BPM Mezzanine Fund provided financing for acquisition of Corle OÜ

10 January 2018

BPM Mezzanine Fund provided mezzanine financing to Network Assets for an acquisition of 100% shares of Corle OÜ. Network Assets is owned by Priit Uuemaa. Corle constructs electricity and telecommunication networks.

„Corle is a high quality network construction enterprise with a very good reputation in Estonia. Taking into account the explosive growth of IT services and IoT solutions, I see great growth potential in this sector,” commented Priit Uuemaa, 100% owner and CEO of Corle.

“We are proud that the company founded by us is now owned and managed by a professional and experienced person and we believe that Corle will make a huge step forward and will change from a local medium sized company into a larger regional player in telecommunication network construction and maintenance,” commented Aleksander Leonov, one of the previous shareholders of Corle. Kaido Kornak, the other founder of the company, added that Corle is efficient organization with optimal size and a good platform for growth.

“We see a lot of growth potential in telecommunication infrastructure construction and we are convinced that Corle will continue to execute successfully its current contracts and become a leading telecommunication infrastructure building company in the Baltics and Scandinavia under the management of Priit Uuemaa,” said Priit Veering, Partner of BPM Capital.

Priit Uuemaa has previously managed the energy production and development unit of one of the leading energy producers in Estonia being, among other, responsible for construction of electricity and telecommunication infrastructure. Priit Uuemaa has a PhD degree in Electrical Power Engineering from Tallinn University of Technology. He has attended the Executive Program for Growing Companies at Graduate School of Business of Stanford University.

For further enquiries, please contact:

BPM: Priit Veering, tel: +372 605 0074 e-mail: priit.veering@bpmcapital.eu
Corle: Priit Uuemaa, tel: +372 5565 0605 e-mail: priit@corle.ee

BPM Mezzanine Fund SICAV-SIF, SCA (BPM), managed by BPM Capital, is supported by prominent international and domestic institutional investors. BPM was originated through the Baltic Innovation Fund (BIF) initiative created by cooperation between Estonia, Latvia, Lithuania and the European Investment Fund. BPM Capital (www.bpmcapital.eu) is an independent investment manager operating out of two offices, in Tallinn and Warsaw. It has been founded and is managed by Kalmer Kikas, Martin Reinson, Paweł Zabrzycki and Priit Veering. BPM invests in small and medium-sized enterprises and lower midcap companies in the Baltic region and Poland.

Corle OÜ (www.corle.ee) was founded by Kaido Kornak and Aleksander Leonov in 2006. The company constructs ca 500 km of telecommunication networks per annum. Today, Corle is an international company having operations in Estonia and Finland. Corle is an important partner to state and private infrastructure companies. Corle has 32 employees and is generating ca 6m euros in sales per annum. The networks built by Corle help to bring fast Internet connection to homes.

Photo by Axel Antas-Bergkvist on Unsplash

Share this