Livonia Partners acquires Estonian garden centre Hortes
Baltic private equity firm Livonia Partners has acquired Estonian home and garden retailer Hortes in a management buyout.
Hortes is the second transaction funded by Livonia’s maiden vehicle, Livonia Partners Fund I, which raised ?70m at first close in August 2015 and is targeting ?85m.
The GP will acquire 100% of the share capital in Hortes as part of the deal, taking over from Finnish investment company Trigon Capital and other Finnish investors.
Following its investment, Livonia plans to support the company’s regional growth plans, led by incumbent CEO Kristian Kalgan.
Hortes is an Estonia-based home and garden retailer founded in 2006 by Trigon Capital.
The company currently operates one garden centre in Laagri, near the Estonian capital of Tallinn.