Civinity and Servico intend to merge the apartment administration business in Vilnius
2021.08.02
Civinity, one of the largest groups of building maintenance and engineering solutions in the Baltics, and Servico, a company providing building maintenance services, plan to combine the managed residential building administration and maintenance activities in Vilnius. The companies have already applied to the Competition Council for permission to implement the concentration.
Following the completion of the concentration, the joint venture will own Civinity Namai and Servico, which administer residential buildings in Vilnius, with a total area of 1.2 million sq. M. m.
“By combining the capabilities of Civinity and Servico, we will be able to significantly expand the services provided to the capital’s residents, thus devoting more resources to improving customer service quality and creating new professional growth opportunities for employees,” comments David Jacka, Civinity Group shareholder and CEO.
“The residential care market is very competitive, especially in big cities. And while each of the merging companies has its own strengths and unique experience, the joint venture will allow us to achieve much more than operating alone. We are convinced that the joint team and merger synergies will accelerate organic growth and ensure greater business efficiency, ”says Svajūnas Masla, CEO of Servico.
It is planned that after the merger, the companies maintaining the residential buildings will continue to operate under two different names: Servico and Civinity Namai. Following the completion of the planned transaction, the terms of service and other obligations of the companies for both Civinity and Servico customers will remain unchanged.
Civinity is one of the largest building maintenance and engineering solutions groups in the Baltics. The company brings together more than 20 companies that oversee 10 million. kv. m. residential and commercial buildings and have installed several thousand engineering systems in different European cities. The Civinity team employs 1,500 people In Lithuania, Latvia and Great Britain.
Servico – since 2010 A company providing complex building administration, operation and maintenance services in the Vilnius region and developing rapidly. The company provides services to more than 250 apartment buildings and 22 commercial objects, the total area of serviced buildings reaches 600,000 sq.m. The company currently employs over 100 professionals in various fields.