Invalda INVL sold the Inservis group
Invalda INVL, one of the Baltic region’s largest asset management groups successfully closed Inservis group sale to Civinity Group transaction, that was signed on 28 December 2021. Closing was completed after the Competition Council clearance was obtained and other conditions precedent were fulfilled. The Inservis group consists of Inservis UAB, Priemestis UAB, Jurita UAB and Inservis SIA. 100% of shares were sold to Civinity for a total price of EUR 7.2 million.
The Inservis group provides facility management services for public and residential buildings, including administration, utilities, maintenance and other facility management services. The Inservis group operates in Lithuania and Latvia. The managed area of non-residential premises exceeds 2.4 million square meters, and the area of serviced residential premises is close to 740 thousand square meters.
“Inservis is a profitable company, that was established in 2003. We’re selling it to an experienced, specialized facility management player, which should open new opportunities for the team and the business to grow. The business that we are selling is not sizeable at Invalda INVL group, we will continue focusing on asset management, that remains core business for us” Darius Šulnis, the President of Invalda INVL, says.
“We are happy with the professional management team that was brought by the company’s CEO. We believe that Civinity group will further boost managements’ expertise and experience ensuring that clients are getting top level services,” Nerijus Drobavičius, Chairman of the Board of the Inservis group, says.
Turnover of Inservis group was EUR 9.11 million in 2021, the Group employed 320 employees at the year-end.
Inservis group will be combined with the Civinity group, which currently provides facility management services to its customers in the Baltic countries and UK. The acquisition will increase total facility management area of the combined group by 25% up to 12.5 million sq. m. The acquisition will as well enlarge the geographical coverage of the group and will allow Civinity to strengthen its cleaning services business. The group companies will continue to operate under two names: Inservis and Civinity.
“We’re delighted with the team that is joining Civinity. Sharing the best practices of both companies will let us further improve services that we provide to our clients. By combining the forces of Civinity and Inservis, we are consistently implementing our expansion, optimizing the businesses and adding value to the cities and people. We’re digitalizing and simplifying all the routines related to real estate, its environment and management,” Deividas Jacka, CEO and shareholders of Civinity group, says.
The seller was represented in the transaction by the financial advisory firm Oaklins.
About Invalda INVL
Invalda INVL is a leading asset management group which is open and growing, invests with clients, and creates well-being for people through its work. The group’s companies, which operate in Lithuania and Latvia, serve over 260 000 individual and institutional clients from the region and abroad. Those clients have entrusted the Invalda INVL group with EUR 1.6 billion of assets for management in a variety of asset classes, including pension and mutual funds, individual portfolios, and private equity and other alternative investments.
The shares of Invalda INVL have traded on the Nasdaq Vilnius stock exchange since 1995.
About Civinity
Civinity is one of the largest facility management and engineering solutions groups in the Baltics. The company unites more than 33 companies that maintain 5,6 million square meters of residential and have installed several thousand engineering systems in different European cities. The Civinity team employs 1,600 people in Lithuania, Latvia and the United Kingdom. In 2021, Civinity’s revenue amounted to EUR 48.629 million and EBITDA to EUR 1.726 million. In October 2021, Civinity successfully issued EUR 8 million denominated bonds.
The person authorized to provide additional information is:
Darius Sulnis, President of Invalda INVL
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