BPM invests in mezzanine transactions in Estonia, Latvia, Lithuania and Poland

BPM considers buy-outs, growth capital and capital restructuring transactions

BPM backs proven business models and experienced management teams


BPM Capital has been founded and is managed by a team of four partners, who have extensive experience in mezzanine investing in the region.

Kalmer Kikas, Managing Partner

During the past 16 years, Kalmer has participated in projects involving underwriting of senior debt, equity and mezzanine, as well as raising follow up equity financing and senior debt for the MBO projects. Kalmer has held executive positions in companies such as Baltic Mezzanine, Hanseatic Capital and BalAEF. Kalmer has served as a board member of Amserv Group, Sunorek, Eskaro, Balaef Eesti, Ortodontiakeskus, TMT, Labelprint and Favor. Kalmer holds a BA in Economics from Estonian Agricultural University and an MBA degree from Henley Management College.

D: +372 605 0071   M: +372 501 9745

Martin Reinson, Partner

Prior to BPM, Martin was at Baltic Mezzanine, an affiliate of Nordic Mezzanine funds, since April 2006 and was responsible for evaluating investment opportunities in the Baltic markets. Martin has also worked on a number of investment projects of the Nordic Mezzanine funds, mainly involving sponsored buyouts. Prior to joining Baltic Mezzanine, Martin worked for Hansapank Estonia as a project manager for multinational companies and Ernst & Young Baltic, where he was a member of the corporate finance consulting team. Martin holds a bachelor’s degree in Economics and Business Administration from Stockholm School of Economics in Riga. Martin is also a CFA chartholder.

D: +372 605 0072   M: +372 501 5214

Pawel Zabrzycki, Partner

Before BPM, Pawel was responsible for the Warsaw office at Baltic Mezzanine from 2009 to 2012 and was also involved in certain LBO transactions of the Nordic Mezzanine fund. Prior to this he has worked at ABN AMRO in Warsaw and London offices, where he was involved in arranging a wide range of debt and equity transactions in the Western European markets as well as Emerging Markets. He started his career in the corporate banking department of Bayerische Vereinsbank in Warsaw. Pawel holds a master’s degree in Economics from University of Szczecin and an MBA from DePaul University in Chicago.

D: +48 222 441 109   M: +48 784 695 890

Priit Veering, Partner

Before BPM, Priit was with BalAEF and Hanseatic Capital since 1998. Prior to joining BalAEF, Priit was working at Eesti Hoiupank. During the past 12 years he participated in projects involving underwriting of senior debt, equity and mezzanine, as well as raising follow up equity financing and senior debt for the MBO projects. Priit has served as a board member of Rehvimeister, Marepleks, Väätsa Agro and Labelprint. Priit holds a bachelor’s degree in Finance from Tartu University in Estonia.

D: +372 605 0074   M: +372 511 4583

Külli Kalamäe, Financial Manager

Prior to joining BPM, Külli worked as a Head Accountant and Financial Manager of the Estonian Development Fund and its daughter company AS SmartCap. Before 2013, Külli worked for Allied Irish Banks, p.l.c. Estonia branch as a Financial Manager and between 1998 and 2008 Külli was the Financial Manager of BalAEF.  She started her career in the financial sector in an audit department of the Estonian office of Coopers & Lybrand in 1994. Külli has the degree of economics from the Moscow All-Union State Institute of Cinema (VGIK).

D: +372 605 0073   M: +372 564 59371


Our offices



Roosikrantsi 11, 10119, Tallinn
Phone +372 605 0073
info @ bpmcapital.eu


Zajęcza 15, 00-351, Warsaw
Phone +48 22 244 11 09
pawel.zabrzycki @ bpmcapital.eu
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