Network Assets has completed acquisition of electricity and communication networks construction company Corle. Network Assets is controlled by Priit Uuemaa. The transaction is financed by BPM Mezzanine Fund (“BPM”).
“Corle is an Estonian electricity and communication networks construction business with good quality and high reputation. I see significant potential in development of infrastructure for growing IT services and IoT solutions,” said Priit Uuemaa.
“We are happy that the company founded by us will continue to thrive in the hands of a new strong owner, and we believe that the business will make a significant step towards becoming an important player in the Nordic network construction market,” commented Aleksander Leonov, one of Corle’s two founders. Also the other founder Kaido Kornak considers Corle’s efficient team of specialists to be a solid platform for future growth.
Porta Finance acted as an exclusive financial adviser to the selling shareholders of Corle.
“We see growing market for construction of communication networks and are certain that under Priit Uuemaa’s lead Corle will successfully continue servicing the existing contracts and will become a larger communication infrastructure construction business in the Baltics and Scandinavia,” added Priit Veering, partner of BPM Capital.
Corle, founded in 2006 by Kaido Kornak and Aleksander Leonov, constructs each year c. 500 kilometers of communication networks. The company is currently active in Estonia and Finland. Corle is important partner for the state and telecommunication groups for development of communication networks. Corle employs 32 specialists and generates c. €6 million revenue per year. The networks developed by Corle bring high speed connectivity to people’s homes.
Priit Uuemaa previously managed energy generation and development unit of Graanul Invest, the largest producer of wood pellets in Europe. He was among other responsible for construction of communication and electrical infrastructure. Priit Uuemaa has a PhD in Electrical Power Engineering from Tallinn University of Technology and has completed Executive Program at Stanford University.
BPM Mezzanine Fund SICAV-SIF, SCA is an investment fund managed by BPM Capital. BPM is backed by international and regional institutional investors. BPM has been established through support by Baltic Innovation Fund in co-operation with Estonian, Latvian, and Lithuanian state and European Investment Fund. BPM Capital is a fund manager with offices in Tallinn and Warsaw. The company is led by partners Kalmer Kikas, Martin Reinson, Paweł Zabrzycki and Priit Veering. BPM invests in Baltic and Polish businesses with good growth prospects.
Priit Uuemaa, Corle
Tel: +372 5565 0605
Priit Veering, BPM
Tel: +372 605 0074
Karl-Erik Kodu, Porta Finance
Tel: +372 602 5015