Livonia Partners has sold 33.34% of Freor LT

Livonia Partners, a leading pan-Baltic private equity investment fund, has sold its 33.34% stake in Freor LT, a Lithuania-based commercial refrigeration manufacturer, to its majority shareholder.

Freor LT manufactures and supplies refrigeration solutions which help reduce environmental impact and energy usage. Its customers are food retailers across Europe and beyond. Freor LT is a technology leader in an industry which is rapidly growing due to global trends toward more chilled and frozen food.

Livonia Partners acquired a 33% stake in Freor LT in 2018, with the company’s founder and CEO, Rytis Bernatonis, retaining a majority stake. During the six years that followed, Freor LT moved into a new manufacturing facility, expanded its product portfolio, expanded its export geography to 55 countries and grew sales two-and-a-half times. Bernatonis has now bought out the company and has the controlling stake in Freor LT.

Oaklins’ team in Lithuania acted as the exclusive sell-side advisor to Livonia Partners in this transaction.