The INVL Baltic Sea Growth Fund, the leading private equity fund in the Baltic region, is further investing in the expansion of a network of veterinary clinics. Portfolio company MiniVet has acquired Tarandės Gyvūnų Namai, which operates clinics in Vilnius’s Tarandė neighbourhood and in Utena. After this transaction, the MiniVet veterinary chain now owns 9 clinics in Lithuania.
Tarandės Gyvūnų Namai co-founders Sigita Venclovienė and Rasa Savickaitė, who are doctors at the clinics, were transferred 100% of its shares to MiniVet. Venclovienė, the company’s CEO, will continue to manage the entire MiniVet chain. Savickaitė, a veterinary medicine professional with 12 years of experience, will also continue to work at both clinics.
“The addition of the Tarandės Gyvūnų Namai clinics to the MiniVet network creates new potential for strengthening market positions and more opportunities for operating efficiently. The clinics’ customers and their pets will certainly feel the benefits. The private equity fund is a strong partner whose support will enable many growth projects in the next few years,” notes Sigita Venclovienė, MiniVet’s director and a veterinary doctor.
INVL Baltic Sea Growth Fund Partner Vidas Venckus says: “Two veterinary clinics that are among the most efficient in Lithuania and have a loyal client base have been added to the fund’s portfolio. We greatly appreciate founder Sigita’s trust in the fund’s investment and that the head of MiniVet is staying on to successfully lead the entire network, which has ambitious expansion plans.”
The MiniVet network is investing actively in expansion. A new modern Hačiko pet clinic recently opened its doors at the UNA shopping mall in Vilnius. The clinic that is operating in Tarandė will be moving to new premises in the coming years. Construction work is still at an early stage.
To date the INVL Baltic Sea Growth Fund has invested in nine companies active in food processing, healthcare, wellness and medical rehabilitation, civil engineering, plastic recycling, environmental management, veterinary services, and the manufacturing of cosmetics and hygiene products. The fund is managed by INVL Asset Management, the leading alternative asset manager in the Baltics.
About INVL Baltic Sea Growth Fund
With a size of EUR 165 million, the INVL Baltic Sea Growth Fund the leading equity fund in the Baltics. The European Investment Fund (EIF) is its anchor investor.
The EIF, which is a part of the European Investment Bank, has committed EUR 30 million with the support of the European Fund for Strategic Investments (a key element of the Investment Plan for Europe, or the Junker Plan) whilst also allocating resources from the Baltic Innovation Fund, a “fund of funds” initiative developed in cooperation with the governments of Lithuania, Latvia and Estonia. The initiative aims to increase capital investment in high-growth potential small and medium-sized enterprises in the Baltics.
The fund is focused on the Baltic countries and neighbouring regions including Poland, the Nordics, and Central Europe. After this investment, INVL Baltic Sea Growth Fund has formed a diversified portfolio of nine companies. The fund has invested in companies to date, focusing on sectors including food processing, healthcare, medical rehabilitation, civil engineering, plastic recycling, environmental management, veterinary services, and the manufacturing of cosmetics and hygiene products.
The fund is managed by INVL Asset Management, the leading alternative asset manager in the Baltic States, which is part of the Invalda INVL Group, operating for more than 30 years. The group’s companies manage more than EUR 1 billion of assets across multiple asset classes including private equity, forests and agricultural land, renewable energy, real estate as well as private debt. The group’s scope of activities also includes family office services in Lithuania, Latvia and Estonia, management of pension funds in Latvia, and investments in global third-party funds.
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