Livonia Partners, a pan-Baltic private equity firm, has sold Freor, a refrigeration equipment manufacturer based in Vilnius, Lithuania. Founded in 2000, Freor focuses on helping food retailers minimize their environmental impact and energy consumption, generating over €60 million in revenue and employing nearly 600 staff. Livonia first invested in Freor in 2018, during which the company’s revenue doubled, resulting in Livonia achieving close to a 4x return on its investment. In 2024, Livonia also sold Stebby, an employee wellness management platform based in Estonia.