Activity - agriculture sector
- On 15 December 2011, Invalda AB acquired 36.9 % of shares in Litagra UAB, one of the largest companies operating in the agricultural sector in Lithuania for EUR 11.2 million.
- After the split-off finished on 31 May 2014, stake of Invalda Privatus Kapitalas AB in Litagra UAB decreased till 16.76%.
- On 28 April 2014 Invalda Privatus Kapitalas AB signed an agreement to sell the owner stake.
Invested (2011-2014) - EUR 11.2 million (38.6 million litas).
Sold (2014) – EUR 7 million (24.1 million litas).
Activity - metal processing
- In 1994 Invalda acquired a metal processing company Umega.
- As part of the consolidation process, in 2005, Umega took over a company operating in Utena – Utenos Elektrotechnika, whose main activity is the electric laboratory furnace production.
- In 2008, Umega acquired and incorporated a metal processing firm Vienybe. As of today, Umega is one of the largest metal processing companies in Lithuania.
Invested (1994-2011) - EUR 0.6 million (2.1 million litas).
Dividends received (2006-2007) - EUR 0.3 million (1 million litas).
Sold (2012) – EUR 1.07 million (3.7 million litas).
Activity - generic drugs manufacturing.
- In March 2003, the Invalda Group, in cooperation with its partner Baltijos Finansu Vystymo Grupe (present Baltvesta), in equal parts acquired 72 percent of shares of the largest Lithuanian pharmaceuticals manufacturer Sanitas for EUR 4.7 million (16.34 million litas).
- In May 2004, Sanitas acquired a shareholding of another Lithuanian manufacturer of pharmaceuticals Endokrininiai Preparatai.
- In July 2005, Sanitas acquired from Sanofi-Aventis a manufacturer of generic pharmaceuticals Hoechst-Biotika established in a little town Martin in Slovakia. The acquisition of Hoechst-Biotika for EUR 12.7 million (44 million litas) was the first ever foreign acquisition by Sanitas.
- In 2006, Sanitas acquired from the State of Poland and private investors the Polish generic pharmaceuticals manufacturer Jelfa for EUR 161 million (557 million litas), and controlled 100 percent of the company’s authorised capital. Most of Jelfa's output is marketed in Poland, the other part – in Russia, Ukraine, Baltic States, the Czech Republic, Hungary and Slovakia.
- On 23 December 2008, through its subsidiary Jelfa, Sanitas acquired a 100 percent holding of Homeofarm – a manufacturer of pharmaceutical ointments operating in Gdansk, Poland. The value of the transaction was EUR 2.7 million (9.3 million litas).
- In July 2010, Sanitas completed the transaction for the sale of HBM Pharma (previous name – Hoechst-Biotika) engaged in contractual manufacturing activities. The total value of the transaction – EUR 13.2 million (45.46 million litas). After the transaction Sanitas Group focused on the sale of its own products.
- Invalda and other Sanitas shareholders, all together controlling 87,2% shares, on 23rd of May 2011, signed a definitive share sale and purchase agreement for the sale of their entire shareholding in Sanitas to Valeant Pharmaceuticals International, Inc.. Pursuant to the agreement, Invalda sold 26.5% shareholdings in Sanitas, in exchange of EUR 83 million (286.7 million litas), or 10.06 EUR per share.
Total investment (2003-2009) – EUR 43.8 million (151.3 million litas).
Dividends received – EUR 2.5 million (8.5 million litas).
Sold (2008-2011) – EUR 121.4 milllion (419.2 million litas).
|Tiltra Group and Kauno Tiltai
Activity - road and bridge contruction
- In December 2005, Invalda in cooperation with its partners (the Vilniaus Prekyba Group and individuals, who later became a road building business managers) incorporated a company Kelesta for the purpose of the execution of the transaction, to acquire Kauno Tiltai – one of the major road builders in Lithuania. The acquisition was funded by borrowed finance (LBO).
- In August 2007, Kauno Tiltai took over the control of Kelda – a road building company operating in Vievis. In October 2007, Kauno Tiltai acquired a 50 percent shareholding of the consortium Tiltra operating in Poland, thus increasing its interest in the company to 100 percent.
- In expanding its presence in Poland the consortium Tiltra acquired PEUiM – a company operating in the Bialystok region. In its own turn PEUiM acquired a road tile manufacturer Brux and the engineering network company Dalba.
- June 2008 was the time when Tiltra Group was incorporated to take over the coordination of functions from Kauno Tiltai.
- In June 2009, Tiltra Group acquired a Polish road building and bridge construction company Poldim operating in the Southern regions of the country through Silentio Investments, in which Tiltra Group holds a 77 percent interest. In July 2010, the shareholding in Poldim was increased to 100 percent.
- InvaldaAB owned a 43.7 percent interest in Kauno Tiltai, and 44.8 percent of shares in Tiltra Group.
- In 19th of April 2011 Polish listed rail infrastructure construction market leader Trakcja – Tiltra (former company name Trakcja Polska) acquired holdings in Invalda group companies’ Tiltra Group and Kauno Tiltai for a total PLN 314.1 million (EUR 79.5 million or 274.5 million litas) amount. At the same time Invalda acquired 12.5 percent shares of Trakcja - Tiltra for PLN 132.3 million (EUR 33.5 million or 115.6 million litas), and PLN 119.8 million (EUR 30.3 million or 104.7 million litas) nominal value Trakcja – Tiltra bonds, which are redeemed in 2013-2014, with an annual coupon of 7 percent. The remaining PLN 62 million (EUR 15.2 million and 54.2 million litas) were received in cash by Invalda.
Total investment (December 2005 - 2007) - EUR 7.2 million (25 million litas).
Sold (2011) – EUR 79.5 million (274.5 million litas).
|Agrowill Group AB
Activity - production of agricultural products and investment into land of agricultural purpose.
In 2003, Invalda Group invested into an agricultural investment company Agrovaldymo Grupe (currently – Agrowill Group) and controlled a 25 percent holding. Following a stage of rapid growth, the company’s shares were admitted to the trading list of NASDAQ OMX Vilnius in 2008. Having attracted some resources for its development Agrowill Group executed several acquisition transactions in the Baltic States, however, due to significant outstanding liabilities the company started encountering serious financial difficulties. In 2010, after Agrowill Group capitalised part of its debts, interest of Invalda in the company decreased to a share that did not allow any influence upon the company’s management, therefore Invalda withdrew from this project by selling its shares through the stock exchange.
Total investment (2003–2008) - EUR 1.2 million (4.1 million litas).
Sold (2009-2010) - EUR 1.5 million (5.1 million litas).
Activity - finance and investments.
- It was in 1998 that Invalda entered the finance sector – it acquired at that time a small-scale financial brokerage firm Finasta with 10 employees and the annual turnover of EUR 1.1 million (3.9 million litas). Within several following years Finasta was steadily expanding the spectrum of its investment services, acquired several smaller firms operating in the finance sector – such as Mifonda, Apyvarta, Klaipedos Vertybiniai Popieriai, Finansu Spektras, and Sinkus, and turned into the largest non-banking financial brokerage firm in Lithuania.
- While expanding its activities Finasta decided to seek a banking operating licence; Finasta bank providing investment and private banking services was incorporated in 2008.
- After the pension system reform was started, in 2003 Invalda incorporated an asset management company Finasta Investiciju Valdymas that within the next several years became a leader in terms of the number of investment fund participants. As part of the market consolidation process two pension fund management companies – Medicinos Banko Investiciju Valdymas and PZU Gyvybes Draudimas, were acquired.
- Finasta was further expanding its activities in the neighbouring Latvia, where it acquired Baltikums Asset Management pension funds, and Ukraine, from which it later withdrew in view of certain changes in the situation of the country.
- In 2009, Finasta Group was sold to Snoras Bank Group for EUR 13.25 million (45.75 million litas).
Total investment - EUR 13.8 million (47.5 million litas).
Dividends received - EUR 9.2 million (31.8 million litas).
Sold (2009) - EUR 13.25 million (45.75 million litas).
Activity - hotel management.
- The incorporation in 1995 of Valmeda company and the start of the construction of the Holliday Inn Vilnius hotel in 2000 were the beginning of the hotel business operated by Invalda Group. Invalda focused its efforts on setting up a team of hotel managers and signed the franchise agreement concerning the Holiday Inn hotel with Six Continents (current name is InterContinental Hotels Group); the investment fund Baltic American Enterprise Fund (BALAEF) was attracted as an important financial investor.
- In 2003, Invalda Group purchased from the BALAEF a 33 percent block of shares of Valmeda.
- In 2004, Valmeda acquired an economy class hotel Ecotel Vilnius.
- Early in 2008, Valmeda’s shares were sold to the hotel division of a London based company Triangle Group for EUR 19.8 million (68.5 million litas), while the enterprise value was EUR 25 million (86.3 million litas).
Total investment (1995-2003) - EUR 4.3 million (15 million litas).
Dividends received and the disbursements in relation to the decrease of the authorised capital – EUR 3.2 million (11 million litas).
Sold (2008) - EUR 19.8 million (68.5 million litas).
Activity - architectural design and consultations.
- The controlling interest of Hidroprojektas UAB was acquired for EUR 0.6 million (2.2 million litas) from minor shareholders in 2001 - 2002.
- Early in 2008, the company was sold to SWECO Group engaged in the strategic business of designing and consultation for EUR 2.5 million (8.6 million litas).
Total investment (2001-2002) - EUR 0.6 million (2.2 million litas).
Dividends received - EUR 2.6 million (9 million litas).
Sold (2008) - EUR 2.5 million (8.6 million litas).
|Giriu Bizonas UAB
Activity - particle board production.
- In July 2005, Vilniaus Baldai, controlled by Invalda AB, subscribed to a new share issue of Giriu Bizonas, and acquired a 25 percent interest in Giriu Bizonas for EUR 7.2 million (25 million litas).
- In 2006, an additional investment into Giriu Bizonas was made for EUR 0.4 million (1.25 million litas).
- In 2007, by using the resources of the EU support and own funds Giriu Bizonas opened the new particle board production facility with the capacities of 450,000 m³ per year.
- Late in 2008, Giriu Bizonas was sold to the Swedish concern IKEA, currently the key purchaser of Vilniaus Baldai production. The sale transaction of the 25 percent of shares of Giriu Bizonas generated to Vilniaus Baldai EUR 9.2 million (31.9 million litas).
Total investment (2005) - EUR 7.6 m (LTL 26.25 m).
Sold (2008) - EUR 9.2 m (LTL 31.9 m).
Vilniaus Senamiescio Restauravimo Direkcija UAB
In 2004-2005, Invalda Group acquired a 100 percent holding in the private company Vilniaus Senamiescio Restauravimo Direkcija intending to engage in the development of a real estate project in the Uzupis district of Vilnius. Following a targeted restructuring of the company’s operations and after the value of the assets significantly appreciated, in 2008 Invalda Group withdrew from the project.
Total investment (2004-2005) - EUR 0.6 million (1.98 million litas).
Sold (2007-2008) - EUR 2.7 million (9.25 million litas).
Activity - insurance brokerage services.
- In 2004, Invalda Group, with a view to expanding its presence in the financial services sector, acquired a 69.42 percent interest in the insurance brokerage company Voltera.
- Following some expansion of its operations in 2007 Voltera was sold to its management.
Total investment (2004) - EUR 18,000 (62,000 litas).
Sold (2007) - EUR 115,800 (400,000 litas).
Activity - investment into real estate.
- In 2005, Invalda Group acquired a 100 percent holding in Apzeldinimas UAB for EUR 0.87 million (3 million litas). The key asset of Apzeldinimas was a plot of land of 9 ha in area in Kaunas.
- In 2006, shares of UAB Apzeldinimas was sold to another investor for EUR 5.1 million (17.7 million litas).
Total investment (2005) - EUR 0.87 million (3 million litas).
Sold (2006) - EUR 5.1 million (17.7 million litas).
|Klaipedos Konditerija AB
Activity - production of candies and caramel.
- In 2000-2001, Invalda acquired a controlling interest of the candy manufacturer Klaipedos KonditerijaAB for EUR 0.7 million (2.5 million litas). Four years later for an additional contribution of EUR 0.6 million (1.9 million litas), Invalda’s shareholding in the company was increased to 100 percent.
- Late in 2006, all shares of AB Klaipedos konditerija were sold to the largest in the Ukraine confectionary producer –Roshen corporation for EUR 2 million (6.8 million litas).
Total investment (2000-2006) - EUR 1.3 million (4.4 million litas).
Dividends received - EUR 0.16 million (0.55 million litas).
Sold (2006) - EUR 2.0 million (6.8 million litas).
Activity - manufacturing of wood articles.
- In 2004, Invalda Group, acquired a 73.8 percent holding in VilmakasAB for EUR 0.5 million (1.8 million litas).
- After the company was liquidated in 2005, this subsidiary of Invalda disbursed EUR 0.9 million (3.2 million litas).
Total investment (2004) - EUR 0.5 million (1.8 million litas).
Sold (2005) - EUR 0.9 million (3.2 million litas).
- In 1992, Invalda acquired shares of ChemijaAB for EUR 0.07 million (0.24 million litas), and in 1998-2003, it increased its interest to 47 percent having paid an additional contribution of EUR 0.02 million (0.07 million litas).
- In 2004, Invalda sold all its interest in Chemija for EUR 0.6 million (2.1 million litas) to a public company Trevesta that, as a result of this acquisition, increased its shareholding to 99.97 percent.
Total investment (1992) - EUR 0.09 million (0.31 million litas).
Dividends received - EUR 0.48 million (1.66 million litas).
Sold (2004) - EUR 0.6 million (2.1 million litas).
- In 1992, Invalda acquired the controlling interest of the furniture manufacturer.
- By 1999, Invalda increased its interest in the company to 58.5 percent, and the total investment into shares of AzuolasAB reached EUR 0.1 million (0.35 million litas).
- In 2000, the shares of Azuolas were sold to a strategic investor for EUR 0.6 million (2.16 million litas).
Total investment (1992-1999) - EUR 0.1 million (0.35 million litas).
Sold (2000) - EUR 0.6 million (2.16 million litas).
- In 1992, the Company was privatised after its controlling interest was acquired for EUR 0.3 million (1.1 million litas) by Invalda.
- In 1998, shares of Nemunas were sold for EUR 1.2 million (4.2 million litas) to a Latvian company Monald Metals.
Total investment (1992-1997) - EUR 0.3 million (1.1 million litas).
Dividends received - EUR 0.05 million (0.18 million litas).
Sold (1998) - EUR 1.2 million (4.2 million litas).
Medienos Plausas AB
- In 1992 Invalda acquired 53 percent of shares of Medienos Plausas AB for EUR 0.15 million (0.52 million litas).
- In 1998, InvaldaAB sold the shares of Medienos Plausas to SCA Group for EUR 3.8 million (13.1 million litas). Additional EUR 0.8 million (2.9 million litas) was gained from the block of shares sale to another investor.
Total investment (1992) - EUR 0.15 million (0.52 million litas).
Dividends received - EUR 0.24 million (0.83 million litas).
Sold (1997-1998) - EUR 4.6 million (16 million litas).
Invalda had been managing shareholdings in Visagino Duona, Birstono Mineraliniai Vandenys, Kedainiu Biochemija, Vilniaus Paukstynas, Zagares Zirgynas, Naujieji Verkiai, Grigiskes, Liejiniai, Jonavos Agroservisas, Sirijus, Lietkabelis, Vilniaus Vingis, Klijai, Rudalita, Senasis Merkurijus, Melioservisas, Galincius, Veruga, Medisteka, Epusis, Staduva, Vilbaldas, and a number of other companies.