An agreement has been signed to sell shares in the “Inservis” group of companies managed by „Invalda INVL“, one of the largest asset management groups in the Baltics, to „SPV31“, a company managed by entrepreneurs Deividas Jacka and Domas Dargis, which is part of the „Civinity“ group of companies. The aforementioned group is seeking to acquire 100% of the shares of JSC “Inservis”, “Priemiestis”, “Jurita” and SIA “Inservis” for a total price of EUR 7 million.
The “Inservis” group of companies, managed by “Invalda INVL”, provides administration, maintenance of engineering systems and territories, and other building management services for multifunctional buildings and apartment blocks. The “Inservis” group operates in Lithuania and Latvia, with a total managed area of more than 2.5 million square metres.
“We have been managing this profitable but small-scale business of „Invalda INVL“ since 2003. “Inservis” is a successful and efficient group of companies with strong management, a professional team and a broad client base. We are selling this business to an experienced market player specialising in building maintenance services, which should open up new opportunities for the growth of the team and the delivery of quality services to our clients. And we will continue to focus on our core business of asset management,” says Darius Šulnis, President of “Invalda INVL”.
It is planned that the “Civinity” group companies operating in the management of multi-functional buildings and apartment buildings in the Baltics and the UK will be merged with the “Inservis” group companies, which are currently part of the “Invalda INVL” group. The merger will allow “Civinity” to increase the area of buildings managed by “Civinity” by a quarter, to 12.5 million sqm, as well as to expand the company’s footprint and broaden and strengthen its cleaning services business. Following the acquisition, the building maintenance companies will continue to operate under two different names: “Inservis” and “Civinity”.
“We are delighted with the team that will join the team at “Civinity” and allow us to serve our clients even better. By combining the capabilities of “Civinity” and “Inservis”, we are consistently delivering on our expansion plans, optimising our businesses and moving towards a single digital standard. The aim of all these changes is to improve the quality of service for buildings and their occupants and employees. We aim to facilitate all habits related to real estate, its environment and its management”, comments Deividas Jacka, shareholder and CEO of “Civinity” group, on the expansion plans.
The transaction is subject to clearance by the Competition Council.
Only after the clearance is granted, buying procedures will be put in place to ensure that synergies and efficiencies are maximised and the process is clear to every employee and customer. All staff affected by the change will be involved and regularly informed. The transaction is expected to be completed by mid-2022.
“Oaklins” financial advisors represented the seller in this transaction.
“Invalda INVL” is a leading asset management group, open, growing, investing and creating wealth for people through its activities. The Group’s companies operating in Lithuania and Latvia provide services to more than 250,000 individual and institutional clients in the region and internationally, who have entrusted the “Invalda INVL” group with the management of EUR 1.5 billion in different asset classes, such as pension and investment funds, individual portfolios, private equity and other alternative investments.
“Invalda INVL” shares have been traded on the “Nasdaq Vilnius” stock exchange since 1995.
“Civinity” is one of the largest building maintenance and engineering solutions groups in the Baltics. The company brings together more than 20 companies that maintain 10 million sqm of residential and commercial buildings and have installed several thousand engineering systems in different European cities. The “Civinity” team has 1,500 employees in Lithuania, Latvia and the UK. In 2020, “Civinity’s” revenue was EUR 51.84 million and EBITDA was EUR 3.87 million. In mid-October, “Civinity” successfully placed a EUR 8 million bond issue.