LitCapital, a dedicated private equity growth investor in the Baltics, has made its sixth successful exit in a row selling its holding in NNL LT, a logistics service provider focused on temperature-controlled goods, operating in Lithuania and Latvia. LitCapital sold its stake to the Founders of the Company.
This investment has generated 4.0x CoC return for the Fund. Currently realized gross result of the Fund exceeds 26 per cent IRR. All LitCapital realized exits have generated 2.0x-5.7x returns.
LitCapital invested in NNL LT in 2012. Group’s revenues grew nearly fourfold and EBITDA more than doubled after substantial investments in warehouse expansion and new customer acquisition. Currently the Company operates more than 20,000 sq m of warehouses in Lithuania and Latvia. Company successfully entered Latvian market and expanded in new product and service categories. Consolidated revenue of the business exceeded EUR 20M in 2019 compared to EUR 5M in 2012. Danielius Merkinas and Česlovas Kazlauskas (the Founders) and the Management team have very ambitious growth and business expansion plans.
Swedbank Investment Banking from Lithuania acted as financial adviser and TGS Baltic was a legal counsel to the seller.
In 2019 LitCapital exited Baltik Vairas (electrical and city bicycles) and Medicinos Paslaugų Grupė (medical services). An outstanding investment in AB Baltik Vairas was nominated by The European Private Equity Awards under the Central and Eastern Europe Deal of the Year 2020 category. In 2017 LitCapital completed exit in UAB Brolis Semiconductors (technology, sensors). In 2016 LitCapital has divested its holdings in UAB Putokšnis (PET packaging) and UAB Lignoterma (renewable energy), which also generated solid positive returns to LitCapital investors. LitCapital currently manages these portfolio companies: AB Audimas (the leading athleisure apparel brand company), UAB Eldes (IoT), UAB Altechna (industrial optics);
LitCapital is an independent private equity fund management company based in Lithuania. LitCapital was founded in 2010 and currently is managing two growth capital funds: a EUR25 million size fund Litcapital I KŪB, which was established under the JEREMIE initiative in cooperation with European Investment Fund(EIF) and a successor EUR35 million LcX Opportunity Fund, which was established together with INVEGA and started its operations in December 2019 after receiving a fund management license from the Lithuanian Central Bank.
