“CSUB has a solid record of growth and profitability in recent years with good further opportunities, especially in land-based aquaculture, renewables and civil engineering,” Mindaugas Utkevičius, Partner and Co-Founder of Livonia Partners, says.
The company developes structures and products in glass fibre reinforced polyester (GRP), which is an environmentally friendlier replacement for materials like steel and concrete. Based in Arendal, Norway, CSUB has three production sites, of which the largest is in Klaipeda, Lithuania. The company currently has 180 employees. It’s 2020 annual sales where NOK 300 million.
Livonia Partners acquired control of CSUB from the founders and a group of financial investors. The company’s experienced management team will continue and retain a significant equity stake.