DIGITALMIND
Established in 2005 by CEO Rinalds Sluckis, Digital Mind provides software integration services, including Microsoft Dynamics 365, to clients in the Baltic and Central European regions. The company has offices in Latvia, Lithuania, Estonia, and Poland. Livonia Partners provided strategic financing for Digital Mind's acquisition of EIP Dynamics in Poland, making Livonia Partners the majority shareholder in the combined group.
Sustainability & WHY WE INVESTED: We expect a continued demand for digitization in CEE and Central EU. Microsoft Dynamics is solidifying its position as a leading ERP solution, surpassing the overall ERP market growth. This progress is supported by its seamless integration with other Microsoft applications and a focus on cloud-based solutions. Digital Mind aims to help clients reduce their environmental impact by digitizing their business processes.
Sustainability & WHY WE INVESTED: We expect a continued demand for digitization in CEE and Central EU. Microsoft Dynamics is solidifying its position as a leading ERP solution, surpassing the overall ERP market growth. This progress is supported by its seamless integration with other Microsoft applications and a focus on cloud-based solutions. Digital Mind aims to help clients reduce their environmental impact by digitizing their business processes.
WILDIX
Wildix offers CloudPBX and Unified Communications software and hardware to over 1,000,000 end users worldwide. Founded in 2005, the company is headquartered in Tallinn, Estonia, and led by its original founders. Livonia Partners provided growth funding to Wildix to support the global rollout of its new product suite.
Sustainability & WHY WE INVESTED: The Unified Communication (UC) and Cloud PBX markets are expected to grow significantly, driven by the convergence of communication channels and the rise of remote work. UC and Cloud PBX are viewed as cost-effective and flexible alternatives that are expected to outperform traditional communication methods in the long term. As part of its product suite, Wildix helps its clients promote equal opportunities in the workplace by offering solutions with interfaces that are accessible to blind and visually impaired workers.
Sustainability & WHY WE INVESTED: The Unified Communication (UC) and Cloud PBX markets are expected to grow significantly, driven by the convergence of communication channels and the rise of remote work. UC and Cloud PBX are viewed as cost-effective and flexible alternatives that are expected to outperform traditional communication methods in the long term. As part of its product suite, Wildix helps its clients promote equal opportunities in the workplace by offering solutions with interfaces that are accessible to blind and visually impaired workers.
BAGFACTORY
Bagfactory manufactures reusable non-woven and paper carrier bags for major European retail chains. Founded in 2012 and based in Vilnius, Lithuania, the company focuses on sustainability. Livonia acquired a controlling stake in Bagfactory to support its growth, working closely with the management team while retaining a significant minority position.
Sustainability & WHY WE INVESTED: The market for reusable carrier bags is growing due to environmental laws and increased demand for sustainable alternatives to single-use plastic and paper bags. Bagfactory is poised to become a leading manufacturer of reusable carrier bags in Europe, with a strong focus on sustainable innovation
Sustainability & WHY WE INVESTED: The market for reusable carrier bags is growing due to environmental laws and increased demand for sustainable alternatives to single-use plastic and paper bags. Bagfactory is poised to become a leading manufacturer of reusable carrier bags in Europe, with a strong focus on sustainable innovation
BESTAIR
BestAir is a leading provider of green home climate solutions, operating in 8 countries in both B2B and B2C segments. Its B2C online-first business, Zave, is the largest sales platform for renewable energy solutions in Northern Europe. Livonia invested in BestAir in 2022 to support its growth.
Sustainability & WHY WE INVESTED: Consumer and government efforts to reduce carbon footprints are driving demand for heat pumps and renewable energy products. BestAir and Zave have become major regional providers of heat pump solutions, positioning them for continued growth in this environmentally conscious market.
Sustainability & WHY WE INVESTED: Consumer and government efforts to reduce carbon footprints are driving demand for heat pumps and renewable energy products. BestAir and Zave have become major regional providers of heat pump solutions, positioning them for continued growth in this environmentally conscious market.
CSUB
CSUB is a top engineering and manufacturing company for composite structures in industries such as subsea, aquaculture, civil, and offshore, with a strong market share in subsea protection structures. Headquartered in Norway, it operates core manufacturing in Klaipėda, Lithuania. Livonia acquired a controlling stake in CSUB in December 2021, with the management team retaining a minority position.
Sustainability & WHY WE INVESTED: Glass-reinforced plastic (GRP) composites offer advantages such as lower weight and cost, longer lifespan without corrosion, and reduced CO2 emissions compared to materials like steel or concrete, making them ideal for water-contact applications. This has enabled CSUB and GRP to expand their presence and position for growth across all core operational segments.
Sustainability & WHY WE INVESTED: Glass-reinforced plastic (GRP) composites offer advantages such as lower weight and cost, longer lifespan without corrosion, and reduced CO2 emissions compared to materials like steel or concrete, making them ideal for water-contact applications. This has enabled CSUB and GRP to expand their presence and position for growth across all core operational segments.
GLASSENSE
Glassense, formerly known as Klaasimeister, is a prominent specialty glass processing company renowned for its energy-efficient insulated glass units for buildings, including complex facades and windows. Founded in 1997, it began as a local champion and now exports extensively to Nordic markets, with notable projects such as the Oslo airport and the Helsinki library. Livonia acquired a majority stake in 2019 to support Glassense's expansion in the Nordics and beyond. In 2022, Glassense acquired Transparence, a Latvian facade unit manufacturer, and merged with Polar Glass (Baltiklaas), an Estonian glass processing company, establishing itself as a leading European glass solutions provider for buildings. The combined group has around 400 employees and operates four production facilities, three in Estonia and one in Latvia.
Sustainability & WHY WE INVESTED: Glassense's specialization allows for superior flexibility and a wide range of value-added processing capabilities, key factors in its growth in the Baltics and Scandinavia. Its triple-glazed insulated glass units provide an excellent balance between energy efficiency and functionality, aligning with the growing demand for sustainable building solutions.
Sustainability & WHY WE INVESTED: Glassense's specialization allows for superior flexibility and a wide range of value-added processing capabilities, key factors in its growth in the Baltics and Scandinavia. Its triple-glazed insulated glass units provide an excellent balance between energy efficiency and functionality, aligning with the growing demand for sustainable building solutions.
SCORO
Scoro is a comprehensive business management software designed for professional service firms and other businesses. Founded in Estonia in 2013, it integrates project, time, and team management with sales, billing, and services automation. The software-as-a-service company has experienced rapid growth and serves customers in over 60 countries. Livonia Partners led Series A funding for Scoro in 2018 to support its growth, including expanding its offices in New York and London.
Sustainability & WHY WE INVESTED: As a rapidly expanding B2B SaaS business, Scoro is well positioned to enhance workplace efficiency, simplify tasks, and boost employee productivity by minimizing distractions and redundant work. The company's culture reflects a strong focus on productivity, making it one of the pioneers of the 4-day workweek.
Sustainability & WHY WE INVESTED: As a rapidly expanding B2B SaaS business, Scoro is well positioned to enhance workplace efficiency, simplify tasks, and boost employee productivity by minimizing distractions and redundant work. The company's culture reflects a strong focus on productivity, making it one of the pioneers of the 4-day workweek.
FREOR
Freor specializes in providing refrigeration solutions to food retailers across Europe and beyond, focusing on reducing environmental impact and energy usage. As a technology leader in the industry, Freor benefits from the global trend towards increased consumption of chilled and frozen foods. In 2018, Livonia acquired a 33% stake in Freor, with the founder and CEO retaining a majority stake. The refrigeration industry is transitioning to greener refrigerants and more energy-efficient products. Retailers prefer companies like Freor that can offer environmentally friendly and energy-efficient commercial refrigeration solutions. Freor's continuous innovation, such as the Hydroloop system, has contributed to its market share growth in Europe in recent years.
Sustainability & WHY WE INVESTED: The refrigeration industry is transitioning to greener refrigerants and more energy-efficient products. Retailers prefer companies like Freor that can offer environmentally friendly and energy-efficient commercial refrigeration solutions. Freor's continuous innovation, such as the Hydroloop system, has contributed to its market share growth in Europe in recent years.
Sustainability & WHY WE INVESTED: The refrigeration industry is transitioning to greener refrigerants and more energy-efficient products. Retailers prefer companies like Freor that can offer environmentally friendly and energy-efficient commercial refrigeration solutions. Freor's continuous innovation, such as the Hydroloop system, has contributed to its market share growth in Europe in recent years.
CGATES
Cgates is Lithuania's largest independent television and internet service provider, serving over 150,000 clients in major cities. It boasts one of the country's largest and most modern telecommunications networks. A consortium led by Livonia Partners invested in Cgates in 2017, supporting its evolution toward offering top-quality products and customer service.
Sustainability & WHY WE INVESTED: Cgates provides fast and reliable 1 Gbps connectivity to 150,000 Lithuanian families, crucial as many now work and study from home. Its internet runs on green energy and uses efficient GPON technology. Cgates TV is Lithuania's most modern pay TV platform.
Sustainability & WHY WE INVESTED: Cgates provides fast and reliable 1 Gbps connectivity to 150,000 Lithuanian families, crucial as many now work and study from home. Its internet runs on green energy and uses efficient GPON technology. Cgates TV is Lithuania's most modern pay TV platform.
SANTA MONICA NETWORKS
Santa Monica Networks (SMN) is the leading provider of IT integration services in Latvia and Lithuania, specializing in networking, cybersecurity, and data center solutions. The company boasts top talent in these fields, along with partnerships with global IT infrastructure vendors. SMN is known for being a trusted B2B technology partner, serving large enterprises, medium-sized businesses, government agencies, and financial institutions. Livonia acquired a majority stake in SMN in 2017, with the management retaining a minority share. In 2021, SMN was sold to the strategic player LMT. SMN's innovative infrastructure and processes help its clients progress towards becoming top-performing organizations. The company is a major partner of Cisco in the region, further enhancing its value and potential for growth.
Sustainability & WHY WE INVESTED: SMN's innovative infrastructure and processes help its clients progress towards becoming top-performing organizations. The company is a major partner of Cisco in the region, further enhancing its value and potential for growth.
Sustainability & WHY WE INVESTED: SMN's innovative infrastructure and processes help its clients progress towards becoming top-performing organizations. The company is a major partner of Cisco in the region, further enhancing its value and potential for growth.
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