Livonia Partners exits another portfolio company Freor in Lithuania

November 2024

European leader in refrigeration equipment, Freor, will continue to build out another facility and expand across the continent. The transaction provides yet another exit for Livonia Partners in 2024, having previously sold employee wellness management platform Stebby in Estonia. Livonia invested in Freor in 2018.

Founded in 2000 by Rytis Bernatonis, Freor is a leading European manufacturer of commercia lrefrigeration equipment. Over the years the company has expanded across the continent and today generates more than €60 million in revenue and employs close to 600 people.

Mid-2024 Livonia Partners together with founder decided to seek a sale of Freor. The sale represents the best realisation of Livonia Partners’ history and one of the best private equity exits in the Baltic region.

Mindaugas Utkevicius, one of the founders of Livonia Partners, commented “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, added “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”.

Transaction details were not disclosed.

About Freor:

Freor is a manufacturer of innovative high-quality commercial refrigeration equipment, which helps food retailers to reduce environmental impact and energy usage. Founded in 2000, the company is majority owned by its founder and CEO Rytis Bernatonis. Freor exports their products to more than 55 countries.

About Livonia Partners:

Livonia Partners is a pan-Baltic private equity investment firm. Currently investing from EUR 157 million Fund II, Livonia team works across Estonia, Latvia, and Lithuania. In addition to Freor, other investments for Livonia Partners in Lithuania include Bagfactory (manufacturer of reusable bags) and Cgates (country’s largest independent TV and internet provider). Investors of Livonia Partners are Baltic and Nordic pension funds, including Swedbank, Luminor, the European Bank for Reconstruction and Development, the European Investment Fund (EIF) and others.