INVL Baltic Sea Growth Fund
We build INDUSTRY LEADERS
We invest in growing companies with the potential to become regional leaders across various industries. Our primary focus is on active investments in the Baltic States and Poland, while also seeking opportunities across the European Union. We specialize in complex transactions and offer tailored solutions to companies facing challenges. Our goal is to enhance the value of our portfolio companies through organic growth, acquisitions, and active value creation. We support businesses in navigating transformational growth and expansion successfully. INVL Baltic Sea Growth Fund (hereinafter – the Fund) targets controlling or significant minority stakes and takes an active role in managing investments to drive substantial long-term value creation. We invest by acquiring shares from existing owners as well as providing growth capital. Additionally, we build long-term partnerships with portfolio company management teams, aligning interests to achieve shared objectives.We invest in businesses with:
- good fundamentals;
- an attractive industry outlook;
- a competitive market position;
- significant growth potential;
- resilience to economic turbulence;
- entrepreneurial spirit and agility.
Fund investments
Healthcare
Year of investment: 2019
HQ: Lithuania
After merging with MediCA Group, InMedica is the largest private healthcare service provider in Lithuania with a network of 83 clinics, 5 labs and 2 sample collection sites in 27 cities across Lithuania. The company provides a wide range of services, including general practice, specialist consultations, day surgery, odontology, laboratory checks, vaccinations, health check-ups and other.
| Entry | February 2019 |
| Country | Lithuania |
| Industry | Healthcare |
| Turnover (2024) | €152.4m* |
| Personnel/FTE (2024) | 2209/3638 |
| Status | Exited |
| Website | www.inmedica.lt |
* includes full-year effect of the transformational acquisitions made in 2024 on a pro-forma basis.
Engineering services, industrial constructions
Year of investment: 2019
HQ: Lithuania
FERN Group is one of the largest engineering solutions, industrial equipment manufacturing, industrial construction and installation companies in Lithuania. The company is providing general contractor, engineering solutions, design, manufacturing, mounting, consulting and other services to industrial and energy companies operating in Lithuania and throughout the European Union.
| Entry | June 2019 |
| Country | Lithuania |
| Industry | Civil engineering, metal processing |
| Turnover (2024) | €35.2m |
| Personnel/FTE (2024) | 228/281 |
| Status | Active |
| Website | www.fern.lt/en/ |
Plastic recycling and waste management
Year of investment: 2020
HQ: Latvia
Eco Baltia is the largest environmental management group for plastic recycling and waste collection in the Baltics. The group provides full cycle of waste management and recycling and is positioned as: (i) the largest PET and PE/PP recycler and exporter of recyclables in the Baltics, (ii) second largest privately-owned municipal waste collection business in Latvia, and (iii) the market leader in organization of waste recovery in Latvia.
| Entry | June 2020 |
| Country | Latvia |
| Industry | Plastic recycling and waste management |
| Turnover (2024) | €262.3* |
| Personnel/FTE (2024) | 2659/2711 |
| Status | Active |
| Website | www.ecobaltia.lv
www.ecobaltia.lv/en/home www.petbaltija.lv/en www.ecobaltiavide.lv/en www.ecoservice.lt |
Healthcare
Year of investment: 2020
HQ: Lithuania / Denmark
Reneso is a dental lab based in Lithuania. It has made a significant add-on acquisition by acquiring 48% of MBL – a leading European contract manufacturer of medical mobility devices. MBL specialises in the production of wheelchairs, rollators, aged care beds and other rehabilitation equipment. It is primarily a contract manufacturer and includes leading global medical mobility device brands among its clients. Manufacturing plants are located in Poland and China. The Company has a particularly strong R&D track record with more than 100 patents registered under its name.
| Entry | August 2020 / September 2020 |
| Country | Lithuania / Denmark |
| Industry | Healthcare |
| Turnover (2024) | €117.4m |
| Personnel/FTE (2024) | 1702/1704 |
| Status | Exited |
| Website | www.mbl.dk |
Beauty and cosmetics
Year of investment: 2022
HQ: Latvia
Latvian-based beauty and cosmetic manufacturer and brand owner. B2Y develops and manufactures natural skincare, oral care, hair care and other hygiene products with a strong focus on quality and innovation. B2Y brand is targeted towards people with sensitive or problematic skin and is especially known for its anti-ageing product range.
| Entry | February 2022 |
| Country | Latvia |
| Industry | Beauty and cosmetics |
| Turnover (2024) | €0.7m |
| Personnel/FTE (2024) | 19 |
| Status | Active |
| Website | www.bio2you.lv |
Veterinary care
Year of investment: 2022
HQ: Lithuania
MiniVet is a boutique chain of veterinary clinics, currently operating five locations in Vilnius. The company provides a wide range of veterinary services, incl. initial inspection, preventive care, lab diagnostics, surgical intervention, anaesthesiology and intense therapy. It also sells third-party pet-oriented products on the clinics’ premises as well on its e-store, using clinics as pick-up points.
| Entry | June 2022 |
| Country | Lithuania |
| Industry | Veterinary care |
| Turnover (2024) | €1.0m |
| Personnel/FTE (2024) | 25/31 |
| Status | Active |
| Website | www.minivet.lt |
Healthcare
Year of investment: 2022
HQ: Lithuania
Eglės sanatorija is the largest post-acute, recovery treatment and medical rehabilitation service provider in the Baltic states operating 1 200 rooms in 2 resorts located in Druskininkai and Birštonas. Guests are offered a wide variety of therapeutic and wellness procedures, from traditional mud and mineral water practices to innovative physiotherapy and kinesitherapy procedures as well as others.
| Entry | December 2022 |
| Country | Lithuania |
| Industry | Healthcare |
| Turnover (2024) | €46.8m |
| Personnel/FTE (2024) | 851/948 |
| Status | Active |
| Website | www.sanatorija.lt |
Recycling
Year of investment: 2023
HQ: Poland
One of the largest Polish polyvinylchloride (PVC) recycler and 3rd largest pan-european player, with a recycling capacity of 29 000 tonnes. Metal-Plast specializes in PVC recycling from plastic manufacturing waste of window & door systems as well as old plastic windows. Metal-Plast is a carbon negative company – 1 tonne of recycled PVC equals 2 tonnes of saved CO2 emissions.
| Entry | November 2023 |
| Country | Poland |
| Industry | Plastic recycling |
| Turnover (2024) | €30.6m |
| Personnel/FTE (2024) | 195/196 |
| Status | Active |
| Website | https://www.metalplastrecycling.com/
https://www.metal-plast.pl/ |
Packaged Foods
Year of investment: 2024
HQ: Lithuania
Starting its activity in 1997, initially trading grains and cereals grown by Lithuanian farmers, today Galinta has become one of the largest producers of buckwheat in Europe as well as one of the leading producers of flakes, rice, and other groats in the Baltic region.
Over more than twenty years, our products have been discovered not only by consumers in Lithuania and other Baltic countries, but also by health-conscious consumers and those valuing food quality in the USA, Great Britain, and Scandinavia. Galinta is headquartered in Kaunas, Lithuania.
| Entry | February 2024 |
| Country | Lithuania |
| Industry | Packaged Foods |
| Turnover (2024) | €26.0m |
| Personnel/FTE (2024) | 94/112 |
| Status | Active |
| Website | www.galinta.lt |
Manufacturing of hygiene paper products
Year of investment: 2025
HQ: Romania
Pehart Group is one of the largest paper manufacturers in Southeast Europe with a portfolio ranging from toilet paper, paper towels, napkins, and other hygiene paper products to jumbo rolls, used in the converting process into paper products for household and industrial use. With over 185 years of industrial heritage, the company operates two manufacturing facilities with an annual capacity of over 100,000 tonnes. The Group continues to invest in innovation, capacity, efficiency, and sustainability, positioning itself as a long-term partner for major retailers and distributors across the region.
| Entry | July 2025 |
| Country | Romania |
| Industry | Manufacturing of household paper products |
| Turnover (2024) | €165.7m |
| Personnel/FTE (2024) | 560 |
| Status | Active |
| Website | https://pehartgrup.ro/en/ |
Sustainability-related disclosures
The fund is classified as corresponding to Article 8 of the Regulation (EU) 2019/2088 of the European Parliament and of the Council of 27 November 2019 on sustainability disclosure in the financial services sector (also known as a “light green” investment product).
Team
- More than 30 years of experience buying, transforming and growing market leaders in the region
- Able to manage complex situations and transactions.
- Hands-on approach to adding value at portfolio companies.
- Outstanding reputation in the market.
Team
Vita Marija Jucevičiūtė
Contact person for investor relations
Deimantė Korsakaitė
Managing Partner and Investment Committee Member
deimante.korsakaite@invl.com
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Important information
This page provides only generalised information which is not adapted to the individual needs of any person. It is not and may not be construed as advertising or as information that offers, recommends or otherwise encourages acquiring forestry or agricultural land or becoming a participant of the collective investment undertaking referred to on the page or in any other way or form assuming the risks associated with acquiring, holding or selling such assets.
The information on this website concerning the characteristics of the assets of the collective investment undertaking or its investment holdings (including projections of investment returns) is based solely on the opinion of persons directly and/or indirectly involved in the management of that collective investment undertaking. In expressing that opinion, the persons are acting solely in their own interests and are not guided by nor take into account the interests or needs of any other person. Therefore, any person making any decision shall do so at his/her own risk and should, at his/her own discretion and expense, make use of experts in the relevant fields in order to be able to make a decision that is appropriate for his/her individual needs. That is the only way the person making the decision can mitigate the losses that are highly likely to occur (due to an investment in the collective investment undertaking and other assets mentioned on this website).
It should be noted that the past performance of a collective investment undertaking is only indicative of its performance in the past period. Past performance is no guarantee of future performance. If the return on an investment was positive in the past, it will not necessarily be so in the future, and the value of the investment may rise or fall. The persons directly and/or indirectly involved in the management of the collective investment undertaking referred to on this page do not guarantee the profitability of investments. Investors bear the entire risk of loss on their investments.
Before acquiring any assets mentioned on this page, you should, on your own or with the help of relevant experts, assess all the applicable fees and all the risks that investing entails and read all documents carefully.
Notwithstanding any other important information, you should always invest only money that you can afford to lose.
