Elevator maintenance company 'Pilsētas Lifti' acquires 'Recept-Holding Lifts'

SIA "Pilsētas Lifti" has acquired the company "Recept-Holding Lifts", which specializes in elevator and lift maintenance. In 2025, the acquired company reported revenue of €2.27 million and profit of about €62,000, employing around 70 people. Following the acquisition, "Pilsētas Lifti" and its affiliated Lithuanian company "Liftai EU" (also owned by the same shareholder) will collectively service nearly 3,000 elevators – 1,000 in Lithuania, 800 in Latvia, and 1,200 from "Recept-Holding Lifts".

Group CEO Raimonds Beglecov noted that this portfolio was built over five years. He pointed out that in Latvia and other Baltic states, many residential elevators were installed between 1970 and 1995, with some now 30-40 years old. While they still operate, maintenance is becoming increasingly difficult, especially due to geopolitical factors – many older elevators were manufactured in Russia and Belarus, making original spare parts hard to come by due to sanctions. This requires adapting European components to old systems.

Beglecov, who has over 26 years of experience in the industry, emphasized that full replacement is not always necessary. He believes that for many apartment buildings, partial modernization is a more rational solution, costing about half the price of a new elevator and extending the equipment's lifespan by 15-20 years. Furthermore, maintenance of a modernized elevator is more predictable because it uses readily available components. He also noted that repairs for some new manufacturers' solutions after the warranty period can be significantly more expensive.

After the deal, "Recept-Holding Lifts" will continue operating under its current name, and some managers will remain. The company aims to retain as many long-serving employees as possible. "Pilsētas Lifti" stated that the primary integration goal is continuity and stability of services for clients. The acquisition will allow closer integration of experience gained in Latvia and Lithuania, faster exchange of technical knowledge, spare parts, and specialist resources. This is particularly important when working with old elevators that require engineering expertise. Beglecov predicted that in the coming years, the Baltic states will see an increased need not only for new elevator installations but also for economically justified modernization of old equipment.