The Competition Council announced that it has approved the request of “Enterprise Investors Fund IX” to acquire 100% of the shares of “Saulėgrąžos investicijos” and indirectly, through the latter company, 81.52% of the shares of “Saulėgrąža” – thereby gaining sole control over them.
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“The planned concentration will not create or strengthen a dominant position or severely restrict competition in the relevant markets,” the council announced on Tuesday.
As BNS reported, the fund is purchasing up to 81.51% of “Saulėgrąža” shares by paying up to 21.8 million euros, and the capital will help transform “Saulėgrąža” into a licensed bank serving small and medium-sized enterprises in Lithuania, Latvia, Estonia, and Poland, with ambitions to expand throughout the Central and Eastern European region.
According to the council, the fund is engaged in investment activities across various sectors, supporting the growth of promising companies by providing them with capital and expertise necessary to implement their growth strategies.
Other related companies in Lithuania operate fuel station networks, manufacture container systems, electric vehicle charging equipment, trade outdoor clothing, footwear, equipment, garden furniture, accessories online, and build and maintain wind turbines.
Meanwhile, “Saulėgrąžos investicijos” is a management company, and “Saulėgrąža” provides financial services.
BNS wrote that this deal is the company’s fourth investment in the Baltic countries and the second in Lithuania. “Enterprise Investors” has more than 30 years of experience in banking and specialized financing in Poland and the entire region, and so far has allocated about 15% of its capital to this sector.
Among its investments are Polish banks “Pierwszy Polsko-Amerykanski Bank,” “Opel Bank,” and “Lukas Bank,” the European debt management company “Kruk,” and specialized lenders “PragmaGO” and “Vehis.”
“Saulėgrąža” revenues last year amounted to 4.4 million euros (the same as in 2024), the credit union earned 26 thousand euros in net profit – 10.8 times less (282 thousand), according to the Register Center data.
Meanwhile, “Saulėgrąžos investicijos” did not generate revenue, and its net loss doubled to 153.3 thousand euros (73.4 thousand euros).
In 2020, BNS reported that the Luxembourg company “Central European Tour Operator,” which belongs to the “Enterprise Investors” fund “Polish Enterprise Fund VI,” withdrew from the shareholders of the travel organizer “Novaturas.”
The fund invested in the “Novaturas” group back in 2007 when it acquired a 70.72% share package, and in 2020 it held 34.42% of the shares.
“Enterprise Investors” is one of the largest private equity companies in Central and Eastern Europe. Operating since 1990, the company has established ten funds that have invested and committed 2.5 billion euros in 164 companies and exited 143 companies.
