Fourth exit for Livonia Partners Fund I

February 2023

On February 9, Livonia Partners Fund I sold the majority of its shares in Fenestra, the leading window manufacturer in Finland and Estonia - the fourth exit for the fund.

Fenestra was sold to Trigon Capital, which invested additional new funds into Fenestra, to support the company’s further development of its leading role in the renovation market in Finland. Through its holding company, Trigon Capital has acquired an 87 percent stake in Fenestra, while Livonia retains a 10 percent stake in the window manufacturer after the transaction. The transaction was approved by the Estonian Competition Authority in December. 

“We are delighted to see Fenestra entering its next phase of development. The company is led by a strong and dedicated management team, including CEO Liis Kokk, who has been overseeing the digitalisation of the company’s processes, and building competences at all levels of the organisation that are important to increase competitiveness.” states Kristīne Bērziņa, a founding partner at Livonia Partners.

Approximately 85% of the company’s production is sold internationally; primarily in Finland. According to Joakim Helenius, Trigon Capital’s Managing Partner, Fenestra is a perfect example of how Estonian industrial companies can compete internationally, thanks to high quality standards. Demand for high-quality, custom-made, and environmentally sustainable wood and aluminium windows will grow in the long term as Europe invests in improving the energy efficiency of its housing stock. Fenestra intends to take advantage of the opportunity to be at the forefront of the high-quality window market segment and to increase its market share.