Investments

We find outstanding owners and managers of businesses with big potential who welcome our input of not just equity but also strategic ambitions and advice, operational expertise, and valuable networks. They share the vision and courage needed for transformation.

Lithuania-based Freor LT supplies refrigeration solutions to food retailers across Europe and beyond that help them reduce environmental impact and energy use. Freor LT equipment uses natural refrigerants and unique Hydroloop cooling system. The company is a technological leader in an industry which is growing, amid global trends toward more chilled and frozen food, and is strongly focused on sustainability and climate-change goals. Livonia acquired a 33% stake in Freor in 2018, with the company’s management retaining a majority.

Key facts:

  • Technology leader in commercial refrigeration
  • Operations in: Lithuania and Belarus
  • Exports to: 30+ countries
  • Sales: €39 million
  • Employees: 491
  • Livonia’s stake: minority

Milestones:

  • Established in c2000
  • Livonia acquired a minority stake in 2018

Sustainability:

Technologies developed and used by Freor are making commercial refrigeration solutions more environmentally friendly and energy efficient. The company also continually stresses goals of energy savings and waste reduction in its own and suppliers’ processes as well.

Livonia team:

Mindaugas Utkevičius | Mindaugas Rapolas

Thermory is the world’s largest producer of thermally modified wood – an expanding market where an established brand, global sales network, multifaceted production capacity and sustainability focus position the company well for further growth. Livonia acquired Ha Serv, Europe’s largest maker of sauna materials, in 2016, with the management team keeping a minority stake. Add-on acquisitions and a 2018 merger with industry peer Thermory have created a global leader in naturally enhanced wood for decking, cladding and the like as well as saunas and sauna materials.

Key facts:

  • World’s largest producer of thermally modified wood
  • Operations in: Estonia, Finland, Belarus, USA
  • Sales: €104 million
  • Exports to: 57 countries
  • Employees: 643
  • Livonia’s stake: controlling

Milestones:

  • Established in 1987
  • Livonia acquired Ha Serv in 2016
  • Ha Serv acquired Suomen Lämpöpuu in 2017
  • Ha Serv merged with Thermory in 2018
  • Thermory acquired Siparila in 2019

Sustainability:

Thermory’s products are natural alternatives, in terms of both materials and manufacturing processes, to environmentally harmful building materials. The company stresses responsible sourcing, committed to preserving nature’s resources and not abusing the privilege of natural wood.

Livonia team:

Kaido Veske | Mindaugas Rapolas | Rain Lõhmus

Klaasimeister is a leading specialty glass processing company mainly focused on producing energy-efficient insulated glass units for complex building facades. Founded in 1997, the company first became a local champion in its industry and now exports heavily to Nordic markets, with an impressive growth profile throughout its history. Marquee projects include the Oslo airport and the Helsinki library. Klaasimeister’s modern facilities near Tallinn boast some of the most advanced machinery in the Nordic-Baltic region. Livonia acquired a majority stake in 2019 to support the company's further expansion in the Nordics and beyond, building on the strong foundations laid by its founders.

Key facts:

  • Capabilities include glass cutting, CNC processing, heat treatment, laminating, silk-printing, roller-coating and assembly of insulated glass units
  • Operations in: Estonia
  • Sales: €16 million
  • Employees: 90
  • Livonia’s stake: majority

Milestones:

  • Established in 1997
  • Livonia acquired majority stake in 2019

Sustainability:

Klaasimeister makes energy-efficient building materials.

Livonia team:

Kaido Veske | Hendrik Reimand

Fenestra makes energy-efficient windows and balcony doors from wood and wood-aluminium, exporting to the Nordics and other countries. Founded in 1990 in Estonia, the company was bought out in 2014 by the current management team, which has achieved strong growth ever since and turned Fenestra into one of the most efficient window manufacturers in Europe. Livonia acquired a majority stake in the company in 2019 to support further growth, with the management team retaining a significant minority. That same year, to boost production capacity, Fenestra bought window and aluminium factories in Finland from a bankrupt window manufacturer.

Key facts:

  • One of Europe’s most efficient window producers
  • Operations in: Estonia, Finland
  • Sales: €20 million
  • Employees: 170
  • Livonia’s stake: majority

Milestones:

  • Founded in 1990
  • MBO in 2014 by the current management
  • Livonia acquired majority stake in 2019
  • Fenestra bought Domus factories in Finland in 2019

Sustainability:

The company makes energy-conserving building materials.

Livonia team:

Rain Lõhmus | Styv Solovjov

Cgates is Lithuania’s largest independent pay TV and internet service provider, an area with vast additional potential as technologies and consumer habits evolve. The company provides digital and interactive television, fibre-optic broadband internet and fixed telephony to subscribers in most of the country. Focused on being the best-in-class telecom and entertainment platform, Cgates has expanded fast, both organically and with multiple acquisitions. A consortium led by Livonia Partners invested in the company in 2017 to support its growth and network and technology development.

Key facts:

  • Largest independent pay TV and internet service provider in Lithuania
  • Operations in: Lithuania
  • Sales: €26 million
  • Employees: 297
  • Livonia’s stake: minority

Milestones:

  • Established in 1991
  • 11 acquisitions in 2015-2019
  • Livonia acquired a minority stake in 2017

Livonia team:

Mindaugas Utkevičius | Mindaugas Rapolas | Rain Lõhmus

Santa Monica Networks is the market leader in IT integration services in Latvia and Lithuania with a focus on high-growth areas such as networking, cybersecurity and solutions for data centres. The company has the region’s top talent in those areas as well as partnerships with leading global IT infrastructure vendors and the established reputation of a trusted B2B technology partner. Clients include large enterprises and medium-size businesses as well as government and financial institutions. In building innovative infrastructure and processes, Santa Monica Networks inspires its clients to advance toward joining the ranks of the best run organisations in the world. Livonia acquired a majority stake in the company in 2017 with the management keeping a minority share.

Key facts:

  • IT networking and security leader in Latvia and Lithuania
  • Operations in: Latvia and Lithuania
  • Sales: €23 million
  • Employees: 58
  • Livonia’s stake: controlling

Milestones:

  • Established in 1994
  • Livonia acquired Santa Monica Networks in 2017

Livonia team:

Kristīne Bērziņa | Ernests Bordāns

Scoro is all-in-one business management software for professional service firms. It combines project management with time and team management as well as sales, billing and services automation. The software-as-a-service company has shown strong growth ever since its creation in 2013 in Estonia and now has customers in more than 50 countries. A consortium led by Livonia Partners acquired a minority stake in Scoro in 2018 to help it accelerate growth, including expansion of the company’s New York and London offices and the development of machine learning capabilities.

Key facts:

  • On Deloitte and Inc. lists of rising tech firms
  • Operations in: Estonia, Latvia, UK, US
  • Exports to: 50+ countries
  • Sales: €4.3 million
  • Employees: 105
  • Livonia’s stake: minority

Milestones:

  • Founded in 2013
  • Livonia acquired a minority stake in 2018

Livonia team:

Kaido Veske | Styv Solovjov

Hortes is Estonia’s leading brand for home and garden products. The company’s mission is to bring nature’s inspired beauty into people’s lives. With a unique retail concept, it delivers an inspirational shopping experience in spacious glass-structure premises, offering the region’s broadest selection of indoor and outdoor plants, gardening tools and supplies, as well as home and pet products. Livonia acquired Hortes in 2016 to expand the business further.

Key facts:

  • Unique home-and-garden retail concept
  • Operations in: Estonia
  • Sales: €5 million
  • Employees: 57
  • Livonia’s stake: controlling

Milestones:

  • Established in 2004
  • Livonia acquired Hortes in 2016
  • Sale-leaseback with EfTEN in 2017
  • New store in 2019 doubled footprint in Tallinn

Sustainability:

Hortes sells hundreds of thousands of plants and trees a year, adding more nature to peoples’ lives and urban settings. It also ensures its own new retail space is highly energy efficient.

Livonia team:

Kristīne Bērziņa | Hendrik Reimand