INVL Baltic Sea Growth Fund has acquired an 86 per cent stake in Lithuanian metal processing and industrial construction company, Montuotojas AB.
This deal has been completed through INVL Baltic Sea Growth Fund subsidiaries BSGF Fortis and Montuja respectively for an undisclosed amount.
In 2018, Montuotojas recorded revenues of EUR33.5 million with the company employing around 700 people that undertake circa 100-120 wide-ranging projects per annum.
Montuotojas is proud to service a market-leading client base, including the likes of Lifosa, Amilina, Bega, Klaipedos nafta, Achema, Lietpak, Litesko and Orlen Lietuva among others.
The acquisition is driven in significant part by the succession planning of the exiting management team. The transaction will see Rimvydas Ramanauskas, who has held managerial positions over the past 10 years, appointed as the new CEO.
Rimvydas Ramanauskas, who currently is deputy CEO at Montuotojas, says: “I am very excited to be given this opportunity to lead a company with such a well-respected reputation as Montuotojas. I believe strongly in its future potential and am excited for this new chapter of growth to begin.”
Vidas Venckus, Partner at INVL Baltic Sea Growth Fund, says: “We plan to expand Montuotojas’ activities in Lithuania and also internationalise, entering foreign markets while capitalising on the impressive engineering potential of the company.”
Alfonsas Jaras, current Montuotojas CEO (and one of the selling shareholders), says: “The current senior team at Montuotojas is proud to have given between 30 to 40 years service to this great company and are happy with the successful execution of our succession plan. We have chosen one of the strongest investors in the Baltic region and are very confident that INVL Baltic Sea Growth will be able to actively support the company as it expands into new geographies and strengthens its market position.”
Supervisory board members from INVL Baltic Sea Growth Partners going forward will also include Alvydas Banys, Nerijus Drobavicius and Vytautas Plunksnis.
