Novalpina Capital, the London-based buyout firm launched last year by a group of TPG veterans, has lined up its first deal, announcing a tender offer to buy Baltics-focused casino operator Olympic Entertainment Group AS for €288 million.

Olympic is based in Tallinn and listed on the Tallinn Stock Exchange. It has 24 casinos in Estonia, 52 in Latvia, 18 in Lithuania, 7 in Slovakia, 15 in Italy and 1 in Malta, employing more than 3000 people, according to its website. It posted revenue of €215.1 million and a net profit of €30.6...