OVERVIEW
CSUB is a leading engineering and manufacturing company for composite structures to the subsea, aquaculture, civil and offshore industries, having a leading market share in subsea protection structures. Company is headquartered in Norway and has its core manufacturing operations in Klaipėda, Lithuania. Livonia acquired a controlling stake in CSUB in December 2021, with the company's management team retaining a minority position.
Sustainability & WHY WE INVESTED
GRP composites are particularly suitable for applications which involve contact with water, offering benefits like lower weight and cost, longer useful life with no corrosion, and reduced CO2 emissions compared to conventional materials like steel or concrete. It has allowed CSUB and GRP to gain an increasingly higher penetration in its applications, and position itself for growth in all core segments of operations.
KEY FACTS
- Sales: €24.6 million
- Investment date: 2021
TEAM
- Mindaugas Rapolas
- Mindaugas Utkevičius
Livonia Partners acquires a stake in composites manufacturer CSUB
The company develops structures and products in glass fibre reinforced polyester (GRP). It is the first investment for Livonia’s second fund, which recently held its first close.