The aim

is to help companies take a step forward— growing into global leaders in their segment, challenging incumbents, or disrupting and reshaping local markets

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The Fund

Livonia Partners was founded in 2015 with a simple goal – to become the best private equity investor in the Baltic region. Our team has built and supported through investment many groundbreaking Baltic companies - Thermory, LHV, Baltic Ticket Holdings, Cgates, Freor, and other.

We currently invest from our €157 million Fund II. We look out for Baltic businesses that show strong growth potential and invest up to €25 million per company. We acquire shares from owners that wish to sell, and we also invest growth equity.

We are committed to environmental sustainability, and starting with Fund II we direct at least 10% of our fund size towards climate positive activities. Our fund investors include all largest Baltic pension funds, as well as regional insurance companies and development finance institutions.

INVESTMENT BELIEFS

Emphasis on the Long Term

We invest in impactful businesses where we have conviction on the long-term growth story. We believe in Baltic entrepreneurs and their ability to build sustainable best-in-class businesses which can conquer global markets. We help to build companies which we can be proud of long after our exit, not least due to their positive contribution to the Baltic business environment.

Collaborative Value-Add

We view ourselves as partners to management teams, where we assist in material decision making in areas of business strategy, hiring of key personnel, and M&A strategy. Having a concentrated investment portfolio allows us to invest in the best businesses and give them our full attention.

Targeted Approach

Our strategy is to achieve actual positive impact on the environment and society, while seeking growth. We assess corporate positions, values and strategies using in-depth analysis of concrete set of facts and thorough discussions with management teams, stakeholders and other experts.

Specific Commitment to Environmental Sustainability

“We believe that long-term success requires a sustainable strategy, and that we can deliver better returns to our investors by making responsible investments”

Sigita Zvirblyte, ESG LEAD

Livonia maintains clear ESG guidelines, which cover all stages of the investment process. We aim to create value by implementing our ESG policy across our portfolio, and ensuring that our investments echo our values and principles.

We are committed to investing a significant share of capital into businesses having a meaningful positive impact on climate change and environment at large, society well-being and health, sustainable, fair and socially responsible communities. To accomplish this, we provide vision, guidance, capital and other resources to help our portfolio companies implement specific initiatives with a positive environmental impact.

Hard thing about hard things

In the history of Livonia Partners, 2021 was one that probably provided the most learning. We made fewer investments than in previous years, yet we learnt important lessons working with our portfolio, our investors, and with our team. At times we took some steps back in order to take more steps forward.
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Ahead of Livonia Partners next fund

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.
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Why we invested in Thermory

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.
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