An agreement has been signed to sell the shares of Inservis group companies, managed by Invalda INVL, one of the largest asset management groups in the Baltics, to SPV31, a company owned by entrepreneurs Deivydas Jacka and Domas Dargis, which is part of the Civinity group of companies. The purchaser seeks to acquire 100% of the shares of UAB Inservis, Priemestis, Jurita and SIA Inservis for a total price of EUR 7 million.
Inservis group of companies, managed by Invalda INVL, provides administration of multifunctional and multi-apartment buildings, maintenance of engineering systems and territories, as well as other facility management services. Inservis group of companies operates in Lithuania and Latvia with a total supervised area of over 2.5 million square meters.
“We have been managing this profitable but relatively small business on the scale of Invalda INVL since 2003. Inservis is a successful and efficient group of companies with strong managers, a professional team, and a broad customer base. We are selling this business to an experienced market player specializing in facilities management services. This should provide new opportunities for the team to grow and ensure the provision of quality services to clients. We will continue focusing on our core business – asset management,” Darius Šulnis, the president of Invalda INVL, says.
It is planned that the Civinity Group, which deal with the administration of multifunctional buildings and apartment buildings in the Baltic States and the United Kingdom, will be merged with the companies of the Inservis group, currently managed by the Invalda INVL group. The merger will increase the area of buildings managed by Civinity by a quarter to 12.5 million square meters. It will also extend the company’s area of operation, expand and strengthen its cleaning services. Following the acquisition, the facilities management companies will continue to operate under two different names: Inservis and Civinity.
“We are excited about the team that will be joining Civinity and allowing us to better serve our clients. By combining the capabilities of Civinity and Inservis, we are consistently executing development plans, streamlining the business, and moving toward a unified digital standard. The goal of all these changes is to improve the quality of service for buildings and their residents as well as for employees. We want to facilitate all habits related to real estate, its environment and its management,” Deivydas Jacka, shareholder and CEO of Civivinity group, comments.
The closing of the transaction is subject to the approval of the Competition Council.
Only upon approval will the acquisition process be initiated to achieve synergies and maximize efficiencies. The process itself will be clear to every employee and client. All employees who will be affected by this change will be involved and regularly informed. The transaction is expected to be completed by mid-2022.
The seller was represented by Oaklins financial advisors in the transaction.
About Invalda INVL
Invalda INVL is a leading asset management group which is open and growing, invests with clients, and creates well-being for people through its work. The group’s companies, which operate in Lithuania and Latvia, serve over 250,000 individual and institutional clients from the region and abroad. Those clients have entrusted the Invalda INVL group with EUR 1.5 billion of assets for management in a variety of asset classes, including pension and mutual funds, individual portfolios, private equity and other alternative investments. The shares of Invalda INVL have been trading on the Nasdaq Vilnius stock exchange since 1995.
About Civinity
Civinity is one of the largest facility management and engineering solutions groups in the Baltics. The company unites more than 20 companies that maintain 10 million square meters of residential and commercial buildings and have installed several thousand engineering systems in different European cities. The Civinity team employs 1,500 people in Lithuania, Latvia and the United Kingdom. In 2020, Civinity’s revenue amounted to EUR 51.84 million and EBITDA to EUR 3.87 million. In mid-October, Civinity successfully issued EUR 8 million denominated bonds.