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

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Press release

10 January 2018

BPM Mezzanine Fund provided financing for acquisition of Corle OÜ

BPM Mezzanine Fund SICAV-SIF, SCA 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.

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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