The fund signed an investment agreement with TVC according to which the fund will acquire newly issued shares and became a minority investor in the company. The funds attracted will be used to finance TVC’s expansion into new export markets.
“With the financial backing of Practica Capital TVC will implement internal changes to facilitate professional growth and expansion to new markets” – says newly appointed CEO of TVC Gediminas Abartis.
“TVC already occupies solid positions in its markets, however, we see additional unexploited growth opportunities both in the current and new markets. We are impressed by the TVC’s mature and strong specialist team and its achievements so far. The company provides high value-added services and equipment, mostly for export markets. We hope that Practica Capital’s investment provides the additional boost to the company’s development” – says Tomas Andriuškevičius, Partner and Investment Director at Practica Capital.
“Practica Capital investment marks a new milestone in our company’s development. Together with the new partner, we expect to become an even more solid industry player on the international scale and provide customers with latest technologies for changing broadcast business requirements and support” – says Albertas Tamošiūnas, co-founder and shareholder of TVC.
TVC is a specialist in outside broadcast and TV studio integration services also provides Spectrum Monitoring vehicles couch building, Digital Cinema, Sports and Entertainment Arenas and radio broadcast integration services. TVC designs and implements various broadcast solutions in more than ten countries in Europe, Asia and Africa. TVC clients are business organizations, commercial and governmental TV and radio broadcasters, government institutions and enterprises. Close contacts with the leading TV equipment producers ensure smooth integration of complex computer-based control and processing systems. During more than 18 years TVC engineers have implemented more than several hundreds of projects of various complexity and size.
TVC is the largest company in the Baltic broadcast system integration market. The company is engaged in the integration services of specialized professional audio and video systems as well as the production of specialized broadcast vehicles. The company was established in 1996 in Šiauliai, Lithuania. Currently, the company employs 50 audio and video equipment engineers, system designers, and other qualified specialists. In 2010 the company received ISO 9001:2008, ISO 14001:2004 and OHSAS 1800:2007 standard certifications.
About Practica Capital:
Practica Capital is a venture capital firm in Lithuania established in 2011 by a team of entrepreneurs who exited their businesses and financial professionals. The firm manages EUR 6 mln. Practica Seed Capital Fund (Seed Fund) and EUR 15.7 mln. Practica Venture Capital Fund (VC Fund) established under the JEREMIE initiative, which administered by the European Investment Fund (EIF). The funds provide early- and later-stage financing to Lithuanian SMEs.