LitCapital exits NNL

The investment generated a 4x return and an IRR of 26%, the GP said.

LitCapital held a 44% stake in NNL, with the remainder in the hands of the company's management team.

In October 2012, LitCapital invested an undisclosed amount in NNL LT via LitCapital 1. The group's revenues grew fourfold and EBITDA doubled after investments in warehouse expansion and new customer acquisition, the GP claimed in a statement.

Company
NNL LT provides chilled and frozen product warehousing and delivery services for companies. Founded in 2002 and based in Vilnius, the company operates 20,000 square metres of warehouses in Lithuania and Latvia. Consolidated revenue of the business exceeded €20m in 2019, the GP said. It has approximately 130 employees.

People
NNL LT – Danielius Merkinas, Česlovas Kazlauskas (founders).

Advisers
Vendor – Swedbank Investment Banking (corporate finance); TGS Baltic (legal).

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• Management buy-back