Livonia Partners

Livonia Partners, established in 2013, is a private equity firm headquartered in Riga, Latvia, with offices in Tallinn, Estonia, and Vilnius, Lithuania. The firm specializes in buyout and growth capital investments, focusing on small to mid-sized companies in the Baltic region, particularly Estonia, Lithuania, and Latvia. Livonia Partners invests between €3 million and €15 million per company, targeting enterprises valued between €10 million and €100 million, and employs a co-investment strategy for larger transactions up to €70 million. The firm prefers majority ownership but also considers minority investments, and typically invests in companies with fewer than 500 employees. Livonia Partners' investment focus spans various sectors, including manufacturing, services, consumer, financial, technology, media, and healthcare. The firm is managed by an experienced, multi-disciplinary team with extensive business-building expertise in the Baltic countries and beyond.

Kristīne Bērziņa

Co-Founder

Ernests Bordans

Investment Partner

Mindaugas Rapolas

Investment Partner

Adolis Tarasevicius

Senior Associate

Mindaugas Utkevicius

Founding Partner

Karlis Vikis

Associate

12 past transactions

Telema

Private Equity Round in 2024
Telema is the leading EDI and e-invoicing operator in the Baltic States, offering IT solutions.

Bagfactory

Venture Round in 2023
Bagfactory is a European manufacturer specialising in sustainable packaging solutions. It produces long-lasting, reusable bags made from recycled materials like R-PP, R-PET, and paper. These bags are designed to be easily collected and recycled at the end of their useful life, promoting a circular economy. The company serves clients across Europe, offering a range of products including machine-made eco-textile bags, paper bags, and machine paper bags, all aimed at providing eco-friendly bagging options.

Scoro

Series B in 2021
Scoro is a comprehensive business management solution specifically tailored for creative and professional services. The software is designed to streamline workflows and eliminate routine tasks, enhancing overall efficiency from sales to billing. By consolidating planning, resourcing, and delivery in a single system, Scoro enables collaborative teams to break free from the limitations of spreadsheets and manual data entry. This integration fosters transparency across projects, teams, and clients, allowing users to gain valuable insights into projected revenue and a clearer understanding of their financial health.

Scoro

Series A in 2018
Scoro is a comprehensive business management solution specifically tailored for creative and professional services. The software is designed to streamline workflows and eliminate routine tasks, enhancing overall efficiency from sales to billing. By consolidating planning, resourcing, and delivery in a single system, Scoro enables collaborative teams to break free from the limitations of spreadsheets and manual data entry. This integration fosters transparency across projects, teams, and clients, allowing users to gain valuable insights into projected revenue and a clearer understanding of their financial health.

FREOR

Private Equity Round in 2018
Freor LT is an international manufacturer of commercial refrigeration equipment based in Vilnius, Lithuania. The company specializes in providing a wide array of products, including remote, semi plug-in, and plug-in cabinets, serve-overs, and freezers, aimed at enhancing food product sales in various retail environments, from discount stores to large supermarkets. Freor emphasizes sustainability and innovation, producing energy-efficient and environmentally friendly refrigeration systems that minimize the ecological impact of traditional refrigeration methods. With an extensive network of over 35 representatives, Freor's products are installed in more than 55 countries globally. The company operates a modern, energy-efficient manufacturing facility that adheres to high-quality standards certified by ISO 9001, ISO 14001, and ISO 50001, reflecting its commitment to sustainable business practices.

Cgates

Private Equity Round in 2017
Cgates, established in 1991, is Lithuania's largest independent provider of pay TV and internet services. It delivers digital television, high-speed fibre-optic broadband internet, and fixed telephony to customers nationwide. The company has grown through strategic acquisitions and organic expansion, becoming a leading telecom operator. In 2017, a consortium led by Livonia Partners acquired a significant minority stake to support Cgates' growth and network upgrades.

Santa Monica Networks

Acquisition in 2017
Santa Monica Networks has been working on developing and maintaining data transmission network solutions since 1989, offering corporate networking between the Baltic States, as well as solutions for data security, unified communications, optical networks and contact centers. SMN operates in the Baltic States and Finland, employing a total of 80 IT experts and consultants. The company's customer base includes the largest Latvian companies and major Internet service providers. SMN has been operating in Latvia since 2003. SMN focuses on providing services known as SantaCare's name. Among them, Managed Services and System Integration Services are most popular with leading global solutions, including Cisco, HP, Microsoft, Transmode, Juniper, Fortinet, Check Point, F5, Barracuda, Allot Communications, Blue Coat, IronPort, DiGi, RSA , Trend Micro, Websense, etc.

Hortes

Acquisition in 2016
Hortes, founded in 2004 by Trigon Capital AS and Finnish investors, operates the largest modern home and garden center in Estonia, located in Harjumaa. The company is recognized nationwide for its spacious glass-structured premises that provide an inspirational shopping experience. Hortes offers a diverse range of products, including seasonal flower plants, trees, orchids, wooden flower boxes, wicker baskets, and clay pots, allowing customers to enhance the aesthetic appeal of their homes.

Ha Serv

Acquisition in 2016
Ha Serv is a European manufacturer and supplier of sauna-related products and thermo-treated wood materials. The company specializes in producing a wide range of sauna materials, including hardwood and softwood, as well as finished sauna interiors, doors, and readymade saunas. Additionally, Ha Serv offers eco-friendly thermo-treated wood for decking and external cladding, providing durability and aesthetic appeal while minimizing environmental impact. The company's success is driven by its experienced team, extensive product range, and commitment to continuous product development.

Baltic Ticket Holdings AS

Private Equity Round in 2007
Baltic Ticket Holdings AS is a ticket distribution company operating across Estonia, Latvia, Lithuania, and Belarus, serving a combined population of approximately 7 million people. Founded in 1997 in Tallinn, Estonia, the company originated with the ticket sales for a Michael Jackson concert and has since expanded its operations significantly. It manages an extensive ticketing network that includes an online platform and around 400 physical sales points throughout the region. The company merged various ticketing operations, notably including Bilesu Serviss in Latvia and BilietuPasaulis in Lithuania, to enhance its market presence. Its in-house online ticketing system, developed since 2001, supports the management of large-scale events, such as concerts and festivals, with significant ticket sales. Baltic Ticket Holdings AS is recognized for selling the largest volume of tickets for events in the Baltics and Belarus, continuously evolving its technology to meet the demands of event organizers and enhance user experience.

Qvalitas

Private Equity Round in 2005
Qvalitas Medical Centre is a private medical centre that offers professional general and specialist service. It provides services according to the waiting list and in the volume pursuant to the contract with the Estonian Health Insurance Fund. It also offers appointment with extra charge for medical service outside waiting list, without health insurance or without the required referral. The company strives to create new and innovative healthcare services, such as health audit and various health packages, according to the wishes and needs of customers. Qvalitas Medical Centre was founded on 1996 and is based in Tallinn, Estonia.

Medicum

Medicum is a healthcare organization specializing in outpatient services. It offers a comprehensive range of care, including family medicine, nursing services, specialized medical care, rehabilitation, and diagnostic services such as laboratory analysis. The company's mission is to provide safe, patient-centered, and effective treatments to its clients.
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