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 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.

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 2000
  • Livonia acquired a minority stake in 2018

Sustainability:

The technology developed and used by Freor is making commercial refrigeration solutions more environmentally friendly and energy efficient. Freor also continually stresses the goals of energy savings and waste reduction in its own and in suppliers’ processes.

Livonia team:

Mindaugas Utkevičius | Mindaugas Rapolas

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.

Key facts:

  • World’s largest producer of thermally modified wood
  • Operations in Estonia, Finland, Belarus, the 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, and is committed to preserving nature’s resources and not abusing the privilege of having natural wood as a resource.

Livonia team:

Kaido Veske | Mindaugas Rapolas | Rain Lõhmus

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.

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 a majority stake in 2019

Sustainability:

Klaasimeister makes energy-efficient building materials.

Livonia team:

Kaido Veske | Hendrik Reimand | Styv Solovjov

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.

Key facts:

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

Milestones:

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

Sustainability:

Fenestra makes energy-conserving building materials.

Livonia team:

Rain Lõhmus | Styv Solovjov

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.

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. 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.

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 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.

Key facts:

  • On Deloitte and Inc. lists of rising tech firms
  • Operations in Estonia, Latvia, the UK, and the USA
  • Exports to 60+ 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-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.

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 the footprint in Tallinn

Sustainability:

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

Livonia team:

Kristīne Bērziņa | Hendrik Reimand