INVL Logo

Fund overview

Vintage year

2019

Domicile

Lithuania

Size

  • First close€ 106.337 million

  • Second close€ 141.861 million

  • Final close€ 164.71 million

Investment focus/criteria

Geographic focus

Primarily Baltic Sea region countries, opportunistically selected investments in other EU countries

Industries

Industry agnostic and diversified

Special focus on manufacturing, food processing industries, export driven and fragmented industries

Main focus

Late stage SME, Small-Cap and Mid-Cap companies

Equity ticket size

€ 10 million –
€ 30 million

Larger deals with co-investment

Key Characteristics of Target Companies

  • Prospective market leaders / regional champions.
  • Opportunities for structural transformation and operational improvements.
  • Opportunities for regional cross border expansion and growth acceleration.
  • Visibility of buy & build strategy implementation.
  • Market growth.

Attractions of the Baltic States

Good opportunity for shrewd allocators, when viewed in the context of increasingly crowded alternative investment markets in the US, Western Europe and Asia.

  • Emerging market growth with Western European risk profile.
  • Dynamic, transparent and resilient countries.
  • Among the fastest growing economies in the EU with growth rates significantly above the EU average.
  • Small, but open economies, having some of the highest ratios of exports-to-GDP in the world.
  • Prudent fiscal policies, resulting in some of the lowest ratios of public debt to GDP in Europe.
  • Strong resilience to economic shocks as shown by experience of Global Financial Crisis.
  • Strong entrepreneurship combined with excellent business climate, as exemplified by the World Bank Doing Business ranking (2020), where Lithuania ranks 11th, Estonia ranks 18th, Latvia 19th.
  • Strong strategic buyer interest.
  • Lack of private equity competition, with good supply of quality deal flow.

Investment Committee Members

Alvydas Banys
Alvydas Banys

Senior Adviser, Investment Committee Member

Over 25 years of experience in private equity and M&A

Founder of Invalda INVL; Chairman of the Management Board of Invalda INVL

Alvydas Banys
Alvydas Banys

Senior Adviser, Investment Committee Member

Over 25 years of experience in private equity and M&A

Founder of Invalda INVL; Chairman of the Management Board of Invalda INVL

Founding partner of Invalda INVL with over 25 years of experience in private equity and operational management. Has served on the boards of 30+ companies. He has been pioneering investments in the Baltic securities market since 1991. Together with Invalda INVL local and international investment partners, implemented acquisitions and sales of companies, capital raising deals with a total value of over EUR 1.2 billion.

Holds Master’s degree in Engineering and Economics from Vilnius Gediminas Technical University, Lithuania.


Darius Šulnis
Darius Šulnis

Managing Partner, Investment Committee Member

Over 20 years of experience in private equity and M&A

Chairman of the Management Board of INVL Asset Management; Member of the Management Board of Invalda INVL

Darius Šulnis
Darius Šulnis

Managing Partner, Investment Committee Member

Over 20 years of experience in private equity and M&A

Chairman of the Management Board of INVL Asset Management; Member of the Management Board of Invalda INVL

Started as CEO of financial brokerage firm Finasta and been pioneering investments in the Baltic securities market since 1994. Joined Invalda INVL in in 1996. Has over 20 years of experience in private equity and operational management. After joining Invalda INVL was building and developing the group together with Alvydas Banys and others. Has served on the boards of 40+ portfolio companies. Together with Invalda INVL local and international investment partners, implemented acquisitions and sales of companies, capital raising deals with a total value of over EUR 1.2 billion.

Holds an MBA from Duke University, USA and Master’s degree in Accounting and Audit (Economist qualification) from Vilnius University, Lithuania.


Deimantė Korsakaitė
Deimantė Korsakaitė

Executive Partner, Investment Committee Member

Over 15 years of experience in private equity and M&A

Former Associate Partner at TGS Baltic

Deimantė Korsakaitė
Deimantė Korsakaitė

Executive Partner, Investment Committee Member

Over 15 years of experience in private equity and M&A

Former Associate Partner at TGS Baltic

Has started her career as a lawyer specialising in private equity and M&A. From 2004 until 2010 was working at Hermis Capital, one of the first private equity firms in Lithuania. Since 2010 until joining Invalda INVL group in 2017 was an Associate Partner with one of the leading pan-Baltic law firms – TGS Baltic – where she co-led the M&A practice. Advised local and international clients on 40+ deals with the combined value of c. EUR 2 billion.

Baltic Management Institute together with Vytautas Magnus University (Lithuania) EMBA (degree expected in 2022). Holds LL.M in International Legal Practice from the University of Law, UK and Master of Law degree from Vilnius University, Lithuania.


Ashwin Roy
Ashwin Roy

Non-Executive Partner, Investment Committee Member

Over 15 years of experience in private equity and M&A

Managing Partner & CIO at Surya Capital; Former Partner at CVCI Private Equity (Citigroup’s global emerging markets’s private equity division); Former head of private equity at SGRF (Sovereign Wealth Fund of Oman)

Ashwin Roy
Ashwin Roy

Non-Executive Partner, Investment Committee Member

Over 15 years of experience in private equity and M&A

Managing Partner & CIO at Surya Capital; Former Partner at CVCI Private Equity (Citigroup’s global emerging markets’s private equity division); Former head of private equity at SGRF (Sovereign Wealth Fund of Oman)

Started his career in 1996 at PwC in London. Started his investment career with Societe Generale Asset Management in 2000, when he first got involved with the Baltic States and in 2001 joined CVCI, eventually becoming one of two partners based in London and co-heading the firm’s efforts in the CEE region. During his tenure with CVCI, Ashwin was the lead or second transactor on 14 deals, deploying c. USD 735 million of direct private equity investments across a variety of deal types and sectors, primarily in CEE. From 2013 to 2015, he served as the Director of Private Equity at SGRF, the main Sovereign Wealth Fund of the Sultanate of Oman. Since 2016 he is the Managing Partner and Chief Investment Officer at Surya Capital, an East Africa-focused investment firm.

Ashwin and Invalda INVL team met in 2006 when CVCI co-invested with Invalda INVL in specialty pharmaceuticals company Sanitas. This was a very strong partnership over 5 years until the very successful exit in 2011.

Holds MA (Hons) (First Class) in Economics from King’s College, University of Cambridge, UK, and is a Fellow of the Institute of Chartered Accountants in England & Wales.


Vidas Venckus
Vidas Venckus

Partner, Investment Committee Member


Over 15 years of experience in private equity and M&A

Former Partner at PricewaterhouseCoopers Lithuania, Head of Advisory Services

Vidas Venckus
Vidas Venckus

Partner, Investment Committee Member


Over 15 years of experience in private equity and M&A

Former Partner at PricewaterhouseCoopers Lithuania, Head of Advisory Services

Since 1994 through 2016 he worked with PwC Lithuania and took the path from Assistant to Manager and on to Partner. He headed the team of 40+ professionals in the Baltics specializing in Management Consulting and Transaction Advisory. Management Consulting business included IT, business processes optimization and risk management. Transaction Advisory included due diligence, M&A advisory, business analysis and other transaction support services. He accumulated unmatched experience in M&A, private equity, finance consulting and due diligence advising local and international investors on 200+ transactions. Joined Invalda INVL group in 2017.

Holds Master’s degree in Accounting and Audit from Vilnius University, Lithuania.


Nerijus Drobavičius
Nerijus Drobavičius

Partner, Investment Committee Member


Over 15 years of experience in private equity and M&A

Member of the Management Board of INVL Asset Management

Nerijus Drobavičius
Nerijus Drobavičius

Partner, Investment Committee Member


Over 15 years of experience in private equity and M&A

Member of the Management Board of INVL Asset Management

Nerijus started as an auditor at Arthur Andersen in 1998 working on both audit and M&A assignments. As from 2001, he spent over 15 years in operational positions being responsible for setting up processes, financial and organizational management, investment appraisal, in addition to leading acquisitions. Since 2007 through to exit in 2011 was CFO at specialty pharmaceuticals company Sanitas. Spent 4 years advising various companies until re-joining Invalda INVL group in 2015. Nerijus Drobavičius has served on the boards of 10+ portfolio companies.

Holds BA degree in Business and Administration and an MBA in Banking and Finance from Vytautas Magnus University, Lithuania.


Vytautas Plunksnis
Vytautas Plunksnis

Partner, Investment Committee Member

Over 15 years of experience in private equity and M&A

Chairman of the Board at Investors’ Association in Lithuania; Member of the Management Board of INVL Asset Management

Vytautas Plunksnis
Vytautas Plunksnis

Partner, Investment Committee Member

Over 15 years of experience in private equity and M&A

Chairman of the Board at Investors’ Association in Lithuania; Member of the Management Board of INVL Asset Management

Started his career as financial analyst at the first Lithuanian online brokerage Jusu Tarpininkas in 1999. In 2002 he became a business journalist and since 2004 was Editor in Chief, Business Desk, Lithuanian News Agency Elta. His career in asset management started in 2006 as an analyst and fund manager in Finasta Asset Management (Invalda INVL’s portfolio company). Since 2009 until 2016 he was an Investment Manager at Invalda INVL and since 2016 – the Head of Private Equity and a Member of the Management Board at INVL Asset Management. He has successfully implemented over 10 deals with a total value of c. EUR 250 million and has served on the boards of 20+ portfolio companies.

Currently is a Chairman of the Investor’s Association in Lithuania.

Holds Bachelor’s degree in Business Administration, Kaunas University of Technology, Lithuania.


Strategy and approach

We build LEADERS.

We back growing businesses with potential to become leading regional players in the Baltic Sea region and further afield.

Our aim is broadly to combine (i) Baltic human capital and leadership, with (ii) CEE market scale, technical expertise and competitive advantage and (iii) German / Nordic marketing front end, design, innovation and branding.

Starting from the Baltics, as a stepping stone, we strive to develop regional market leaders.

We seek control positions either by ourselves or with like-minded partners, enshrined in legal documentation. We insist on being able to make changes to strategy, management teams and being able to control our destiny when it comes to an exit.

We work in close, long-term and fully-aligned partnerships with our management teams.

Businesses we invest in will have the majority of the following characteristics: 

  • A sound business strategy and strong fundamentals;
  • An attractive industry outlook;
  • Strong market position and/or product portfolio;
  • Products that are not subject to rapid technological change or obsolescence;
  • Growth potential in cash flows and earnings;
  • Scalability of operations through organic growth, add-on acquisitions and market consolidation opportunities;
  • A history of positive operating cash flow;
  • Resilience and ability to weather instability;
  • Potential to benefit from active value creation.

We specialise in complex transactions: we have expertise in and can assist in helping businesses that are hampered by shareholder issues or facing temporary challenges. We are fast, flexible and ready to provide customized solutions tailored to the needs of a business and its current owners.

We always seek value-accreting acquisition opportunities for our portfolio companies, irrespective of their size. We will make small bolt-on acquisitions to consolidate or extend business lines or geographic coverage. In addition, through the INVL Baltic Sea Growth Fund’s own equity as well as that of its co-investors, we have the ability to execute large transformative acquisitions, as our history and track record proves.

Contact us at bsgf@invl.com

Contact for Investor Relations

Deimantė Korsakaitė
Deimantė Korsakaitė

Executive Partner, Investment Committee Member

Deimantė Korsakaitė
Deimantė Korsakaitė

Executive Partner, Investment Committee Member