By far the most common question we get from investors going from first to second fund is what have we learned. A lot. We spent a lot of time together before launching our first fund to determine what investments we collectively like versus what does and does not work investing in the Baltic region.

We are thrilled to publish Livonia’s 2019 Environmental, Social & Governance Report discussing the impact our portfolio companies have on the environment and society. Today, we are celebrating the fact that all of our portfolio companies have made real and measurable advances in sustainability and governance.

Thermory’s journey was one with multiple twists and turns. We initially invested in Ha Serv in February 2016 when it was a single-entrepreneur company in the wood processing sector, an industry with long traditions and multiple successes in the Baltics. Our original conviction was to invest in market leadership, strong cash flow and management talent.

Livonia Partners has signed a preliminary agreement to sell the majority ownership in Thermory AS, a global leader in thermowood production, to Estonian holding company UG Investeeringud.

To contribute to the availability of world-class business and economics education in the Baltics, and to raise awareness about the private equity industry among university students, Livonia Partners continues cooperation with Stockholm School of Economics in Riga.

Livonia Partners has reached an agreement to acquire Klaasimeister, an Estonia-based float and specialty glass processor specializing in providing insulated glass units and other glass products to complex facade projects.

Livonia Partners’ portfolio company Hortes is set to open its second gardening centre in Tallinn on 2 November 2019. The purpose-built building is located in Tähesaju City, a commercial hub in the Eastern part of Tallinn and features 5,000m2 of retail area, doubling Hortes’ retail footprint in Tallinn.

The acquisition creates a group with more than €100 million in annual sales.

Livonia Partners portfolio company Fenestra Suomi has acquired assets of the bankrupt Finnish window manufacturer Domus. The purchase includes window and aluminium factories in Loimaa, closed since December 2018 after the previous owner filed for bankruptcy.

Livonia Partners has acquired 60 percent equity stake in Fenestra to support company’s fast growth in export markets. The acquisition has been approved by Estonian Competition Authorities.

Business management platform Scoro has closed a €4.4 million Series A round led by Livonia Partners with participation from existing investors Inventure and Tera Ventures.

The merger of Thermory, the leading producer of thermally modified wood, and Ha Serv, Europe’s largest manufacturer of sauna materials and ready-made saunas, has led to the creation of a global market leader in these segments.