Freor CEO buys out investor Livonia Partners

LITHUANIA: Rytis Bernatonis, CEO, founder and majority shareholder of commercial refrigeration equipment manufacturer Freor, has acquired the 33.34% stake in his company held by private equity company Livonia Partners.

Since the investment in 2018, Freor has moved to a new 20,000m² production plant in Vilnius, expanded its sales across 55 countries and now generates more than €60m in revenue. The company employs close to 600 people.

Founded in 2000 by Rytis Bernatonis, Freor is the only manufacturer of commercial refrigeration equipment in the Baltic States. The company exports about 90% of its products and supplies refrigeration equipment to top retailers across the European Union and beyond.