A total of 613 investors from Lithuania, Latvia and Estonia participated in the issue. Retail investors were the most active, accounting for 604 participants and investing EUR 6.84 million, or 50.5% of the total amount raised. Institutional investors contributed EUR 6.71 million, representing 49.5% of the issue.
For Deividas Jacka, Chairman of the Board of Civinity, the outcome is significant not only because of the record amount raised but also because of the composition of investors.
„We consider this bond tranche a success. The amount raised is the largest in our history, but even more importantly, the issue attracted exceptionally broad participation from retail investors. This demonstrates that investors understand Civinity’s growth story and view our acquisition-led expansion plans as a genuine strategy rather than merely a statement of intent. We expect to announce shortly which acquisitions will be financed using the proceeds from this bond issue,“ says Mr. Jacka.
The offering ran from 27 May to 10 June. The company stated that it intends to continue its bond issuance programme, with the funds raised primarily earmarked for the group’s expansion and acquisitions in foreign markets.
One of the most notable features of the offering was the strong participation of retail investors. The average investment by an individual investor was approximately EUR 11,300, while private investors invested around EUR 2 million in Civinity bonds in a single day. According to the company, this reflects the emergence of a more active base of individual investors across the Baltic States, who are increasingly looking beyond bank deposits and investment funds towards direct fixed-income investments in regional companies.
„For us, the capital market is not a one-off source of financing. We see that an increasing number of private investors want to participate directly in companies’ growth stories, particularly when they are easy to understand: stable, recurring revenue; acquisition-led growth; international expansion; and a clear business model. For us, this marks the beginning of a long-term relationship with investors, rather than simply the outcome of this bond issue,“ Mr. Jacka explains further.
By country, the largest share of investment came from Lithuania with EUR 6.64 million, accounting for 49% of the total amount raised. Investors from Latvia contributed EUR 4.53 million (33%), while Estonian investors invested EUR 2.37 million (18%). According to the company, interest from Estonia was particularly noteworthy: Estonian retail investors invested EUR 1.78 million, almost half the amount invested by Lithuanian retail investors, despite Civinity not currently operating in Estonia.
„The strong participation of Latvian and Estonian investors is a very important signal for us. Civinity has long been more than just a Lithuanian company – we operate across several markets, view our growth opportunities within a broader European context, and investors are increasingly seeing us as a Baltic regional story rather than merely a local one. This is particularly important when considering the continuation of our bond programme,“ Mr. Jacka notes.
He states that participation from institutional investors in this tranche was more restrained than usual, reflecting broader market conditions. Some local institutional investors are currently placing greater emphasis on liquidity management, partly due to changes in the pension savings system.
„This was not the easiest period for the market. We observed that some institutional investors were more cautious, but the strong participation of retail investors largely offset that caution. Such a structure is valuable to us because it demonstrates broader confidence in the group and reduces our reliance on any single investor segment,“ says Mr. Jacka.
In recent years, Civinity has actively expanded its building maintenance, engineering, renovation, mobility and digital services businesses. In 2025, the group’s revenue exceeded EUR 100 million for the first time, reaching EUR 100.4 million, while EBITDA amounted to EUR 8.3 million. The group has also announced expansion beyond the Baltic States, including the acquisition of an elevator engineering business operating in Croatia and Slovenia.
„Our growth strategy is based not only on organic expansion. We see significant consolidation opportunities in the building maintenance, engineering and urban services sectors, which require flexible, predictable financing. This bond issue strengthens our ability to act quickly when attractive acquisition opportunities arise,“ Mr. Jacka concludes.
The bond offering was arranged by the Lithuanian branch of Luminor Bank AS, with Redgate Capital and Evernord acting as additional placement agents in Latvia and Estonia. The legal adviser on the issue was the law firm TEGOS.
About Civinity
Civinity is one of the largest providers of building maintenance, engineering and related digital services in Northern Europe and the Baltic region. The group operates in Lithuania, Latvia, the United Kingdom, Croatia and Slovenia. Civinity manages more than 5 million sqm of residential property, serves over 1,600 commercial clients and has completed more than 2,000 engineering projects.