Civinity enters the Latvian market

Civinity, a provider of administration and maintenance services for households and other types of buildings in Lithuania, on December 19, 2014 successfully closed Jūrmalas Namsaimnieks, SIA privatization deal. After closing this deal, which was co-funded by Citadele Bank, a partner of investment project, Civinity became the first foreign and the biggest private company engaged in the administration and maintenance of residential buildings in Latvia.

The value of Jūrmalas namsaimnieks, SIA acquisition deal reached almost 3 million EUR. Currently the company manages a 536 280 square meter area.

“We are very excited to have won public household acquisition tender announced by Jūrmala City Municipality. We believe that our long-standing experience in Lithuania, where the household administration and maintenance sector has been operating under market conditions for over 15 years now, will be a valuable asset in launching activities on Latvian market. We hope to apply our knowledge and expertise in optimizing the operating costs of Jūrmalas Namsaimnieks, SIA and offering the highest quality competitive services to local consumers. We are also ready to get involved in the building renovation management process in Latvia, thus extending the useful life of buildings and at the same time reducing heating bills for the residents,” stated Remigijus Valentinavičius, Country Manager Latvia.

"Jūrmala is Latvia's main sea resort with lots of public, cultural and other purpose buildings. And since we hold extensive expertise in managing such facilities, as well as their surrounding areas, we are happy with the opportunity to expand to this Latvian resort," shared Deividas Jacka, Chief Business Development Officer at Civinity.

Following the acquisition of Jūrmalas namsaimnieks in 2015, Civinity group plans to additionally invest up to 300,000 EUR into modernization of the Latvian subsidiary.

According to Country Manager Latvia, after the acquisition of Jūrmalas Namsaimnieks, SIA, Civinity is ready to additionally invest up to 300 thousand EUR into the modernization of the privatized Latvian company in 2015.

“By implementing ambitious development plans of Civinity and consistently preparing for the provided distribution of Civinity shares on the stock exchange in 2017, we keep analysing Baltic and other neighbouring countries’ markets in search for attractive opportunities for the further development of the Group in Central and Eastern Europe,” he said.

In 2014 the turnover of Civinity increased by 45 percent and totalled 9.2 million EUR.

Currently Civinity in Lithuania runs seven household administration and maintenance companies in Vilnius, Kaunas, Klaipėda, Palanga, and Kretinga. Total area managed by Civinity constitutes 3.5 million square meters. Civinity is the second biggest household maintenance group in Lithuania.