2018-08-02

LitCapital investment management company has acquired a controlling stake of Audimas AB shares (60%). According to the shareholders' agreement, from now on 92% of Company’s shares will be managed jointly with Mr. Rimvydas Povilaitis, Mr. Arvydas Povilaitis and Mrs. Ona Balžekienė. Raised capital will allow the company to implement ambitious development plans by using additional competences of the new investor.

Audimas AB is the most well-known sportswear brand in Lithuania. The company is also the leader in the premium sportswear market segment, providing product development and production management services to the world-class premium sportswear brands. Company’s strong competitive advantage is short lead time and exceptional product quality. The largest value-added services such as product development, production resource planning and management, customer services are managed by the company, while lower value-added services are sourced from external service providers in EU or EU associated countries.

To maintain Audimas’ competitive edge, the company will continue investing into the most advanced manufacturing technologies, customer service systems and production capacity development. “Our goal is to invest in the most advanced technologies to be technologically integrated with our customers and to become the most modern premium class sportswear manufacturer in Europe. We will also be looking for new production resources in other countries, because of the lack of labour force in Lithuania. Audimas own brand retail business will also be actively looking for various opportunities to expand to foreign markets" says Šarūnas Šiugžda, LitCapital Founder & Managing Partner.

Audimas AB has been operating in the sportswear business for more than 80 years. For many years Audimas AB has been the main supply partner of Lithuanian and other countries’ Olympic teams team-wear. The company operates 14 retail stores in the largest cities of Lithuania and Latvia. 2017 the Company had EUR 25.8 million revenue and EBT of EUR 1.9 million. This year the Company plans revenue of EUR 27.5 million.