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Crowdfunding and co-investment platform ROIX is introducing a new investment opportunity to finance a transaction by UAB “Blue Flight Workforce” aimed at increasing its existing shareholding in UAB “Biuro Baltic” (hereinafter – BIURO) and its subsidiaries. BIURO is a temporary staffing and recruitment group operating in Lithuania, Latvia and Estonia.
The total financing required for the transaction amounts to approximately EUR 7 million. Of this amount, EUR 3.5 million is expected to be raised through the ROIX platform, while approximately EUR 3.5 million will be provided by institutional partner Nter Asset Management. Investors are offered annual interest rates of 8–10%, depending on the financing stage. The loan term is 24 months, with interest paid once a year.
UAB “Blue Flight Workforce” currently holds a 20.47% stake in UAB “Biuro Baltic”. Upon completion of all planned transaction stages, the aim is to increase this stake to 85.4%. The Lithuanian Competition Council granted clearance for the concentration on 22 October this year.
According to Benas Poderis, founder of ROIX, assessing this transaction requires looking beyond BIURO’s operating performance to consider how the financing is structured and what measures are in place to protect investors’ interests.
“ROIX is the first investment platform in the Baltic States, and one of the few in Europe, to offer investors the opportunity to participate in financing company acquisitions – the segment that gave rise to the entire private debt market.
We believe we are offering investors access to a transaction structured in line with institutional investment principles: annual interest of up to 10%, a significant equity contribution from the borrower’s shareholder (LTV below 65%), and a market-leading company with more than 20 years of experience in a strategically important business sector.
The company works with well-known businesses, generates EUR 50 million in revenue, and is being acquired by one of its founders, who has extensive industry knowledge, believes in the business’s potential and intends to continue growing it.”
BIURO – A Workforce Services Business with More Than Two Decades of Growth
BIURO began operations in Vilnius in 2004. The group subsequently expanded into Latvia and Estonia and today helps businesses manage workforce requirements, adapt to changing workloads and administer employment relationships.
The group provides temporary staffing, employment administration and recruitment services, and also operates the short-term staffing platform “workis.online”. In 2025, temporary staffing accounted for 65% of BIURO’s revenue, “workis.online” for 22%, employment administration for 11%, and recruitment services for 2%.
According to audited financial statements, BIURO’s revenue grew by an average of approximately 14% annually between 2019 and 2025. Revenue amounted to EUR 44.6 million in 2024 and EUR 51 million in 2025. The group employed an average of approximately 2,800 people in 2025.
BIURO holds a significant position in Lithuania’s temporary staffing market. According to data from the State Labour Inspectorate, employees working through the group’s companies accounted for 20% of all temporary staffing hours worked in Lithuania in 2025. In Latvia, the group’s revenue increased from EUR 2.9 million in 2019 to EUR 10.5 million in 2025, while Estonia accounted for approximately 11% of group revenue last year.
The group’s operations are also supported by long-standing client relationships. In 2025, BIURO provided services to 556 clients. Its ten largest clients have worked with the group for an average of 11.5 years, while 18 of its 20 largest clients in 2019 were still working with BIURO in 2025.
Long-Term Client Trust and Adaptability Drive Growth
BIURO CEO Jurgis Kovas identifies two key drivers of the group’s growth: long-term client relationships and the ability to develop new service models. According to him, client trust is built on more than just pricing – it also depends on the ability to ensure that the right candidate is selected for each specific role.
“Our growth is driven primarily by long-term client trust. Eighteen of our 20 largest clients from 2019 are still working with us today, while our ten largest clients have an average relationship length of 11.5 years. This trust is built not on offering the lowest price, but on delivering results – ensuring that the candidates we find are a good fit for the job and perform it successfully.
The second driver of growth is our ability to adapt and develop new service models. Since 2020, revenue generated by our “workis.online” platform, which allows companies to book a worker for even a single shift, has grown from EUR 4 million to almost EUR 12 million.”
Looking ahead, J. Kovas sees the greatest potential for further growth in better assessing workers’ skills and matching them more accurately with labour market needs.
“I see the greatest potential in the first instance in providing more in-depth services. Employers are increasingly asking not ‘Do you have people available?’ but rather ‘Do they have the right skills?’ That is why our focus is on objectively assessing people’s abilities before they are hired and helping them succeed in their roles, whether they are engineers or warehouse workers.”
This approach is also reflected in the group’s priorities for the coming years. BIURO aims to help employers assess people’s skills more accurately and ensure a better match between employees and job positions. According to J. Kovas, it is important to look not only at how many people are hired, but also at how successfully they perform in their roles.
Why Increase the Shareholding in BIURO?
UAB “Blue Flight Workforce”, the company carrying out the transaction, is part of the Blue Flight group. Blue Flight was founded and is managed by Martynas Kandzeras, who has more than 20 years of experience in establishing and managing businesses, with a significant part of his career spent in the labour market and staffing services sector. M. Kandzeras is one of BIURO’s founders and the Chairman of the Group’s Board.
According to M. Kandzeras, the decision to increase his shareholding is driven by his long-standing involvement in BIURO’s operations and his ambition to continue developing the business.
“BIURO is the largest temporary staffing group in Lithuania and one of the largest in the Baltic States, operating across all three markets. I am one of the company’s founders and Chairman of the Board, and I have been working with the business for more than 20 years. Increasing my shareholding is therefore a natural next step, allowing me to focus even more closely on the development of this sector.
We chose this moment based on the company’s performance: revenue reached EUR 51 million in 2025, average annual growth between 2019 and 2025 was approximately 14%, and the number of clients increased by 50% over the same period. This puts us in a strong position to accelerate growth.
In the next stage of development, we will place greater emphasis on skills-based recruitment, where we see clear synergies with the experience of Blue Flight group companies in the education sector. We will also look beyond the Baltic States, exploring ways to attract talent to Europe and expand the availability of our services in other countries.
At this stage, it makes sense for the entire group to have a single strategic shareholder with a long-term investment horizon.”
BIURO CEO Jurgis Kovas also views the increase in the shareholding as a continuation of the company’s existing strategy rather than a change in its direction.
“Martynas is one of BIURO’s founders and Chairman of the Board, so I see his decision to increase his shareholding as a continuation rather than a change. This is a shareholder transaction involving only a change in the ownership structure, meaning that the BIURO team, clients and management will remain unchanged.
Martynas’s experience in the education sector also aligns with BIURO’s business direction. Education helps people acquire skills, while our role is to identify those skills, assess them objectively and match them with the right opportunities. In Lithuania, the problem is often not a shortage of people, but rather that we do not have a sufficiently clear understanding of what people are capable of. As a result, some talent goes unnoticed, making it harder for employers to find the right employees.
That is why one of our key priorities for the coming years across all three Baltic States is to help employers assess people’s abilities more accurately and achieve a better match between employees and job positions. We will measure success not by how many people we hire, but by how many remain successfully employed until the end of the agreed period.”
Kandzeras also emphasises that the financing model is based on the nature of BIURO’s business, while stressing the importance of distinguishing between the borrower and the company whose shareholding is being increased.
“The model is based on the nature of the business: temporary staffing revenue depends on hours actually worked, cash flow is generated monthly, and growth does not require substantial investment in fixed assets. The group has been operating continuously for 22 years, has weathered several economic crises and maintained its growth trajectory. Blue Flight Workforce intends to pay interest from the dividends it receives, while retaining part of the profits within the business to finance further expansion. UAB ‘Biuro Baltic’ itself is not the borrower and assumes no obligations in connection with the financing.”
Speaking about BIURO’s future development, M. Kandzeras highlights management continuity, new growth opportunities and the integration of expertise in education and the labour market.
“There are three key factors. The first is management continuity: the current management team has brought the company to where it is today, and CEO Jurgis Kovas, who is selling shares acquired through an incentive option scheme in recognition of his operating performance, will remain at the helm during the next stage of development. His continued motivation will be linked to a new option scheme, the terms of which have been aligned with investors’ interests.
The second factor is a clear set of growth priorities: skills-based recruitment, attracting talent from beyond Europe, and entering new geographical markets.
The third is the synergy between education and the labour market. The experience of Blue Flight group companies in the education sector will enable BIURO not only to recruit people but also to develop the skills the market needs.”
Transaction Structure and Investor Risks
The loan will be secured by a pledge over 100% of the shares in UAB “Blue Flight Workforce” and 85.4% of the shares in the BIURO group. The collateral securing the financing offered through ROIX is valued at approximately EUR 11.3 million, while the loan-to-value (LTV) ratio stands at 62.1%.
The borrower intends to pay interest from the dividends it receives and refinance the principal amount with a bank at the end of the loan term. However, this model depends on the financial performance of the companies, decisions regarding dividend distributions and the availability of refinancing.
It is important to emphasise that BIURO is not the borrower under this loan, does not provide any guarantees, sureties or other security, and assumes no obligations in relation to loan repayment or dividend payments. Dividend distributions are subject to shareholder decisions and applicable legal restrictions, meaning that payment of dividends is not guaranteed.
ROIX Expands Investment Opportunities in Business Projects
ROIX gives investors the opportunity to participate in business financing transactions alongside institutional partners. The BIURO project expands the platform’s offering by providing an opportunity to finance a share acquisition transaction involving a company with a long operating history and a significant position in the Baltic markets.
This article is for informational purposes only and should not be construed as investment or financial advice or an offer to invest. Investing always involves the risk of losing some or all of the invested capital. Before making any investment decisions, investors are advised to carefully review the project’s terms and risks and assess their ability to bear potential losses.
