Livonia Partners portfolio company Fenestra Suomi has acquired assets of the bankrupt Finnish window manufacturer Domus.
The purchase includes window and aluminium factories in Loimaa, closed
since December 2018 after the previous owner filed for bankruptcy. Domus
Yhtiöt had sales of about €30 million in 2017.
Fenestra Suomi
plans to resume production on the site already early April. The main
products will be wood-aluminium and wooden windows.
”We are very happy to announce that we will restart Loimaa factories and
continue production on this site with more than 70 years of history.
This is good news both for us and for the people living in the region”,
the CEO of Fenestra Lauri Laast said.
”Most of the workers lost their jobs at the bankruptcy. We’ve briefed
them on the situation and started hiring again. Our plan is to grow with
the sales and gradually ramp up the production to two shifts.’’, the
CEO of Fenestra Lauri Laast says. Fenestra has now two factories, the other one located in Harjumaa, Estonia.
”We expect to realize synergies from logistics and sales activities.
Also, production processes will be reassessed in order to increase
efficiency.’’, Laast said. Laast has track record in turning around struggling businesses: with the
current management, he has led the turnaround of Fenestra after
purchasing the assets of the bankrupt company in 2015.
Fenestra is owned 60% by Baltic investment fund Livonia Partners and 40%
by the management team: Lauri Laast, Riho Prass and Martti Siitam.
”We are planning to continue our expansion in Nordic markets, where we
see great growth prospects and rising demand for high-quality windows.
Acquisition of Domus fits perfectly in our long-term strategy”, Rain
Lõhmus, founding partner of Livonia Partners said.
Fenestra
Fenestra develops and manufactures wooden-aluminium windows and
balcony doors, exporting more than 70% of its production. The main
market for the company is Scandinavia. Lauri Laast, Riho Prass and
Martti Siitam purchased the company from bankrupt family-owned
enterprise in 2014. In 2014 Fenestra’s consolidated revenue amounted to
€7.3 million and in 2018 estimated revenue reached €16.5 million.
Fenestra employs more than 100 people. Fenestra is owned 60% by Livonia
Partners and 40% belong to the management team: Lauri Laast, Riho Prass
and Martti Siitam.
Livonia Partners
Livonia Partners is dedicated private equity investment firm, currently managing €83 million as part of the Livonia Partners Fund I and the Livonia Partners EIF Co-Investment Fund, investing in Baltics and beyond. Run by founders Kaido Veske, Kristīne Bērziņa, Rain Lõhmus, and Mindaugas Utkevičius. Its investors are domestic and international financial institutions. Livonia was partly originated through the Baltic Innovation Fund (BIF), a common initiative of the Republic of Estonia, the Republic of Latvia, the Republic of Lithuania and the European Investment Fund.
Further information and interview requests:
Styv Solovjov
Chairman of the supervisory board/ Livonia Partners
+372-564-597-38
styv.solovjov@livoniapartners.com
Lauri Laast
Chief Executive Officer / Fenestra AS
+372 514 0000
lauri.laast@fenestra.ee