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International Internet Magazine. Baltic States news & analytics Saturday, 27.02.2021, 14:25

Finland's SOL Palvelut buys Lithuania's Ygle Pastatu Valdymas

BC, Vilnius, 22.09.2020.Print version
Finland's property services company SOL Palvelut is buying property services company Ygle Pastatu Valdymas (YPV) from BaltCap Lithuania SME Fund and Agne Grendele, the fund said.

SOL Palvelut's Estonian branch SOL Baltics is acquiring a 75% stake in YPV for an undisclosed amount, and is also acquiring the remaining 25% of the company’s shares previously owned by CEO Agne Grendele and will gain 100% ownership of YPV. 

Grendele will continue as the CEO of YPV and she will also manage SOL Lithuanian division.

"We entered Lithuanian market recently and are already convinced that Ygle Pastatu Valdymas is one of the market leaders distinguished by professional approach and vast experience. Joining forces with YPV will create the best customer-centric property management company in Lithuania. SOL Baltics will have full range of cleaning and maintenance services to offer in the country,” Rinel Pius, CEO at SOL Baltic, said.

YPV posted 2.17 mln euros in revenue last year, up 6.6% from 2018, and earned more than 95,000 euros in net proifit.

SOL Baltics belongs to SOL which is one of the oldest business groups in Finland. SOL derives itself from the dyeing company Lindström Oy, founded in 1848. SOL provides property management, security and staffing services. The group has branches in Sweden, Denmark, Estonia, Latvia, Russia and Lithuania.

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