LITHUANIA: Livonia Partners, a Baltic-based investment company, has acquired a 33% stake in commercial refrigeration equipment manufacturer Freor LT.

Established in 2000 in Vilnius, Lithuania, Freor supplies energy-efficient and environmentally friendly commercial refrigeration solutions to top retailers and supermarket chains across Europe and beyond. The company is said to be witnessing record growth and reached revenue of €36m last year as frozen food offerings in stores expand.

The 33% equity stake was acquired from Accession Mezzanine Capital, which had invested in Freor in 2015.

According to Rytis Bernatonis, Freor’s founder, majority owner and CEO, the company now exports about 90% of its manufactured refrigeration equipment. Western Europe and the Nordic regions are its biggest markets with CIS countries, the Middle East, Asia and South Africa also a focus.