Arhive etichete: INVL Baltic Sea Growth Fund

INVL Baltic Sea Growth Fund exits MBL as MidEuropa acquires majority stake

The INVL Baltic Sea Growth Fund, the leading private equity fund in the Baltics, has sold its entire stake in the MBL Group to the private equity investor MidEuropa.

MBL is a leading European contract development and manufacturing organisation (CDMO) for assisted mobility, rehabilitation and aged-care equipment. The founding Lauritsen family has reinvested a significant amount, and Martin Lauritsen will continue to lead the company as CEO, the transaction participants announced. The exit,the second for the INVL Baltic Sea Growth Fund, already enables full repayment of the fund to investors.

Nerijus Drobavičius, a Partner at the INVL Baltic Sea Growth Fund, commented: “We invested in MBL back in mid-2020, during the first Covid wave, as we saw large potential in the company. We have been excited to see the company’s EBITDA almost triple since we invested. We greatly appreciate the Lauritsen family’s ability to combine customer empathy with engineering excellence to create products that genuinely improve lives. MBL has become a world-class CDMO and we are confident it will continue to thrive with its new partners.”

Ashwin Roy, a Non-Executive Partner at the INVL Baltic Sea Growth Fund, added: “We are proud to have supported MBL through a challenging macroeconomic environment, from which it has emerged as a clear category leader with enhanced innovation capabilities and a strong platform for further success.”

Founded by the Lauritsen family in Denmark in 1988, MBL is the largest European CDMO for medical mobility devices, including wheelchair components, rollators, power add-on devices, and other rehabilitation equipment. With deep expertise in both individual component manufacturing and complete mobility solutions, MBL has built a highly differentiated, fully integrated platform combining in-house R&D, state-of-the-art manufacturing and industry-leading reliability. The company employs approximately 1,700 skilled professionals across manufacturing hubs in Europe and Asia, serving global blue-chip clients. With more than 100 registered patents, it is highly regarded for its innovation capabilities. MBL’s revenue in 2025is expected to exceed EUR 120 million.

Martin Lauritsen, the CEO of MBL, commented: “MBL has had the privilege of working with theInvalda INVL Group over the past several years and is now excited to welcome MidEuropa. We see this transaction as a strong endorsement of our business model and long-term potential. With the continued commitment of our family, we are excited to enter the next phase of international growth, building on our position as the leading European CDMO in assisted mobility and rehabilitation. Most importantly, we will continue to strengthen our partnerships with customers, developing innovative solutions that improve quality of life for the people who rely on our products every day.”

Rustam Kurmakaev, Principal at MidEuropa, who led the transaction, said: “We are impressed by what the Lauritsen family has achieved in creating a fully integrated international platform. We look forward to supporting Martin and his team as they further strengthen MBL’s offering and continue the company’s journey towards becoming a global leader in its field. The assisted mobility market is set for sustained growth, driven by population ageing, rising prevalence of chronic conditions and expanding access to mobility solutions worldwide.”

Robert Knorr, Managing Partner at MidEuropa, added: “This investment underscores our continued commitment to backing high-quality healthcare platforms with strong fundamentals, differentiated capabilities and long-term growth potential.”

The transaction was led by Jefferies International as M&A advisor. Also assisting the fund were legal advisors Horten, financial and tax advisors Deloitte, and commercial advisor L.E.K.

 

About the INVL Baltic Sea Growth Fund

With a fund size of EUR 165 million, the INVL Baltic Sea Growth Fund is one of the leading private equity funds in the Baltics. Its anchor investor is the European Investment Fund (EIF), which is a part of the European Investment Bank and 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) while also allocating resources from the Baltic Innovation Fund (a “fund of funds” initiative developed in cooperation with the governments of Lithuania, Latvia and Estonia,  to increase capital investment in high-growth potential small and medium-sized enterprises in the Baltics). The fund is managed by INVL Asset Management, the leading Baltic alternative asset manager, which is a part of the Invalda INVL Group with over 30 years of experience. The group’s companies manage or have under supervision more than EUR 2 billion in assets across various investment strategies, including private equity, forests and agricultural land, renewable energy, real estate, and private debt. Additionally, the group provides family office services in Lithuania, Latvia and Estonia, manages pension funds in Latvia, and invests in global third-party funds.

 

About MidEuropa

MidEuropa is a leading European private equity investor with deep roots in Central Europe and a track record spanning over 25 years. Headquartered in London, with offices in Warsaw and Bucharest, MidEuropa takes a flexible pan-European and global approach to identify winning investments across the healthcare, technology, services, and consumer sectors, and supports them in their growth and international expansion. To date, MidEuropa has raised and managed funds of over EUR 6.8 billion and completed 46 investments and more than 290 add-on acquisitions across 20 countries. www.mideuropa.com

 

Important information

This is a marketing communication of an informational nature which is not and shall not be construed as an offer to purchase investment units of a collective investment undertaking, an investment recommendation, or investment research, as it is not designed to take into account the investment objectives, financial situation, or needs ofany individual investor.

When investing, the investors assume the risk associated with the investment. The value of investments can both rise and fall, and an investor may recover less than he/she/it has invested. Past investment results do not guarantee the same results or profitability in the future. Past performance is not a reliable indicator of future performance. Before making a decision to invest, potential investors should, on their own or with the help of investment advisers, assess the suitability of the investment for them along with the taxes and fees related to the investment, consider all the risks related to the investment, and carefully read the rules, prospectus and other documents of the respective collective investment undertaking.

Units of the collective investment undertaking mentioned in this press release may only be distributed to professional investors (clients) as defined in the Law on Markets in Financial Instruments of the Republic of Lithuania, as amended and supplemented from time to time, and may not be distributed or transferred to any other clients.

Pehart main

Abris Capital Partners face cel mai mare exit din portofoliul sau din Romania prin vanzarea platformei Pehart, care de la momentul preluarii afacerii in 2015 intr-o tranzactie de circa 100 mil. Euro a crescut de aproape 3 ori. Ce tinte de achizitie cauta in Romania cumparatorul Pehart, fondul de private equity INVL Baltic Sea Growth Fund: companii cu valoare de intreprindere la 30 – 150 mil. Euro si EBITDA de 5 – 20 mil. Euro

Abris Capital Partners, unul dintre cei mai mari manageri de private equity din Europa Centrala si de Est, a anuntat pe 10 decembrie 2024 ca a semnat un acord pentru vanzarea grupului Pehart in cadrul unei tranzactii de tip secondary parafate cu INVL Baltic Sea Growth Fund, cel mai mare manager de private equity din regiunea baltica, conform informatiilor disponibile pentru jurnalul de tranzactii MIRSANU.RO.

Valoarea tranzactiei nu a fost facuta publica.

Capitalul pentru finantarea achizitiei grupului Pehart va fi asigurat de catre INVL Baltic Sea Growth Fund si unii dintre investitorii sai existenti care co-investesc prin intermediul INVL Baltic Sea Growth Fund Co-Invest Fund II.

Grupul Pehart este lider in productia de produse din hartie pentru uz casnic si industrial in Romania si unul dintre cei mai mari jucatori de profil din Europa de Sud – Est, prezent cu produsele proprii in 19 tari.

De la momentul achizitiei grupului de firme Pehart de catre Abris Capital Partners in 2015, afacerea Pehart si-a majorat veniturile anuale de 2,5 ori, respectiv EBITDA de 3 ori, sustin reprezentantii vanzatorului.

„Suntem foarte mandri de echipa de management Pehart si ii suntem recunoscatori pentru implicarea sa continua in coordonarea companiei atat in perioade dificile, cat si in momentele ce au reprezentat adevarate oportunitati de piata. Suntem increzatori in capacitatea echipei de a continua evolutia pozitiva a Pehart si de a-si consolida pozitia de jucator de top pe piata regionala. Aceasta etapa marcheaza finalul unui parteneriat excelent si confirma succesul strategiei noastre de a sprijini companiile cu potential ridicat in atingerea obiectivelor lor de crestere”, a declarat Adrian Stanculescu, Partener si Head of Romania la Abris Capital Partners.

In 2023, Pehart Grup a generat venituri de 168 de mil. Euro si avea un personal de aproape 550 de angajați in toate companiile sale.

“Pehart va fi a zecea si ultima companie in portofoliul INVL Baltic Sea Growth Fund. In acest moment, suntem in proces de strangere a fondului succesor INVL Private Equity Fund II, a carui tinta este o capitalizare de 250 mil. Euro. Regiunea principala pentru noul fond va cuprinde statele baltice si Polonia, dar ne vom uita pentru investitii si catre alte tari, inclusiv Romania. De asemenea, noi suntem unul dintre actionarii retelei poloneze de clinici veterinare Luxvet Group, care a inceput sa cumpere clinici veterinare in Romania”, a comentat pentru jurnalul de tranzactii MIRSANU.RO Vytautas Plunksnis, Head of Private Equity al INVL Asset Management, principalul manager de active alternative din spatiul baltic si parte a grupului Invalda INVL.

INVL Baltic Sea Growth Fund este un fond de private equity cu un capital de 165 mil. Euro, pentru care Fondul European de Investitii (EIF) a alocat 30 mil. Euro.

Intrebat de catre jurnalul de tranzactii MIRSANU.RO ce fel de tinte de achizitie cauta in Romania managerul baltic de private equity, Vytautas Plunksnis a raspuns: “Intervalul de marime tipica a unei companii este la o valoare de intreprindere de 30 – 150 mil. Euro (EBITDA de 5 – 20 mil. Euro). Tranzactii mai mici pot fi luate in considerare daca este oportunitatea de a creste valoarea investitiei prin consolidarea industriei. Tranzactii mai mari pot fi luate in considerare alaturi de co-investitori. Suntem agnostici din punct de vedere al sectoarelor. Portofoliul actual al INVL Baltic Sea Growth Fund include companii care opereaza in procesarea de alimente, servicii medicale private, recuperare medicala, inginerie civila, reciclare de mase plastice, managementul de mediu, sectorul serviciilor veterinare precum si in productia de produse de igiena si cosmetice”.

Avand in vedere ritmul de crestere al afacerii Pehart fata de 2015, cand Abris Capital Partners a preluat pachetul majoritar in cadrul unei tranzactii estimate la acel moment in jurul a 100 mil. Euro, dar si semnalul dinspre cumparator ca valoarea de piata a Pehart depaseste marginea superioara din intervalul – tinta, de 150 mil. Euro la valoarea de intreprindere, surse din piata sustin ca valoarea tranzactiei de exit a Abris de la Pehart catre fondul de private equity INVL Baltic Sea Growth Fund ar putea fi estimata in apropierea intervalului de 250 – 300 mil. Euro valoare de intreprindere. Valoarea nu este insa confirmata de catre partile implicate in tranzactie.

Finalizarea tranzactiei cu Abris Capital Partners este asteptata pentru primul trimestru al anului 2025, sub rezerva obtinerii aprobarilor de reglementare necesare si a indeplinirii altor conditii stipulate in acord.

Pentru dezvoltarea capacitatilor sale de productie si dezvoltarea de solutii de energie verde, Pehart Grup – unul din cei mai mari producatori de hartie tissue din sud-estul Europei si cel mai mare producator si procesator de produse de hartie pentru uz casnic din Romania – a semnat in decembrie 2022 un credit sindicalizat in valoare de 78,5 mil. euro, prin care si-a majorat facilitatile de imprumut deja existente.

Finantarea din 2020, la fel ca si extinderea pachetului de finantare din 2022, a fost coordonata de catre BCR (subsidiara locala a grupului austriac Erste), in calitate de aranjor principal mandatat, bookruner, agent de documentație, garantii si plati. Din sindicatul de banci care a finantat dezvoltarea Pehart au mai facut parte sucursala Bucuresti a ING BANK N.V. Amsterdam, Raiffeisen Bank SA si OTP Bank Romania SA.

Pentru Abris Capital Partners, vanzarea Pehart inseamna a doua tranzactie de exit de tip secondary dupa vanzarea anterioara in 2018 a platformei de curierat Cargus catre Mid Europa, unul dintre cei mai mari manageri de private equity din regiunea Europei Centrale si de Est.

In portofoliul INVL Baltic Sea Growth Fund, cumparatorul Pehart, se afla printre alte companii platforma de management de active si servicii ecologice Eco Baltia, care este principalul rival din Lituania si pietele baltice pentru Green Group, platforma de profil din portofoliul Abris Capital Partners care a inregistrat cateva achizitii in piata din Lituania. La Eco Baltia, o companie cu o cifra de afaceri de 218,5 mil. Euro in 2023, fondul administrat de catre INVL Asset Management detine pachetul majoritar de 52,81%, alaturi de care sunt actionari investitori precum EBRD cu 30,51% si Māris Simanovičs cu 16,68%.

La finele lui 2023, tranzacțiile finalizate de catre INVL Baltic Sea Growth Fund au avut o rata interna neta de rentabilitate de 26% si un multiplu cash-on-cash de 1,9.

Intr-o privire mai larga, achizitia Pehart de catre fondul de private equity administrat de catre INVL Asset Management creste semnificativ expunerea managerului baltic de active pe piata din Romania, unde are déjà un portofoliu solid de active in sectorul forestier si de energie.

“INVL a fost reprezentata in Romania in sectoarele de energie regenerabila si forestier. Fondul de investitii INVL Renewables Funds I dezvolta circa 350 MW de parcuri de energie solara si are in plan sa investeasca peste 220 mil. Euro.  INVL Sustainable Forest and Farmland Fund II are circa 2.000 de hectare de paduri in Romania si intentioneaza sa isi majoreze investitiile in aceasta arie”, a precizat pentru jurnalul de tranzactii MIRSANU.RO Vytautas Plunksnis, Partner la fondul de private equity INVL Baltic Sea Growth Fund.

Companiile din portofoliul grupului Invalda INVL administreaza active in valoare de peste 1,6 mld. euro, din mai multe clase de active, inclusiv capital privat, paduri, terenuri agricole, energie regenerabila, proprietati imobiliare si datorii private. Activitatile grupului includ, de asemenea, servicii de family office in Lituania, Letonia și Estonia, administrarea fondurilor de pensii in Letonia si investitii in fonduri globale ale tertilor.