We’re focused business builders

Providing the resources and expertise that good companies need to grow into international leaders.

Investment Strategy

We invest in successful companies in the Baltic region and beyond that show an enterprising spirit and strong growth potential. Small to medium in size, they typically have an enterprise value in the range of €10 million to €100 million. We prefer controlling interest but will consider minority roles and are open to co-investing. We provide buy-out and growth equity or convertible debt capital.

As owners, we’re committed, responsible and hands-on, engaging with founders, management and employees. The aim is to help companies move a major step forward; growing into global leaders in their segment, challenging incumbents, or disrupting and reshaping local markets. We are committed to investing a significant share of capital into businesses having a meaningful positive impact on climate change and the environment at large, the well-being and health of society, and sustainable, fair and socially responsible communities.

Investment Beliefs

Sustainable growth prospects, market leadership ambition:

  • Market-leading companies in fragmented industries pursuing international growth
  • Local market leadership strategy that is clearly mapped

Meaningful entry barriers:

  • Limited substitution risk
  • Dominant market share, strong brand
  • Significant infrastructure or technology investment
  • Economies of scale

Meaningful impact on the environment and society:

  • Decision-making approach incorporating environmental, climate change, and community impact perspectives
  • Investing at least 10% of capital across portfolio companies into projects with positive environmental impact

Partnering with experienced management:

  • Experienced management team with a proven track record
  • Ambition to build best-in-class businesses
  • Shared vision on key growth areas and strategy implementation
  • Full alignment of interest

Livonia value add:

  • Identify fragmented industries for a buy–and–build approach
  • Leverage team’s previous experiences and extensive networks
  • Guide management teams in strategy execution
  • Developing management teams

Robust financials:

  • Diversified earnings base and strong margins and cash conversion
  • Responsible capital structures that can weather economic downturns

Our History

    The idea for Livonia was born in 2013. Our four founding partners, Mindaugas Utkevičius, Rain Lõhmus, Kristīne Bērziņa and Kaido Veske, with personal experience across industries and continents, launched Livonia with the simple goal – to become the best investor in the region. By way of our founders, we share an entrepreneurial heritage with many ground-breaking Baltic companies who started from daring the status quo and grew into champions - Hansapank, LHV Group, Forticom, Starman, Baltic Ticket Holding, and many others.

    Our founders received early funding commitments from several pension funds and financial institutions to launch the first Livonia fund in 2015. A total of €83 million is currently managed in the Livonia Partners Fund I and the Livonia Partners EIF Co-Investment Fund.

    From the start, we’ve focused on finding both outstanding business owners and managers and companies with high potential. The right people welcome our input of not only equity, but also strategic ambition and advice, operational expertise, and valuable networks. They share our vision and have the courage needed for transformation. Livonia Partners has people as its foundation.

Committed Investor

As owners, we’re committed, responsible and hands-on, engaging with founders, management and employees. Most often we work with the founders or existing owners of great companies. Sometimes we help enable a generational or other transition, such as in a buyout by the management team. The value Livonia’s team adds and helps create comes from our:

Thorough understanding of the local business environment
Knowledge and experience in varied sectors and markets
Special expertise in optimizing finances and operations
Networks we can tap to support business objectives

Growth

We help our companies to explore all opportunities for further development, including those which, prior to our involvement, may have been out of reach or unknown to them.

Our core approach to driving growth is expansion into new geographic areas, products and services. More than 60% of our companies’ combined revenues come from exports outside the Baltics. Growth can be pursued both organically and through mergers and acquisitions.

Operations

To enable change and achieve major growth targets, organisations need to adapt. And even the most successful businesses always have room to be more effective. In fact, sometimes the single-minded focus which has helped them to succeed creates blind spots that can complicate future growth.

So, a key part of the support we provide is operational. We initiate meaningful changes to business processes and infrastructure, financial strategy, organizational structure. Livonia’s team has strong expertise in operational aspects of managing companies. And here, too, our networks add value.

Livonia was partly originated through the Baltic Innovation Fund (BIF), a common initiative of the Republic of Estonia, the Republic of Latvia, the Republic of Lithuania and the European Investment Fund.