LitCapital acquires Audimas

According to the shareholders' agreement, LitCapital will jointly hold 92% of the company's shares alongside Audimas chair Rimvydas Povilaitis and board members Arvydas Povilaitis and Ona Balžekienė.

The newly raised capital will enable the company to implement its growth plans by investing in manufacturing technologies, customer service systems and production capacity development.

Additionally, Audimas said it will also be looking for new production resources in other countries, because of the lack of labour force in Lithuania. Audimas's own-brand retail business will also be seeking opportunities to expand outside the Lithuanian market.

Company
Established in 1931 in Kaunas, Lithuania, Audimas designs and manufactures sports and active lifestyle clothing in the Baltic states. It operates 14 stores in Lithuania and reported a €25.8m turnover last year with an EBT of €1.9m. The company plans to achieve revenues of €27.5m in 2018.

People
LitCapital – Šarūnas Šiugžda (founder, managing partner).
Audimas – Jurgita Būdienė (CEO).

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