“Civinity” with a partner acquires “Inservis” group

“Civinity” with a partner acquires “Inservis” group

Civinity, one of the largest building maintenance and engineering solutions groups in the Baltics, has today successfully completed an acquisition transaction whereby “Civinity”, through “SPV31”, a company managed together with a strategic partner, has acquired 100% of the shares in the closed joint stock companies “Inservis”, “Priemiestis”, “Jurita” and SIA “Inservis” from the asset management group “Invalda INVL” for a total price of EUR 7.231 million.

The buyer was represented by its legal partner “TGS Baltic” and “Luminor Bank” provided almost 70% of the transaction value, EUR 4.9 million in financing for a period of 5 years.

“Inservis Group operates in Lithuania and Latvia, with a supervised non-residential area of over 2.4 million square meters and a supervised residential area of close to 0.74 million thousand square meters. The acquired companies provide administration, engineering systems and grounds maintenance and other building management services for multi-purpose buildings and apartment blocks. “The Civinity Group will increase the area of buildings in Vilnius by 50 % following this acquisition. The purchase will allow the Civinity Group to increase the total area of residential buildings under maintenance by 15%, as well as expanding the company’s territory of operation and strengthening its cleaning services business. The building maintenance companies will continue to operate under different names: “Inservis” and the “Civinity” Group company names.

“Inservis” group had a turnover of EUR 9.11 million in 2021 and employed 320 people at the end of last year.

“We are delighted that the CEO has brought together a team of professional managers and employees who care about our clients. We believe that joining the Civinity Group will further enhance professionalism and competence and ensure the highest level of service to our clients,” says Nerijus Drobavičius, Chairman of the Board of “Inservis” Group.

“We are delighted with the team that will be joining Civinity’s professionals, sharing their best practices and enabling us to serve our clients even better together. By combining the capabilities of “Civinity” and “Inservis”, we are consistently delivering on our development plans, optimising our businesses and moving purposefully towards adding value to the city and people. We are digitising and aiming to facilitate all habits related to real estate, its environment and management,” says Deividas Jacka, shareholder and CEO of “Civinity” Group.

“Civinity” and “Inservis” Group companies, which operate multi-purpose buildings and apartment management activities in the Baltics and the UK, will work together to find synergies, team collaboration and greater efficiency.

About “Civinity”:

“Civinity is one of the largest building maintenance and engineering solutions groups in the Baltics. The group brings together 33 companies that collectively maintain 5.6 million square metres of residential space and have installed several thousand engineering systems in various European cities. “The Civinity Group team has more than 1,600 employees in Lithuania, Latvia and the UK. In 2021, Civinity had revenues of EUR 48.629 million and a profit before tax of EUR 1.726 million. In mid-October 2021, Civinity successfully placed a EUR 8 million bond issue, which is listed on the Nasdaq Vilnius bond market.

About “INVL”:

“Invalda INVL is a leading asset management group, open, growing, investing and creating wealth for people through its activities. The Group’s companies operating in Lithuania and Latvia provide services to more than 260,000 individual and institutional clients in the region and internationally, who have entrusted the Invalda INVL Group with the management of EUR 1.6 billion in different asset classes such as pension and investment funds, individual portfolios, private equity and other alternative investments. “Invalda” INVL shares have been traded on the Nasdaq Vilnius Stock Exchange since 1995.