Investments

Lithuania-based Freor LT supplies refrigeration solutions to food retailers across Europe and beyond, that help to reduce environmental impact and energy usage. Freor LT equipment uses natural refrigerants and the unique Hydroloop cooling system. The company is a technological leader in an industry which is growing due to 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.

Thermory is the world’s largest producer of thermally modified wood – an expanding market where an established brand, a global sales network, multifaceted production capacity, and a focus on sustainability 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 related products, and for saunas and sauna materials.

Klaasimeister is a leading specialty glass processing company, focused mainly 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 the 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 Klaasimeister's founders.

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, turning 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.

Cgates is Lithuania’s largest independent pay TV and internet service provider. This is 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 quickly, 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.

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. They have 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. By building an innovative infrastructure and processes, Santa Monica Networks inspires its clients to advance toward joining the ranks of the best run organizations in the world. Livonia acquired a majority stake in the company in 2017, with the management keeping a minority share.

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 it now has customers in more than 60 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.

Hortes is Estonia’s leading brand for home and garden products. The company’s mission is to bring nature-inspired beauty into people’s lives. With a unique retail concept, it delivers an inspirational shopping experience in spacious glass-structure premises. Hortes offers 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.

CSUB is specialized developer of glass fiber reinforced polyester ("GRP") structures for the subsea, offshore, aquaculture, renewables, and civil engineering industries. GRP structures are particularly suitable for applications which involve contact with water, offering benefits like lower weight and cost, longer useful life with no corrosion, and reduced CO2 emissions compared to conventional materials like steel or concrete. The company has shown strong engineering capabilities, with ability to develop new solutions and expand into new segments. Livonia acquired CSUB in 2021 to expand business further.

BestAir is leading provider of green home climate solutions, operating in B2B and B2C segments in 8 different countries. Its B2C online-first business segment Zave is geographically the biggest sales platform of renewable energy solutions in Northern Europe. Livonia invested in BestAir in 2022 with aim to support continued growth across the company's geographies and business lines.

Stebby is a pan-Baltic software-driven service platform designed for companies to manage their employees' wellness benefits. Stebby's solution enables companies to decrease administrative costs by outsourcing benefits management and gives users an easy way to spend their benefits allowance. The company has become a market leader in employee benefits management in Estonia and actively seeks to grow in the Latvian and Lithuanian markets.