The Lighthouse Alternative Fund, which is managed by the investment management company Lighthouse Asset Management, has acquired the construction company Viremida and changed its name to Lighthouse Contracting.
The shareholder change was registered in the Centre of Registers in July of this year, and the company’s name was changed in September.
Until then, Viremida had been equally owned by Viremidos Investicijos and Viremida Group, which belong to Šarūnas Butkus and Remigijus Butkus.
The company announced that R. Butkus will now manage Viremida Group, while Š. Butkus will focus his attention on the investment management company Lighthouse Asset Management.
Andrius Velutis, former CEO of the Vilnius Development Company, has been appointed as the head of Lighthouse Contracting. According to Andrius, Lighthouse Contracting will specialise in general contracting and project management with a focus on clients operating in the Baltics.
The construction company is currently working on projects in Klaipėda and Kaunas. Currently, the largest project is the Hesburger sauce factory that is being constructed in Kaunas District.
Š. Butkus explained that he can see many opportunities to expand the activities of the investment management company Lighthouse Asset Management and to implement projects on a larger scale, but the amount of capital is a limiting factor.
“I believe in the idea of collective investment and I think that when investors combine their resources, connections and influence, they can achieve more than individual market players. Therefore, I have linked my future to collective investment management and to investing using shared funds,” a quote from Š. Butkus revealed.
The Lighthouse Alternative Fund offers mezzanine financing in the development of real estate projects. The fund is aiming to attract up to EUR 25 million in capital, with the targeted annual return starting at 20%.
The owner and an investor in Lighthouse Asset Management is Š. Butkus. The company is managed together with the investment management company Synergy Finance.
In 2018, Lighthouse Contracting received EUR 3.3 million in sales revenue and its net profit was EUR 0.09 million. In 2019, these amounts were respectively EUR 4.6 million in sales revenue and EUR 0.3 million in net profit, according to a report submitted to the Centre of Registers.