Civinity acquires remaining stake in construction start-up Valandinis

Civinity acquires remaining stake in construction start-up Valandinis

Civinity, one of the largest building maintenance and engineering solutions groups in the Baltics, has entered into a transaction whereby it will acquire the remaining 49% of the shares in Valandinis, a start-up platform for construction professionals, and will become its sole shareholder.

Civinity acquired a majority stake in the start-up, which was launched in 2017, in January 2023. The remaining 49% of Valandinis will be bought back from the current shareholders by the end of the year for an undisclosed amount.

Dubbed the “Uber” of construction workers, Hourly is a sharing economy platform that brings together freelance construction professionals and construction companies. The platform addresses the problems of the construction sector, such as the shortage of workers and the volatility of orders.

Using the platform, a company can order the missing construction professionals at the right time.  The platform offers a wide range of vacancies, from civil engineers to support staff.

According to Virgeda Jackaitė, CEO of Civinity, the acquisition of the remaining stake in Valandinis is aimed at focusing on the development of the sharing economy in the construction and related business sectors:

“We have noticed that young professionals entering the market have a different approach to work: flexibility and the ability to choose which projects to work on and for how long are important to them. In addition, the sharing economy helps businesses maintain efficiency and flexibility. We are confident that the Valandinis platform, which reflects these trends, will continue to grow successfully, which is why we are becoming its sole shareholder,” says Jackaitė.

Valandinis is a platform connecting freelance construction professionals and construction companies. In 2023, Valandinis had 11 employees, revenues of EUR 3 366 thousand and EBITDA of EUR 182 thousand.

Civinity is one of the largest building maintenance and engineering solutions groups in the Baltics. The company brings together more than 30 companies that maintain 10 million sqm of residential and commercial buildings and have installed hundreds of engineering systems in different European cities. In 2023, the Civinity team had over 1,500 employees in Lithuania, Latvia and the UK, with revenues of EUR 87.7 million and EBITDA of EUR 7.12 million.