Baltic Partners advised on the management buy-out of SIA Mobilly

August 2024, SIA Mobilly –most popular parking and transportation payments App in Latvia was acquired from existing shareholders by a management lead consortium including Civinity AB. The transaction signed in February 2024 included acquisition of shares from all shareholders, including Normunds Bergs and Janis Bergs, ZGI Capital, Citadele banka and Vītolu fonds. Financing for the transaction in the form of zero coupon bond in the mount of EUR 5.7million was provided by INVL Bridge Finance. The transaction was cleared by Bank of Lavia.

SIA Mobilly founded in 2003 is one of the leading Electronic Money Institutions in Latvia and most recognized local brand and payments App dedicated to parking and public transport tickets with market share of excess of 70% in Riga municipality. Mobilly has more than 400,000 active users in Latvia processing move than EUR 30 million Gross Merchandise Volume. Mobilly is lead by experienced management team including Valdis Bergs and Ģirts Slaviņš that have ambition to expand its services to include utility payments and geographical footprint to the rest of the Baltics and beyond.

Civinity AB 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 and it had Revenue of EUR 87.7 million and Adj. EBITDA of EUR 9.1 million.

Baltic Partners assisted management lead consortium including Civinity AB at all stages of the transaction, such as initial non-binding proposal, comprehensive due diligence, transaction financing and structuring, SPA & SHA negotiation, Bank of Latvia filing and executing signing and closing. Baltic Partners is independent regional financial advisory firm based in Riga (Latvia), focused on advising on private equity and cross-border M&A transactions. Baltic Partners is serving the clients in the Baltics and CEE region, including Ukraine. M&A related legal advice was provided by Vilgerts law firm in Latvia and bond placement was advised by TGS (Lithuania & Latvia).