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Mindaugas Utkevicius, one of the founder and partners at Livonia Partners, says the investment fund will focus on strategy and the company's growth.

"The window market has been stable and growing 1-2 percent a year. Meanwhile, Fenestra has recorded annual growth of 24% over the past four years," he said in a statement.

Fenestra is Livonia Partners Fund I's seventh investment. Last year, the investment fund bought a stake in Lithuania's commercial refrigeration equipment producer Freor LT and also invested into Estonian business management platform Scoro. In 2017, the fund invested into Santa Monica Networks' branches in Lithuania and Latvia and also into internet and TV services preovider Cgates.

Livonia Partners is a private equity investment firm based in the Baltics, which currently manages 83 mln euros as part of the Livonia Partners Fund I and the Livonia Partners EIF Co-Investment Fund. Run by founders Kaido Veske, Kristine Berzina, Rain Lohmus, and Mindaugas Utkevicius, its investors are domestic and international financial institutions.

Livonia was partly originated through the Baltic Innovation Fund (BIF), a common initiative of Estonia, Latvia and Lithuania and the European Investment Fund.