RP acquires Deeper, a global market leader in castable sonars.
On 23 June 2021, Resource Partners and the management team of Deeper, the leading global specialist in castable sonars for anglers, announced a buyout of the company from the Co-Founders, Aurelijus Liubinas and Rolandas Sereika, and the financial investor Gemini Grupė. The new investors will become the majority shareholders in the company and will be supported by Mr Donatas Malinauskas, who will continue in his role as CEO.
Since its inception in 2012, Deeper has focused on developing and marketing the best-in-class castable sonars used by anglers. Deeper’s sonars allow users to observe the fish and certain features of the water basin on a smartphone or tablet, which is connected to the sonar device through Wi-Fi. Over the years, the Company’s product range has expanded with technologically advanced products, which eventually led Deeper to become the undisputable global market leader in the castable sonars category.
“I am very proud that we will now have the opportunity to support the management team in the further expansion of Deeper. Through a unique technological expertise in producing castable sonars and an efficient marketing strategy, the management team has been able to become the market leader with sales in more than 50 countries around the world. As a consumer-focused investor, we will be focusing on countries that present the highest potential to increase the awareness of these products, such as the USA. We are also planning to leverage the brand strength of Deeper and its worldwide distribution network with the introduction of related product categories.” said Piotr Noceń, Co-Founder and Managing Partner at Resource Partners.
“It has been an exceptional journey for all of the founders. Growing from a small start-up to a globally recognized brand was very challenging. We would like to thank all the international and local talents who spent numerous hours turning our idea into a reality. We have built the network of 50+ partners globally and 400+ international brand ambassadors, and we have received 40+ international and local awards. Deeper has also become the best rated product in the category by global users on numerous marketplaces and application stores. These are only few of the achievements our team has reached. We hope the company and the management team will keep on the same trajectory and continue being one the most successful businesses in Lithuania.” said Aurelijus Liubinas and Rolandas Sereika, Co-Founders of Deeper.
“Deeper was the jewel in our portfolio. We never hesitated to back the founders in 2012 and to finance the company’s growth, all the way from a garage start-up to a global leader. It has been an inspirational and a fruitful journey. Lithuania needs more entrepreneurs like Aurelijus, Rolandas and Donatas” explained Tomas Langaitis, Head of Development at Gemini Grupė.
“It is a big honour to lead the Deeper team in building world class products for anglers around the globe. I am very grateful for having the opportunity to build such a great brand and working with Aurelijus, Rolandas and Gemini Grupė. The Deeper team is now looking forward to deliver new world class products and solutions for the growing community of anglers, helping them to find the best fishing spots and enjoy the best fishing experiences. I believe that working with Resource Partners will lead to an even faster growth of the company and better satisfaction of anglers.” revealed Donatas Malinauskas, Co-Founder and CEO of Deeper UAB
Resource Partners were advised by Cobalt, EY, onefourzero and Ramboll.
Deeper’s owners were advised by Oaklins and Sorainen.
Resource Partners is an independent private equity investment company, which was founded in 2009 by a team of experienced managers who had previously conducted similar investments in leading regional and international financial institutions and funds. To date, Resource Partners has invested almost EUR 300 million in the development of several medium-sized companies in Poland and other countries in Central and Eastern Europe.
Resource Partners is the only representative of the private equity sector in the region, specialising in investments in the consumer goods and services sector. It has extensive experience, especially in the area of processing and production, which is documented by numerous successful investments. Resource Partners funds invest in rapidly developing companies with experienced management and support them with its expertise in managing rapid organic growth, dynamic foreign expansion and acquisitions.
Gemini Grupė is a venture capital and private equity investment company that is active in the consumer and hospitality sectors in the CEE. The company is based in Vilnius and owns a portfolio of assets throughout Lithuania, Poland, Romania and Italy.
Deeper was founded in 2012 in Lithuania. The company specialises in designing, developing and marketing castable sonars for anglers, while its production process is outsourced. The company’s product range also includes accessories for castable sonars, such as night fishing covers, winter smartphone cases and flexible arm mounts.
Resource Partners media contact: Gemini Grupė media contact:
Piotr Noceń Tomas Langaitis
+48 601 812 792 +370 68 843 853
Deeper media contact:
+370 673 41 658
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