FREOR new investor Livonia Partners

FREOR Has Attracted a New Investor – Livonia Partners


Livonia Partners has agreed to invest in FREOR LT to support the producer of sustainable commercial refrigeration equipment scale and meet growing international demand. Livonia is buying a 33 percent equity stake in FREOR from Accession Mezzanine Capital.

Lithuania-based FREOR supplies energy-efficient and environmentally friendly commercial refrigeration solutions, through distributors, to retailers across the EU and beyond, including large supermarket chains. Its revenue rose 47 percent last year to €36 million, helped by a global focus on sustainability and climate-change goals as well as trends toward increased frozen food offerings in stores.

“We have maintained a relationship with FREOR for over 5 years and always believed it to be a great company given its market positioning. The outgoing investor contributed greatly to the company’s vision and it is now Livonia’s turn to further develop another export-oriented manufacturer in the Baltics, an area of focus and expertise for Livonia,” says Mindaugas Utkevičius, a founding partner at Livonia. “FREOR fits perfectly within our investment strategy and we cannot wait to begin work with the company.”

Accession Mezzanine Capital invested in FREOR in 2015 to support an ownership change. It was their first investment in the Baltics and this successful investment underlines their commitment to the region. The exit from the investment is on the back of FREOR’s strong development, both financially and operationally, over the last few years. “During our time with FREOR the company refined its industry-leading product offering and successfully launched it across numerous international markets. We are proud that we could support the business in this transformation” commented Piotr Sadowski, Senior Investment Director at Mezzanine Management.

According to Rytis Bernatonis, FREOR’s founder, majority owner and CEO, the company now exports about 90 percent of its manufactured refrigeration equipment. Western Europe and the Nordic regions are its biggest markets with CIS countries, the Middle East, Asia and South Africa also a focus. “We are thankful to the team at Mezzanine Management for their support getting us where we are today. We are equally very excited to have Livonia as our partner for the next growth stage focused on capacity expansion, process optimization and global market penetration,” he says.

The investment in FREOR is the fifth for Livonia Partners Fund I, whose strategy is to invest in medium-sized companies in the Baltics that are professionally-managed and growing. In 2016 it acquired Ha Serv, an Estonia-based thermowood and sauna materials manufacturer, and Hortes, Estonia’s leading home and gardening retail brand, and in 2017 invested in IT network and security firm Santa Monica Networks in Latvia and Lithuania as well as in Cgates, a Lithuanian provider of cable television and internet services.


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Brief description of the FREOR safety policy

FREOR cares about its customers’ privacy and makes sure that their personal data is safe:

  • Information about FREOR customers are not used for unlawful purposes;
  • FREOR does not transfer their customers’ data or personal information to third persons.

What information do we collect?

FREOR collects the following information:

  • Information about visits of the website users to the FREOR website and the usage of the website. We collect IP address, duration of visit, number of page views, type of browser, and geographical location;
  • Information that website visitors provide in order to subscribe to the FREOR newsletters. E-mail address is collected, as well as the following data: name and surname, company, e-mail address, phone number, job title, and country.

Traffic statistics of the website

FREOR seeks to keep the FREOR website as simple to use as possible and the relevant information more easily accessible. In order to find out what information is most relevant to the visitors of the website, FREOR collects demographic and statistical data. This information does not identify a specific person but provides statistical information that FREOR can analyse and then apply for improving the functionality of the website or use the data for marketing purposes.

FREOR collects this information using the Google Analytics tool that generates statistical and other website usage information. The information is stored by Google Inc. (USA company). Google EU-USA privacy policy is available here.

You can disable the feature of data collection on Google Analytics at any time as described here.

FREOR notifications and newsletters

FREOR seeks to share with its newsletter recipients only the relevant news. If you subscribe to the FREOR newsletter on the FREOR website or otherwise provide FREOR with your contact data (by exchanging visit cards with FREOR representatives at meetings or events or presenting your contact information when registering for FREOR events), FREOR may send you newsletters and notifications with the interest of pursuing business relationships with companies represented by you.

Having sent a notification, FREOR may collect statistical data about your behaviour with regard to the newsletter, for instance, whether you have opened the e-mail, what links you clicked on, what device you used, etc. FREOR does this by using cookies (provided that you give consent). In order to improve the communication, FREOR monitors communication efficiency statistics.

If you do not find the news relevant, you can cancel them at any time. You can cancel your consent for FREOR to collect and process personal data provided by you at any time by sending an e-mail to or replying by clicking on the link at the end of the newsletter. Server recordings

The server hosting the FREOR website may also record enquiries that you submit to the server (address of the website that you are opening, device and browser that you use, your IP address and login time). This data is used for technical purposes only in order to ensure proper and safe functioning of the website.


Name Source Purpose Category Term
PHPSESSID Saves visitor’s session status through different page requests. Necessary for a site to function Session
_icl_current_language Saves visitor`s choice of language. Page settings Session
_ceg.s Crazy Egg service cookie registers visitor clicks in the website. Statistics 3 months
_ceg.u Crazy Egg Cookie, which helps you recognize a visitor who has already visited your site. Statistics 3 months
_gat, _gid, _ga Google Analytics Google Analytics cookies record a unique ID that is used to generate statistics for site views. Statistics Session
collect Google Analytics Sends information to Google Analytics about the visitor’s device and behavior. Helps identify same visitor using different devices. Marketing Session
NID Google ads cookie Marketing 2 years
GMAIL_RTT Allows sharing content on the Google+ social network. Page settings Session
S, SIDCC Security cookie that helps to protect Google user data. Security 2 months
wordpress_logged_in_ WordPress TVS cookie that recognizes user logged to website. Necessary for a site to function Session


wordpress_sec WordPress TVS cookie, user account security ID. Is used to ensure account security. Necessary for a site to function Session


wordpress_test_cookie The WordPress TVS cookie used to check if the browser supports cookie registration. Necessary for a site to function Session


wp-settings-1 WordPress TVS cookie, logged user ID. Is used to display the admin bar. Necessary for a site to function 1 year
wp-settings-time-1 WordPress TVS cookie used to store logon time. Necessary for a site to function 1 year

One the pieces of statistical information crucial to FREOR is the return visitor rate. FREOR uses this data to analyse visitor behaviour and to enhance the experience of visiting the site. To track repeated visits, the FREOR website uses cookies. The cookies are installed and used with a help of the Google Analytics tool.

Cookies are installed on your device only upon your consent, except for cookies that are required solely for ensuring technical functioning of the website. It should be noted that if you do not grant the website the right to use cookies, some of the website’s features may partially not operate.

How to manage cookies?

You can delete or manage cookies at any time; besides, most browsers allow you to disable installation of cookies. However, if you do that, some of the services and features may not work. More information is available here.

Who has access to your data and for how long it is stored

Statistical data about visitors to the FREOR website may be accessed by the FREOR employees working in marketing and commercial divisions that are responsible for data analysis and development of the website. Access to technical records may also be granted to FREOR partners that provide website content management tools or hosting services of the FREOR website. We responsibly protect the collected data about the visitors of the website from loss or unauthorised use.

FREOR uses the collected data for analysis for up to three years.