Livonia Partners Exits Freor in Lithuania, Company to Expand Across Europe

Livonia Partners has successfully exited another portfolio company, Freor, a European leader in refrigeration equipment based in Lithuania. This marks another major exit for Livonia Partners in 2024, following the sale of the employee wellness management platform Stebby in Estonia. Livonia initially invested in Freor in 2018.

Founded in 2000 by Rytis Bernatonis, Freor has grown to become a leading manufacturer of commercial refrigeration equipment in Europe. The company has expanded over the years and now generates more than €60 million in revenue while employing close to 600 people.

In mid-2024, Livonia Partners, alongside founder Rytis Bernatonis, decided to pursue the sale of Freor. The transaction is a significant achievement for Livonia Partners and represents one of the best private equity exits in the Baltic region.

Mindaugas Utkevicius, co-founder of Livonia Partners, acknowledged the growth of Freor, stating, "Freor was an exceptional story of growth and we extend our gratitude to the entire management team. The company multiplied its revenue and production capacity whilst remaining razor focused on product innovation and quality. It was another world-class company developed together with Livonia."

Rytis Bernatonis, CEO and founder of Freor, expressed his appreciation, saying, "We thank Mindaugas Utkevicius and Livonia for their support in our capital investment programs over the past years. We really feel we had a professional and trusting partnership with Livonia."

Details of the transaction were not disclosed, but Freor plans to continue expanding its operations and building new facilities across Europe.