Ygle, a Vilnius, Lithuania-based provider of building systems solutions, has received a majority investment of undisclosed amount.
The equity financing was provided by Lithuania SME Fund, a growth capital fund managed by BaltCap in 2010 as part of the JEREMIE initiative in Lithuania.
With the transaction, BaltCap has acquired 60% of the company. Along with a new loan from Šiaulių bankas, the investment will enable Ygle to finance working capital needs and accelerate its organic growth.
Led by Founder and Chairman Vytautas Šniukšta, the company provides design, installation and maintenance services for the office, retail, industrial and other special purpose buildings, which require complex HVAC and other engineering solutions.
Ygle has more than 200 employees in its offices located in five cities across the country.