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INVL and Šiaulių bankas merged their retail services as of 1 December 2023.
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INVL and Šiaulių bankas merged their retail services as of 1 December 2023.

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Vilniaus baldai AB

Final exit date: 2014

Sector: Furniture manufacturing

Amount invested: Since 1992 EUR 5.2 million

Dividends received: EUR 22.9 million

Exit proceeds: EUR 37.1 million

The first time Invalda invested in Vilniaus Baldai during the privatization process in 1992 and it was one of the first investments of Invalda. Controlling stake in Vilniaus Baldai was acquired in 1995. In 2013 a tender offer was launched and investment was further increased.

A professional and independent management team was formed in the company. This management team has successfully implemented the necessary changes and ensured continuing development. Vilniaus Baldai has given much attention to increasing its production efficiency and improvement the quality of manufactured products, which has allowed to continually grow and expand. In 2005 Vilniaus Baldai has completed EUR 11.6 million value investment in the new production unit, thus significantly increasing its manufacturing capacity. In 2011 the company’s sales amounted to EUR 68.9 million.

In 2005 Vilniaus Baldai acquired 25% in Giriu Bizonas. This company used EU support, borrowed and own funds (a total more than EUR 57.9 million) and opened a new particle boards’ factory in 2007. In 2008 Giriu Bizonas was sold to Swedish concern IKEA, which is the main Vilniaus Baldai production buyer. Vilniaus Baldai received EUR 9.24 million) for 25% of stake in Giriu Bizonas and has earned from the transaction nearly EUR 1.74 million profit.

At the moment of exit Vilniaus Baldai was a leading producer of furniture made of wood particle boards, using the most modern honeycomb substrate technology. Modern production processes and continuous efficiency improvement have enabled the company to have one of the highest return rates in the region among companies specializing in the contract furniture manufacturing. According to the sales per employee, Vilniaus Baldai was one of the most effective company’s in the region

AB Valmeda

Final Exit Date: 2008

Sector: Hotel management

Amount invested: Since 1995  EUR 4.3 million

Dividends received: EUR 2.5 million (dividends received and the disbursements in relation to the decrease of the authorised capital)

Exit proceeds: EUR 19.8 million

The incorporation in 1995 of Valmeda company and the construction started in 2000 of the Holliday Inn Vilnius hotel were the beginning of the hotel business operated by Invalda Group. Invalda focused its efforts on setting up a team of hotel managers and signed the franchise agreement concerning the Holiday Inn hotel with Six Continents (current name is InterContinental Hotels Group); the investment fund Baltic American Enterprise Fund (BALAEF) was attracted as an important financial investor. In 2003. Invalda Group purchased from the BALAEF a 33 % block of shares of Valmeda.

In 2004 Valmeda acquired an economy class hotel Ecotel Vilnius. Early in 2008 Valmeda’s shares were sold to the hotel division of a London based company Triangle Group for EUR 19.8 million, while the enterprise value was EUR 25 million.

AB Sanitas

Final Exit Date: 2011

Sector: Generic medicines manufacturing

Amount invested: Since 2003 EUR 43.8 million

Dividends received: EUR 2.5 million

Exit proceeds: EUR 121.4 million

In 2003 Invalda related company (since 2004 – Invalda directly) invested in Sanitas, a small Lithuanian manufacturer of generic medicines. Subject to restructuring of management, good manufacturing practice (GMP) certificate and the acquisition of companies in Slovakia and Poland, Sanitas has grown about 10 times and has become a significant player in the Central and Eastern European market. In August 2011 Sanitas was acquired by a Canadian pharmaceutical giant Valeant Pharmaceuticals Internationa. Sanitas’ enterprise value was estimated EUR 365 million in this transaction. The sale of Sanitas – the largest in the Baltics in 2011 and one of the most successful of all time transactions of Invalda.

In March 2003 the Invalda Group, in cooperation with its partner Baltijos Finansu Vystymo Grupe (present Baltvesta), in equal shares acquired 72 % of shares of the largest Lithuanian pharmaceuticals manufacturer Sanitas for EUR 4.7 million. Further the block of shares was gradually increased and investors of Sanitas were able to redeem the major part of their investment.

Having restructured its corporate management and obtained the GMP certificate, Sanitas was further expanding its activities both organically, as well as by means of acquisitions.

In May 2004 Sanitas acquired a shareholding of another Lithuanian manufacturer of pharmaceuticals Endokrininiai Preparatai. In spring 2005 the project for the construction of a new modern medicines manufacturing plant was commenced on the site of this company. The project was completed in 2008.

In July 2005 Sanitas acquired from Sanofi-Aventis a manufacturer of generic medicines Hoechst-Biotika established in a little town Martin, in Slovakia. The pharmaceuticals plant operating at the foot of the Tatra Mountains was incorporated in 1992 and operated the most state-of-the-art equipment. The production capacities were designed to manufacture over 80 million ampoules, 500 million pills and about 122 tons of ointments; therefore the plant was also able to provide the manufacturing services on contractual basis. The acquisition of Hoechst-Biotika for EUR 12.7 million was the first ever foreign acquisition by Sanitas.

In 2006 Sanitas acquired from the State of Poland and private investors the Polish generic medicine manufacturer Jelfa for EUR 161 million, and  managed 100 % of the company’s authorised capital. In relation to the acquisition of Jelfa, and with a view to attracting additional funding resources, Sanitas initiated a new issue of shares. The newly issued shares were acquired by Invalda – the key shareholder of Sanitas in cooperation with several other natural persons; as a result of this transactions some globally known investment funds, such as Amber Trust II and Citigroup Venture Capital International, became shareholders of Sanitas. The Sanitas Group’s product portfolio was supplemented by more than 100 new products. The major part of Jelfa’s output was marketed in Poland, the other part in Russia, Ukraine, Baltic States, the Czech Republic, Hungary and Slovakia.

On 23 December 2008 through its subsidiary Jelfa, Sanitas acquired a 100 % holding of Homeofarm – a manufacturer of pharmaceutical ointments operating in Gdansk, Poland. The value of the transaction was EUR 2.7 million.

In July 2010 Sanitas completed the transaction for the sale of HBM Pharma (previous name – Hoechst-Biotika) engaged in contractual manufacturing activities. The total value of the transaction – EUR 13.2 million. After the transaction Sanitas Group focused on the sale of own products.

At the time of Invalda’s investment in 2003 Sanitas’ sales were about EUR 8.9 million. After acquisition of companies and organic growth the sales increased till about EUR 98.3 million in 2010.

Invalda and other Sanitas shareholders, all together controlling 87.2 % shares, on 23 May 2011 have signed a definitive share sale and purchase agreement for the sale of their entire shareholding in Sanitas to Valeant Pharmaceuticals International, Inc. (“Valeant”). Pursuant to the agreement, Invalda has sold 26.5 % shareholdings in Sanitas, in exchange of EUR 83 million, or EUR 10.06 per share.

Taking into account share price adjustment mechanism set out in the agreement signed on 24 October 2008 (regarding sale of 20.3 % of the share capital of Sanitas) total proceedings of Invalda from Sanitas shares amounts to EUR 91.4 million.

The prelimlnary net gain in the standalone financial statements of Invalda is approximately EUR 59.3 million and consolidated financial statements – EUR 53.8 million.

Other major financial investors also gained from the transaction, mlnority shareholders received a possibility to sell their shares for an attractive price, Sanitas management which was motivated by stock options program received remuneration for the achieved results

 

Tiltra Group AB and Kauno tiltai AB

Final Exit Date: 2014

Sector: Road and bridge construction

Amount invested: Since 2005 EUR 7.2 million

Exit proceeds: EUR 30.4 million

Late in 2005 Invalda in cooperation with their partners acquired one of the largest in Lithuania road building company Kauno Tiltai. Following the acquisition in Lithuania, the company opted to follow a strategy of expanding its presence in the much larger market of Poland. Due to a number of acquisitions and the organic expansion strategy within next five years the revenues of the road building company group increased from EUR 45.6 million in 2005 to more than EUR 365 million in 2010. In April 2011. Polish listed rail infrastructure construction group Trakcja – Tiltra (former company name Trakcja Polska) acquired Tiltra Group and Kauno Tiltai for PLN 777 million. Former Tiltra Group shareholders realized part of treir investment and has become mlnority shareholders in Trakcja – Tiltra. Both the major shareholders and the management of Tiltra Group gained from this transaction.

In December 2005 Invalda in cooperation with its partners (the Vilniaus Prekyba Group and individuals, who later became a road building business managers) incorporated specially for the execution of the transaction a company Kelesta, which acquired Kauno Tiltai – one of the major road builders in Lithuania. Having executed the acquisition transaction funded by borrowed finance (LBO), Kauno Tiltai, by way of acquisitions and its internal organic expansion soon became the leader in the Lithuanian road and bridge construction sector and expanded its activities in Poland.

In August 2007 Kauno Tiltai took over the control of Kelda – a road building company operating in Vievis. In October 2007 Kauno Tiltai acquired a 50 % shareholding of the consortium Tiltra operating in Poland, thus increasing its interest in the company to 100 %.

In expanding its presence in Poland the consortium Tiltra acquired PEUiM – a company operating in the Bialystok region. In its own turn PEUiM acquired a road tile manufacturer Brux and the engineering network company Dalba. June 2008 was the time when Tiltra Group was incorporated to take over the coordination functions from Kauno Tiltai. In June 2009 Tiltra Group through Silentio Investments, in which it holds a 77 % interest, acquired a Polish road building and bridge construction company Poldim operating in the Southern regions of the country. In July 2010 the shareholding in Poldim was increased to 100 %.

In 2010 the revenues generated by the road building and bridge construction sector including Poldim exceeded EUR 365 million. To compare, in 2005 the revenues from this sector of activities amounted to EUR 45.6 million.

Invalda AB owned a 43.7 % interest in Kauno Tiltai, and 44.8 % of shares in Tiltra Group. In 19 April 2011 Polish listed rail infrastructure construction market leader Trakcja – Tiltra (former company name Trakcja Polska) acquired holdings in Invalda group companies’ Tiltra Group and Kauno Tiltai for a total PLN 314.1 million (EUR 79.5 million) amount. At the same time Invalda acquired 12.5 % shares of Trakcja – Tiltra, PLN 119.8 million (EUR 30.3 million) nomlnal value Trakcja – Tiltra bonds with an annual coupon – 7 %, which were redeemed in 2013-2014. The remaining PLN 62 million (EUR 15.2 million) Invalda received in cash. Taking into account the selling price of the acquired financial instruments, currency exchange rate and expenses related to the transaction, the final amount received for the deal was EUR 30.4 million.

Finasta Group

Final Exit Date: 2009

Sector: Finance and investments

Amount invested: Since 1998 EUR 14.9 million

Dividends received: EUR 7.7 million

Exit proceeds: EUR 13.8 million

It was in 1998 that Invalda entered the finance sector it acquired at that time a small-scale financial brokerage firm Finasta with 10 employees and the annual turnover of EUR 1.1 million. Within several next years Finasta was steadily expanding the spectrum of its investment services, acquired several smaller firms operating in the finance sector – such as Mifonda, Apyvarta, Klaipedos Vertybiniai Popieriai, Finansu Spektras, and Sinkus, and turned into the major non-banking financial brokerage firm in Lithuania.

After the pension system reform was started, in 2003 Invalda incorporated an asset management company Finasta Investiciju Valdymas that within the next several years became a leader in terms of the number of investment fund participants. As part of the market consolidation process two pension funds – Medicinos Banko Investiciju Valdymas and PZU Gyvybes Draudimas, were acquired.

While expanding its activities Finasta decided to seek a banking operating license; Finasta bank providing investment and private banking services was incorporated in 2008. Finasta bank was the first Lithuanian capital bank incorporated in Lithuania within the past decade. Further, the company was expanding its business in the Latvian and the Ukrainian markets (from which the company withdrew in view of the changes in the situation in the Ukraine), and in 2009 the whole business was sold at a profit.

In 2009 Finasta Group was sold to Snoras Bank Group for EUR 13.25 million.

AB Bank Finasta and FBC Finasta

Final Exit Date: July 2015

Sector: Investment banking

Amount invested: Since 2014  EUR 4.3 million

Exit proceeds: EUR 6.1 million

2 December 2014 Invalda INVL acquired 78.28 per cent of both bank Finasta and financial brokerage company (FBC) Finasta shares. At the beginning of 2015 Invalda INVL increased stake up to almost 100 per cent in bank Finasta and FBC Finasta and also acquired asset management companies Finasta Asset Management, operating in Lithuania and Latvia. Finasta Asset Management companies now belong to Invalda INVL and are part of its core business asset management.

In classical banking segment to become a competitive participant companies must have a scale, it was decided upon to integrate banking operations into Siauliu Bankas AB, which shares are listed on NASDAQ Vilnius stock exchange. Shares of both bank Finasta and financial brokerage company Finasta were transferred to Siauliu Bankas, AB for that Invalda INVL acquired new issue of Siauliu bankas shares for the amount of EUR 6.19 million and will own 6.79 percent of share capital in Siauliu Bankas.

 

 

Inservis Group

Final Exit Date: 2022

Sector: Facility management services

Amount invested: Since 2004 EUR 2.4 million

Dividends received: EUR 4.5 million

Exit proceeds: EUR 8.4 million

Inservis was established in 2004 as a subsidiary of Invalda to provide facility management services for group companies that have real estate. Later, it was decided to expand the company and provide services not just within the group but also to external clients. Expansion was both organic and via acquisitions. Along with existing expertise in commercial property, maintenance services for the residential sector were launched.

In 2010, Priemiestis UAB, which maintains apartment buildings in the Naujoji Vilnia neighbourhood, was acquired through privatisation. That was the first significant expansion into the maintenance of apartments in the residential sector. The company’s activities were optimised by focusing on its core business. Priemiestis had a market in Naujoji Vilnia. That business was spun off from the company through the creation of the new Naujosios Vilnios Turgavietė UAB. In 2015, the spun-off company was successfully sold, recovering part of the investment. The company’s real estate assets were also successfully sold to LIDL, thus recovering the full investment in Priemiestis UAB and retaining the ongoing business.

In 2011, Jurita UAB, which maintains apartment blocks in Vilnius’s Justiniškės district, was acquired through privatisation. The goal of the acquisition was to further expand and strengthen the group’s position in the residential maintenance sector. In developing the company’s activities, surplus assets were disposed of, thus recovering part of the investment and optimising operations. The company had a guarded car park, which was also spun off and sold to LIDL. Over time, all of the company’s real estate was sold.

Along with its expansion in the residential sector, the company also grew organically in commercial property maintenance. Its goal was to offer its services in the whole of Lithuania. Hence the company had subsidiaries in all the country’s main cities (Vilnius, Kaunas, Klaipėda, Šiauliai, Panevėžys). That allowed it to participate in large maintenance tenders and sign contracts with clients that had real estate all over Lithuania.

Following expansion in Lithuania, the next step, in 2017, was the establishment of Inservis SIA and the launch of services in Riga, Latvia.

At the time of Invalda’s exit, the company had a total of more than 2.4 million square metres under maintenance, including nearly 740,000 square metres of residential space. Inservis had implemented the ISO 9001, ISO 14001 and BS OHSAS 18001 standards and had obtained all the licences and certifications necessary for its operations. The group had a turnover of EUR 9.11 million in 2021 and 320 employees.

Inservis was sold to Civinity, a group of companies active in the management of mixed-use buildings and apartment buildings in the Baltic countries and the United Kingdom. The acquisition allowed Civinity to increase its space under maintenance by a quarter to 12.5 million square metres, as well as to expand its operating geography and strengthen its cleaning services business. The facilities management companies continue to operate under two different names: Inservis and Civinity.

UAB „Girių bizonas”

Final Exit Date: 2008.

Sector: Particle board production

Amount invested: 2005 EUR 7.6 million

Dividends received: EUR 7.7 million

Exit proceeds: EUR 9.6 million

In July 2005 Vilniaus Baldai, managed by Invalda AB, subscribed to a new share issue of Giriu Bizonas and acquired a 25 % interest in Giriu Bizonas for EUR 7.2 million. In 2006 an additional investment into Giriu Bizonas accounted for EUR 0.4 million.

In 2007 by using the resources of the EU support and on funds Giriu Bizonas opened the new particle board production facilities with the capacities of 450.000 cubic metre per year. The total investment into the new particle board plant exceeded EUR 58 million, which became one of the largest investments into production facilities in Lithuania.

Late in 2008 Giriu Bizonas was sold to the Swedish concern IKEA, currently the key purchaser of the production of Vilniaus Baldai. The sale transaction of the 25 % of shares of Giriu Bizonas generated to Vilniaus Baldai EUR 9.6 million.

UAB „Apželdinimas“

Final Exit Date: 2006.

Sector: Investment into real estate

Amount invested: 2005 – EUR 0.87 million

Exit proceeds: EUR 5.1 million

In 2005 Invalda Group acquired the 100 % holding in Apzeldinimas UAB for EUR 0.87 million. The key asset of Apzeldinimas then was a plot of land of 9 ha in area in Kaunas. Invalda Group then planned the construction of residential and commercial premises of about 100.000 square meters in area. In 2006 shares of UAB Apzeldinimas were sold to another investor for EUR 5.1 million.

UAB „Vilniaus senamiesčio restauravimo direkcija“

Final Exit Date: 2008.

Sector: Investment into real estate

Amount invested: Since 2004 EUR 0.6 million

Exit proceeds: EUR 2.7 million

In 2004-2005 Invalda Group acquired a 100 % holding in the private company Vilniaus Senamiescio Restauravimo Direkcija intending to engage in the development of a real estate project in the Uzupis district of Vilnius. Following a targeted restructuring of the company‘s operations and after the value of the assets significantly increased, in 2008 Invalda Group withdrew from the project.

 

UAB „Voltera“

Final Exit Date: 2007.

Sector: Insurance brokerage services

Amount invested: 2004 – EUR 18 thousand

Exit proceeds: EUR 115.8 thousand

In 2004 Invalda Group, with a view to expanding its presence in the financial services sector, acquired a 69.42 % interest in the insurance brokerage firm Voltera. Following some activity expansion operations in 2007 Voltera was sold to its management.

AB Vilmakas

Final Exit Date: 2005.

Sector: Manufacturing of wood articles

Amount invested: 2004 – EUR 0.5 million

Exit proceeds: EUR 0.9 million

In 2004 Invalda Group for EUR 0.5 million acquired a 73.8 % holding in Vilmakas AB. The company was engaged in the manufacturing of doors and other items of wood. Part of the total output – veneer doors were manufactured under an industrial regime using German equipment and technologies.  After the company was liquidated in 2005. this subsidiary of Invalda was disbursed EUR 0.9 million.

AB Agrowill Group

Final Exit Date: 2010

Sector: Production of agricultural products and investment into land of agricultural purpose

Amount invested: Since 2003 EUR 1.2 million

Exit proceeds: EUR 1.6 million

In 2003 Invalda Group invested into an agricultural investment company Agrovaldymo Grupe (currently – Agrowill Group) and managed its 25 % holding. Following a stage of rapid growth, the company’s shares in 2008 were admitted to the trading list of NASDAQ Vilnius. Having attracted some tangible resources for its development Agrowill Group executed several acquisition transactions in the Baltic States, however, due to significant outstanding liabilities the company started encountering serious financial difficulties. In 2010 after Agrowill Group capitalised part of its debts, interest of Invalda in the company decreased to a share that did not allow any influence upon the company’s management, therefore Invalda withdrew from this project by selling its shares through the stock exchange.

UAB Hidroprojektas

Final Exit Date: 2008

Sector: Designing and consultations

Amount invested: Since 2001 EUR 0.7 million

Dividends received: EUR 2.6 million

Exit proceeds: EUR 2.5 million

The controlling interest of Hidroprojektas UAB was acquired for EUR 0.7 million from mlnor shareholders in 2001-2002. The company was then largely restructured which involved material changes in the management of the company and the employee incentive system, and other efficiency-driven developments. During the years of management of Hidroprojektas, its shareholders were disbursed about EUR 2.6 million  in dividends. Early in 2008. the company was for EUR 2.5 million sold to SWECO Group which is engaged in the strategic business of designing and consultation.

Klaipėdos konditerija AB

Final Exit Date: 2006

Sector: Production of candies and caramel

Amount invested: Since 2001 EUR 1.3 million

Dividends received: EUR 0.16 million

Exit proceeds: EUR 2.0 million

In 2001 Invalda acquired the controlling interest of the candy manufacturer Klaipedos Konditerija AB for EUR 0.7 million. Four years later for an additional investment of EUR 0.6 million, Invalda’s shareholding in the company was increased to 100 %.

The range of production of Klaipedos Konditerija included in excess of 50 types of confectionary products, the company’s daily output – ten tons of different sorts of caramel, dragee and jelly candies. Klaipedos Konditerija production was exported to Latvia, Estonia, USA, Sweden and Japan. The production facilities of Klaipedos Konditerija were located in the centre of the port city, occupying an area of 52 ares on Turgaus Street. A thorough assessment of a long-term prospect suggested that any further development of production in the location was not expedient; besides, the premises used were obsolete and did not meet hygiene requirements. Therefore, Invalda passed the decision to move the production facilities of Klaipedos Konditerija to an industrial region, while the plot of land of 0.5 ha in area in the central part of the city was then acquired by Invalda Group where it launched the project for the construction of a complex total in excess of 2.000 square metre in area.
Late in 2006 all shares of AB Klaipedos Konditerija were sold to the largest in the Ukraine confectionary producer the Roshen corporation for EUR 2 million.

 

AB Umega

Final Exit Date: 2012.

Sector: Metal processing

Amount invested: Since 1994 EUR 0.6 million

Dividends received: EUR 0.3 million

Exit proceeds: EUR 1.1 million

Invalda acquired the metal processing company Umega early in its operations, in 1994. Amid consolidation, in 2005 Umega was merged with another Utena-based company, Utenos Elektrotechnika, whose main activity is the production of electric laboratory furnaces. In 2008. Umega acquired and incorporated the metal processing firm Vienybe and became one of Lithuania’s largest metal processing companies.

In 2011 Umega had revenues of EUR 19.4 million. The sale of Umega’s shares did not impact Invalda’s standalone financial statements for the first quarter of 2012. In the consolidated statements it had a positive impact of EUR 0.6 million.

AB Chemija

Final Exit Date: 2004.

Sector: Wholesale trading in chemical substances

Amount invested: 1992 – EUR 0.09 million

Dividends received: EUR 0.48 million

Exit proceeds: EUR 0.6 million

The company incorporated in 1972 was engaged in the wholesale trading in dyes, lacquers, chemicals, plastic articles, rubber and asbestos items. In 1992 Invalda acquired shares of Chemija AB for EUR 0.07 million, and in 1998-2003 it increased its interest to 47 % having paid an additional contribution of EUR 0.02 million. In 2004 Invalda sold all its interest in Chemija for EUR 0.6 million to a public company Trevesta that, as a result of this acquisition, increased its shareholding to 99.97 %.

AB Ąžuolas

Final Exit Date: 2000.

Sector: Production of soft furniture

Amount invested: Since 1992 EUR 0.1 million

Exit proceeds: EUR 0.6 million

The company was established back in 1889 as a sawmill which later on grew into a furniture factory. In 1992 Invalda acquired the controlling interest of this furniture manufacturer. By 1999 Invalda increased its interest in the company to 58.5 %, and the total investment into shares of Azuolas AB reached EUR 0.1 million. Later on, at the initiative of Invalda, the production facilities of the soft furniture manufacturer Azuolas were moved from the central location at Seimyniskiu Street to Visoriai region in Vilnius; then the site of the former furniture plant was used to construct a modern office building IBC, with the total area of office space of 24.6 thousand square metre. In 2000 the shares of Azuolas were sold to a strategic investor for EUR 0.6 million.

Nemunas AB

Final Exit Date: 1998

Sector: Production of metal ware

Amount invested: Since 1992 EUR 0.3 million

Dividends received: EUR 0.05 million

Exit proceeds: EUR 1.2 million

The former State-owned manufacturer of metal ware Nemunas launched the production of wires of different parameters, nails, metal network and other metal articles back in 1952. In 1992 the company was privatised after its controlling interest was acquired for EUR 0.3 million by Invalda. In view of the ongoing changes in the market geography (the shift of export destinations to the West) the company had also to restructure its production facilities. Nemunas launched the production of steel wires and nails according to German and British standards. In 1998 shares of Nemunas were sold for EUR 1.2 million to a Latvian company Monald Metals.

Medienos plaušas AB

Final Exit Date: 1998

Sector: Manufacturing of soft fibreboards and moulded-fibre packaging

Amount invested: 1992 EUR 1 million

Dividends received: EUR 0.2 million

Exit proceeds: EUR 4.6 million

The company was incorporated in 1956 and in 1992 Invalda acquired 53 % of shares of Medienos Plausas AB for EUR 0.15 million. Following the company’s privatisation the key task became the modernisation of the equipment operated by Medienos Plausas. In 1997 Medienos Plausas was granted an award of the Lithuanian Confederation of Industrialists for its contribution into the modernisation of production, continuous improvement of working conditions, successful expanding of the production range and its sales markets. In 1998 Invalda AB sold the shares of Medienos Plausas to SCA Group for EUR 3.8 million. Additionally EUR 0.8 million was gained from the block of shares sale to another investor.