Civinity has issued a private bond to finance a new deal in Latvia

Civinity, one of the largest building maintenance and engineering solutions companies in the Baltic States, issued a private bond worth 5.7 million euros to partly finance the acquisition of 9,99 percent of Mobilly, the leader in mobile payments in Latvia, shares. 

The newly issued bond redeemed by the private debt fund INVL Bridge Finance of the asset management group Invalda INVL in the Baltic countries. 

“By providing this financing, we are contributing to the growth and ambitious expansion plans of one of the largest building maintenance and engineering solutions groups in the Baltics. This investment adds a new regional sector leader to our fund's portfolio,” says Viktorija Vaitkevičienė, the CEO of Mundus, the asset management company that manages the INVL Bridge Finance private debt fund.

With this transaction, Civinity joins the management of SIA Mobilly in buying out SIA Mobilly's shares and aims to acquire 9.99 percent. The transaction is expected to be completed by the end of July this year.

Mobilly is one of the most well-known brands and widely used mobile apps in Latvia for payments related to parking, electric vehicle charging, public transport tickets, mobile communications, and other services. The company is a leader in the Latvian mobile payment market with over 400,000 unique users.

According to Civinity CEO Virgeda Jackaitė, the acquisition of Mobilly's shares is a strategic step toward creating a Smart Green City ecosystem. This vision aims to combine essential services for citizens related to living, working, and receiving services in buildings, as well as mobility between them.

“Back in 2021 we announced that over the next 5 years we’d be investing up to 15 million EUR in startups. In 2022 we took a controlling stake in Valandinis, a freelance construction worker hub in Lithuania, and invested in the MELP employee engagement platform. Last year in Lithuania we also invested in Inbalance Grid, a startup creating charging solutions for electric vehicles. This year, we’re moving forward and investing a significant amount of money in Mobilly, which has already successfully established itself in the Latvian market,“ Jackaitė says.

Baltic Partners is advising the company as a financial advisor on the bond issue and the transaction in Latvia. The company received legal advice from the law firm TGS Baltic on the bond issue and from the law firm Vilgerts on the transaction in Latvia.

About the Civinity Group

Civinity is one of the biggest building maintenance and engineering solutions groups in the Baltics. It integrates more than 30 companies which maintain 10 million sq. m. of residential and commercial space and have installed hundreds of engineering systems in a variety of European cities. In 2023, Civinity employed 1,500 people in Lithuania, Latvia and the UK. It had revenue of EUR 87.7 million and EBITDA of EUR 7.12 million.

About Invalda INVL group

Invalda INVL is the leading Baltic asset management group with a track record spanning over 30 years. Growing and developing with an open approach, it creates well-being for people through its work. The group’s companies manage EUR 1 billion of assets across multiple asset classes including private equity, forests and agricultural land, renewable energy, real estate as well as private debt. The group’s scope of activities also includes family office services in Lithuania, Latvia and Estonia, management of pension funds in Latvia, and investments in global third-party funds.