Published on: 18 Oct 2019
Livonia Partners’ portfolio company AS Hortes is set to open its second gardening centre in Tallinn on 2 November 2019. The purpose-built building is located in Tähesaju City, a commercial hub in the Eastern part of Tallinn and features 5,000m2 of retail area, doubling Hortes’ retail footprint in Tallinn.
Hortes is Estonia’s best-known retail brand for garden goods and home products. Hortes offers a unique inspirational shopping experience in its greenhouse style gardening centre and is known for the widest selection of indoor and outdoor plants, gardening tools and supplies, as well as home and pet products.
Livonia Partners acquired Hortes in November 2016 and opening a second gardening centre in Tallinn was part of the investment case from the onset. The new store has a strategic location within 15-minute driving distance for most of the population of the greater Tallinn area.
The new Tähesaju store was developed and financed by EfTEN Capital, a leading property investor in the Baltics.
Livonia Partners is dedicated private equity investment firm, currently managing €83 million as part of the Livonia Partners Fund I and the Livonia Partners EIF Co-Investment Fund, investing in Baltics and beyond. Run by founders Kaido Veske, Kristīne Bērziņa, Rain Lõhmu, and Mindaugas Utkevičius. Its investors are domestic and international financial institutions. Livonia was partly originated through the Baltic Innovation Fund (BIF), a common initiative of the Republic of Estonia, the Republic of Latvia, the Republic of Lithuania and the European Investment Fund.