Market news, 23 May 2024
“We have maintained a relationship with FREOR for over 5 years and always believed it to be a great company given its market positioning. The outgoing investor contributed greatly to the company’s vision and it is now Livonia’s turn to further develop another export-oriented manufacturer in the Baltics, an area of focus and expertise for Livonia,” says Mindaugas Utkevičius, a founding partner at Livonia. “FREOR fits perfectly within our investment strategy and we cannot wait to begin work with the company.
Accession Mezzanine Capital invested in FREOR in 2015 to support an ownership change. It was their first investment in the Baltics and this successful investment underlines their commitment to the region. The exit from the investment is on the back of FREOR’s strong development, both financially and operationally, over the last few years. “During our time with FREOR the company refined its industry-leading product offering and successfully launched it across numerous international markets. We are proud that we could support the business in this transformation” commented Piotr Sadowski, Senior Investment Director atMezzanine Management.
According to Rytis Bernatonis, FREOR’s founder, majority owner and CEO, the company now exports about 90 percent of its manufactured refrigeration equipment. Western Europe and the Nordic regions are its biggest markets with CIS countries, the Middle East, Asia and South Africa also a focus. “We are thankful to the team at Mezzanine Management for their support getting us where we are today. We are equally very excited to have Livonia as our partner for the next growth stage focused on capacity expansion, process optimization and global market penetration,” he says.
