation, integrity and energy)
  • High growth potential, including markets outside Latvia
  • No significant business risks
  • Industry is not renown for dumping and price war situations
  • Product of the company has a distinct competitive advantage
  • Clear and identifiable investment exit possibility
  • Transparency of information
MEZZANINE
  • Positive cash flow, that covers mezzanine interest payments
  • Potential of significant increase in growth and profitability
  • Mezzanine price would consist of a fixed % rate plus a bonus, which depends on achieved financials of the company (i.e. EBITDA growth)
  • In separate cases – requirement of collateral
  • Mezzanine can be subordinated to a bank loan
START-UP
  • Proven viability of the product and business model
  • Existence of first clients
  • Big interest from potential customers
  • Financial participation of the entrepreneur in the project

INDUSTRIES

PRIORITY INDUSTRIES

The fund invests in different industries
(except the prohibited ones).

PRIORITY INDUSTRIES:

  • Manufacturing (food, electronics, metallurgy, construction materials, chemicals, pharmacy, processing of agricultural products, timber, engineering and other products)
  • Information technology
  • Healthcare
  • B2B services
PROHIBITED INDUSTRIES
  • Immoral industries (alcohol, tobacco, wagers, weapons)
  • Insurance and financial intermediation
  • Fisheries and aquaculture (primary production, not further processing)
  • Agricultural products and livestock farming (core product extraction)
  • Cogeneration
  • Companies in financial distress

FLYCAP VALUE ADDED: INVEST MONEY, TIME
AND KNOWLEDGE, HELP TO FIND BUSINESS CONTACTS
AND SHARE EXPERIENCE.

TURNOVER INCREASE
  • The company's strategy development
  • New clients, finding export markets (FlyCap have contacts abroad)
  • New product creation
  • Sales professionals evaluation and recruitment
  • Experience in Mergers and Acquisitions
  • Accounts receivable risk management and risk mitigation
  • Management motivation with bonus system
  • "Cross-selling", and "Affiliates" scheme development
PROFITABILITY INCREASE
  • Investment in the latest technology that increases productivity
  • Product profitability analysis, exclusion of unprofitable and non-strategic products
  • Pricing policy improvement, the introduction of higher mark-up where it is possible
  • Achievement of better conditions in the negotiations with customers and suppliers
  • Adoption of ISO and "lean management" standards in production process
  • Employees evaluation using KPIs and introduction of performance-linked compensation system
VALUE ‘MULTIPLE’ INCREASE
  • Corporate governance and the improvement of transparency increases the value of the company (the Fund role in the world has proven)
  • The company's turnover will increase and increase the competitiveness of the assessment factor (Multiple)
  • New product creation
  • Establishing of autonomous and self-sufficient business management and administration
  • Organizing the tender at the exit usually results in higher valuation multiple due to competition
EFFICIENT CAPITAL STRUCTURE
  • A higher proportion of credit financing structure at a reasonable EBITDA / credit payment indicator
  • FlyCap team has extensive experience in achieving better conditions with the banks in complex transactions
  • New product creation
  • Capital investments vs. rental decisions
  • Cash flow improvement due to effective management of working capital

INVESTMENTS

Equity investment
May, 2014

 

Mezzanine financing
May, 2014

 

Equity investment
September, 2014

 

 

Equity investment
October, 2014

 

Equity investment
November, 2014

 

Equity investment
November, 2014

 

 

Mezzanine financing
December, 2014

 

Convertible loan
December, 2014

 

Equity investment
January, 2015

 

 

Equity investment
January, 2015

 

Equity investment
March, 2015

Press release here

Equity investment
April, 2015

 

 

Mezzanine financing
May, 2015

Press release here

Equity investment
May 2015

 

Equity investment
August 2015

 

 

Equity investment
August 2015

 

Equity investment
March 2016

 

Equity investment
June 2016

 

 

Convertible debt
July 2016

 

Mezzanine financing
August 2016

 

Equity investment
September 2016

 

 

Convertible debt
October 2016

 

Convertible debt
October 2016

 

Equity investment
October 2016

 


INVESTMENT
PROCESS

1
INVESTMENT
APPLICATION

The suggested approach is to complete the FlyCap application form. Another approach could be sending a company presentation containing answers to questions in application form.

2
FIRST
MEETING

After evaluating the application, FlyCap informs the entrepreneur of further steps. In case of confirmation, a meeting with management and shareholders is arranged.

3
LETTER OF
INTENT

After the first meeting, an analysis of the company and the transaction is performed. In case of successful results, an agreement of cooperation conditions is negotiated in form of a letter of intent.

4
DUE
DILIGENCE

An investigation of company’s financial, tax, legal and business position that takes 2-4 weeks, depending on information availability.

5
CLOSING
THE DEAL

During the due diligence, shareholder and investment contracts can be coordinated. If Due Diligence results in success, shareholder and investment contracts are signed and investment takes place.

6
BUSINESS
DEVELOPMENT

A member of FlyCap is elected in the company’s advisory or management board. FlyCap team contributes their time, contacts and expertise to help the company develop and increase its value.

7
EXIT

After 4-6 years FlyCap plans to sell the shares it owns. Potential exit paths are: company management, other shareholders, strategic investor, financial investor, IPO or other options.

TEAM

JANIS SKUTELIS

Partner. 5 years of experience in BaltCap, where Jānis managed 5 investment projects. Afterwards he invested and managed assets of private business angels. Janis has been actively involved in managing a portfolio with net worth of EUR 17 million, MSc. degree from Stockholm School of Economics (Sweden).

JANIS LIEPINS

Partner. 4 years of experience investing and managing assets of private individuals, involvement in 7 investment projects with net worth of EUR 15 million. Before that, 10 years of experience working in the banking sector. Executive MBA degree from Stockholm School of Economics.

GIRTS MILGRAVIS

Partner. 6 years of experience in consulting and managing investment transactions, involvement in more than 10 investment projects with net worth of more than EUR 14 million. MBA degree in finance from Riga Business School.

OLGA BAUMANE

Investment analyst. Market research, reporting to investors and FCMC, performing certain CFO functions for portfolio companies. Former experience: Banking & Capital Markets (Latvia); NATO HQ (Belgium). LL.M in Law & Finance, Riga Graduate School of Law.


CONTACTS

Janis Skutelis

+371 26 322 009
janis.skutelis@flycap.lv

Janis Liepins

+371 29 136 038
janis.liepins@flycap.lv

Girts Milgravis

+371 26 150 221
girts.milgravis@flycap.lv

15A Matrozu Str., Riga, LV-1010, Latvia

Copyright ©2015 FlyCap