This article is part of the “Made in Malta” series by MeetInc, highlighting Maltese companies that have successfully expanded on the international stage

From its humble beginnings as a small trading enterprise in 1923, Hili Ventures has evolved into a diversified global powerhouse, with operations spanning various industries, including food service and retail, real estate, shipping, engineering, oil and gas, technology, and hospitality. 

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This transformation reflects the group’s strategic vision, robust investment strategies, and adaptability in the face of changing market conditions.

A Legacy of Expansion and Innovation

‎The story of Hili Ventures begins with Carmelo Caruana, who founded the company in 1923, trading in grain and other commodities. This early venture laid the foundation for what would become a diversified global enterprise. In 1992, the group entered into a joint venture with Motherwell Bridge Group of Scotland, marking its foray into steel fabrication and engineering services in Malta. 

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In 1995, the Hilis acquired the McDonald’s developmental licence for Malta. This move into the food service industry set the tone for the group’s relentless pursuit of growth opportunities across sectors and borders.

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By 2007, the group had acquired the development licence for McDonald’s in Estonia, Lithuania and Latvia. This led to continued expansion into other regions, with the licence for Greece acquired in 2011 and Romania in 2016. Today, Romania is the group’s largest market. 

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The company didn’t stop there; it continued to diversify, venturing into the technology sector in 2012 with the acquisition of Philip Toledo Ltd, now known as PTL.

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Structuring for Success

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The establishment of Hili Ventures as a holding company in 2013 was a strategic move that allowed the group to manage its diverse portfolio more effectively. 

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In 2017, 1923 Investments was created as the investment arm, now holding companies like Harvest Technology and iSpot. This focus on investments enabled the group to remain agile and responsive to market opportunities.

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The creation of Hili Finance Company in 2018, as a special purpose vehicle, was another critical step. This entity was designed to raise funds to support and finance the subsidiaries of Hili Ventures, ensuring that each arm of the group had the resources needed to thrive.e.

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Broadening Horizons and Looking Forward

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By 2019, the group’s ambitions extended into the hospitality industry with the formation of HV Hospitality, which focuses on investing in unique properties across Europe. The announcement of its first project in Comino signaled Hili Ventures’ intent to leave a mark in the luxury hospitality market.

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With the establishment of Breakwater Investments in 2023, the group consolidatedits shipping, logistics, engineering, and oil & gas businesses under one umbrella tocontinue to deliver industry-leading services in these sectors while harnessing the synergies across its worldwide operations. 

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Eyeing €1 Billion Revenue in 2024

A pivotal point in Hili Ventures’ journey is the projected milestone of hitting €1 billion in revenue by 2024. This ambitious target underscores the group’s successful expansion into international markets, solidifying its presence in countries across Europe and beyond. With operations in over 10 countries, including key markets like the UK, Romania, and the Baltic states, Hili Ventures has firmly established itself as a global player.

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The group’s diversified portfolio, ranging from fast food and technology to shipping and hospitality, positions it well to achieve this significant financial goal. As Hili Ventures continues to expand its global footprint, its strategic investments and operational efficiency remain crucial drivers of growth.

Timeline of Hili Ventures’ Key Milestones

Timeline of Hili Ventures’ Key Milestones

1923: Carmelo Caruana starts trading in grain, eventually expanding into shipping.

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1992: Joint venture with Motherwell Bridge Group marks entry intosteel fabrication and engineering industry.

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1995:  Developmental Licence for McDonald’s in Malta is acquired with its first restaurant opening in Valletta.

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2007: The group expands internationally, acquiring the developmental licence for McDonald’s in Estonia, Latvia and Lithuania in 2007, Greece in 2011 and Romania in 2016. 

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2012: The group acquires Philip Toledo Ltd stepping into the technology sector.

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2013: Hili Ventures is established as a holding company.

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2014: iSpot, Poland’s largest Apple Premium Reseller is acquired.

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2019: HV Hospitality is launched, announcing its first landmark project – the Six Senses Comino.

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2021: Hili Properties, which owns and manages strategic commercial real estate across Europe, lists 25% of its share capital on the Malta Stock Exchange. 

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2023: Breakwater Investments is set up, bringing together for shipping, logistics, engineering, and oil & gas.

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2024: Consolidated revenues of EUR1 Billion expected 

Hili Ventures stands as a testament to the power of strategic foresight and adaptability. From its roots in Malta to its significant international presence, the group has continuously evolved, diversified, and expanded. As it looks to the future, HiliVentures remains committed to sustainable growth, driving value for all its stakeholders while maintaining its position as a leader in the industries it operates in.