Estonia, Funds, Markets and Companies

The Competition Authority ruled on the matter.

A Livonia private equity fund managed by Estonian investment banker Rain Lohmus on Dec. 22 signed an agreement with Fenestra owners Lauri Laast, Martti Siitam, Riho Prass and their holding companies on the acquisition of 60% of the shares in the window maker.

The Estonian entrepreneurs bought AS Fenestra from the bankrupt Finnish parent in 2014.

Fenestra and the companies controlled by it engage in the manufacture, sale and installation of wood-aluminium windows and balcony doors. Prior to the consolidation, the Fenestra group is made up of the Finnish branch Fenestra AS Sivuliike and subsidiaries Fenestra Suomi Oy, of which Fenestra owns 100%, and Fenestra Ikkunat and Ovet Oy, of which Fenestra owns 51%.

Fenestra sells it products in Estonia, Finland and Sweden and, to a lesser extent, in the Finnish autonomy of Aland as well as in Ukraine and Russia.

In 2017, Fenestra's consolidated sales grew 14.5% on year to 14.2 mln euros but net profit dropped 45% to 270,000 euros. The company employed a workforce of 94 people at the end of the third quarter of 2018.

Livonia Partners is a private investment team based in the Baltics, managed by Kaido Veske, Kristine Berzina, Rain Lohmus, and Mindaugas Utkevicius. Livonia was partly originated through the Baltic Innovation Fund (BIF) which is a joint initiative of the republics of Estonia, Latvia, and Lithuania and the European Investment Fund. The company manages investments worth altogether 83 mln euros via Livonia Partners Fund I and Livonia Partners EIF Co-Investment Fund. 

Its investors are domestic and international financial institutions, with BIF as the core investor.