Georgia Capital
Georgia Capital PLC is an LSE-listed investment holding company that builds, scales, and monetises large-scale Georgian businesses across banking, pharmacy, healthcare, and insurance, returning capital to shareholders via dividends, exits, and buybacks.
- Company typePublic
- Founded2004
- HeadquartersLondon, United Kingdom
- Headcount11–50
- GTM typeB2B
- OfferingServices
What Georgia Capital does
Georgia Capital PLC is an LSE-listed (LSE:CGEO) investment holding company headquartered in Tbilisi, Georgia, with a regional office in London. Incorporated in 2004 and listed on the London Stock Exchange in 2006, the company took its current form following a 2018 demerger of BGEO Group into Bank of Georgia (now Lion Finance Group PLC) and the Georgia Capital investment platform. The company develops, scales, and monetises large-scale businesses in Georgia with a target equity value of at least GEL 300 million, running an efficient holding structure with no management or success fees and only 37 employees at the parent level, overseeing 20,284 employees across portfolio companies.
The portfolio is organised into three tiers. The listed portfolio (47.2% of NAV at GEL 2,383 million as of 31 March 2026) consists solely of Lion Finance Group PLC, a FTSE 100 holding company providing banking and financial services across Georgian and Armenian markets via Bank of Georgia, Galt & Taggart, and Ameriabank. The large private portfolio (41.9%, GEL 2,112 million) comprises retail pharmacy (GPC and Pharmadepot brands, 33.7% organised retail pharmacy market share), healthcare services (seven large/specialty hospitals, 30 regional/community hospitals, 16 polyclinics, and Megalab diagnostics — the largest laboratory in the Caucasus), and insurance (Aldagi for P&C at 34% market share and Imedi L/Ardi for medical insurance at 34% market share). The emerging portfolio (10.9%, GEL 550 million) spans renewable energy, education, auto service, hospitality, wine, and beer/distribution businesses. Georgia Capital has expanded into Armenia via bolt-on acquisitions in retail pharmacy, healthcare, and insurance.
The business model generates returns through three channels: portfolio company dividends and distributions, capital gains from disciplined exits (e.g., the 2026 sale of housing developer m2), and ongoing capital return to shareholders through share buyback and cancellation programmes. Since the 2018 demerger, the company has retired over one-third of its issued share capital and returned US$261 million via repurchases, completing a GEL 700 million capital return programme ahead of schedule in 2026. The shareholder base is approximately 80% institutional, with the largest exposures in the USA (40%) and UK (24%). NAV per share reached GEL 154.82 (£43.34) at 31 March 2026, up 45.1% year-over-year, with an S&P credit rating of BB (Stable) upgraded in June 2026, aligned with the Georgian sovereign rating.
Georgia Capital firmographics
Firmographics- Name
- Georgia Capital
- Legal name
- Georgia Capital PLC
- Website
- https://georgiacapital.ge
- Company type
- Public
- Founded year
- 2004
- Operating status
- Operating
- Headcount range
- 11–50 employees
- Short description
- Georgia Capital PLC is an LSE-listed investment holding company that builds, scales, and monetises large-scale Georgian businesses across banking, pharmacy, healthcare, and insurance, returning capital to shareholders via dividends, exits, and buybacks.
- Ownership category
- akta.pro rank
Georgia Capital industry classification
Industry- Product category
- Investment Holding Company
- NAICS
- Other Investment Pools and Funds (5259), Portfolio Management and Investment Advice (523940), Finance and Insurance (52)
- SIC
- Investors, Nec (6799), Investment Advice (6282)
- akta.pro primary industry
- Equity Capital Advisory (Private Equity Placements, Growth Capital) (BPAHAOAE)
- akta.pro secondary industries
- Capital Raising Advisory (Debt/Equity/Private Capital) (BPAHADAG), Corporate Finance & Capital Advisory (BPAHADAB), Corporate Strategic Real Assets & Infrastructure Venture Investing (FSANAHAN)
Keywords
Where Georgia Capital is headquartered
LocationHeadquarters
- HQ city
- London
- HQ country
- United Kingdom
- HQ region
- Europe
Offices2 records
Markets served
Georgia Capital business model
Business model- GTM type
- B2B
- Offering type
- Services
- Cost components
- Personnel, Operations, Infrastructure, Marketing or Sales
Revenue model
- Portfolio company dividends and distributions: Georgia Capital generates returns through dividends and distributions from its portfolio companies including Lion Finance Group (16.6% ownership), retail pharmacy (98% ownership), healthcare services (100% ownership), and insurance businesses (11.3% P&C and medical insurance).
- Capital gains from exits: As investments mature, Georgia Capital realizes proceeds through disciplined exit strategies at attractive prices, including the sale of housing development business m2 to local investors.
- Share buyback returns: Georgia Capital returns capital to shareholders through share buyback and cancellation programs, having retired over one-third of its issued share capital since demerger.
Go-to-market motion1 record
Distribution channels3 records
Marketing channels6 records
Georgia Capital product offering
Product offeringCore offering
Georgia Capital PLC is a UK-incorporated holding company that builds and develops large-scale businesses in Georgia, providing public-market investors with exposure to the Georgian economy through a diversified portfolio of equity stakes. Its portfolio spans banking, retail pharmacy, healthcare services, P&C and medical insurance, renewable energy, education, auto services, hospitality, wine, beer, and distribution. The company aims to maximize returns through equity investments and selective exits rather than charging management or success fees.
Product overview
Georgia Capital is an investment platform focused on building and developing large-scale businesses in Georgia with potential equity value of GEL 300 million+. The company operates a diversified portfolio consisting of: (1) Listed Portfolio - Lion Finance Group PLC (FTSE 100 banking/financial services holding); (2) Large Private Portfolio - retail pharmacy (GPC and Pharmadepot brands), healthcare services (hospitals, clinics, diagnostics including Megalab), and insurance (Aldagi P&C, Imedi L and Ardi medical insurance); (3) Emerging Portfolio - renewable energy, education, auto service, hospitality, wine, and beer/distribution. Georgia Capital listed on LSE with approximately 80% institutional shareholder base, targeting investments in capital-light businesses with disciplined exit strategies as investments mature.
Differentiator
Problem solved
Functional benefit
Brands
- GPC: Retail pharmacy brand operated by the pharmacy portfolio company
- Pharmadepot
- Aldagi
- Imedi L
- Ardi
Products and services
- Georgia Capital PLC Investment Platform (LSE:CGEO) Public-equity investment vehicle offering London-listed shareholders diversified access to the Georgian economy through a portfolio of more than ten large-scale businesses across multiple sectors. Aimed at institutional and other equity investors seeking emerging-market growth exposure.
- Lion Finance Group (Banking) Largest banking group in Georgia, providing retail and commercial banking services to Georgian consumers and businesses; held as a key listed portfolio investment.
- Retail Pharmacy Business Largest retail pharmacy chain in Georgia, distributing pharmaceutical and health/wellness products to Georgian consumers through a national network of outlets.
- Healthcare Services Business Healthcare services provider in Georgia offering medical services to patients across the country through clinics and related facilities.
- Property & Casualty Insurance Business Provider of property and casualty insurance products to Georgian individuals and businesses, operating as one of the leading P&C insurers in the Georgian market.
- Medical Insurance Business Provider of private medical/health insurance products to Georgian policyholders, supporting access to private healthcare services across Georgia.
- Renewable Energy Business Operates renewable energy generation assets in Georgia, with project financing supported by sustainability-linked bonds and green bond frameworks.
- Education Business Operates private education services in Georgia, including schools serving Georgian families and students.
- Auto Service Business Provides automotive service and related offerings to Georgian vehicle owners across a network of service centers.
- Hospitality Business Hospitality business operating hotels and related accommodation services in Georgia for domestic and international travelers.
- Wine Business Wine production and sales business leveraging Georgia's indigenous wine industry heritage, supplying domestic and export markets.
- Beer and Distribution Business Beer production and beverage distribution business operating in Georgia, producing beer brands and distributing beverages across the country.
Quantifiable outcome
- 27% year-over-year EBITDA growth in Q1 2026 across portfolio companies
- +3 more outcomes
Companies that use Georgia Capital
Customer profileNamed customers5 records
Segments5 records
Ideal customer profiles1 record
Georgia Capital technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Georgia Capital partnerships and signals
Strategic signalPartnerships
One partnership is on record.
- AqualiamajorAqualia acquired majority ownership of Georgia Global Utilities in 2022. Spain's Aqualia is a leading water management company providing expertise for utility operations.
Scale indicators14 records
Recent moves7 records
Expansion highlights5 records
Georgia Capital competitors and assessment
Company assessmentDirect peers
- Kinnevik: Swedish-listed investment company focused on consumer-facing and growth businesses. Comparable to Georgia Capital in operating a publicly listed holding structure that invests in operating companies and communicates via NAV-style metrics.
- Exor: Dutch-listed holding company controlled by the Agnelli family with diversified operating holdings. Comparable in structure as a long-duration, listed holding vehicle deploying capital across industries with an explicit focus on shareholder value creation.
- LetterOne: Private investment holding company deploying capital across multiple sectors globally. Comparable in diversified holding-company approach with strategic stakes in operating businesses across geographies.
- Investor AB: Swedish-listed investment holding company holding majority stakes in a diversified portfolio of operating businesses across sectors. Most directly comparable to Georgia Capital by virtue of being a publicly traded holding vehicle compounding NAV per share via long-duration ownership and disciplined capital allocation.
- Fairfax Financial Holdings: Canadian-listed financial holding company with diversified operating businesses led by insurance. Comparable investment-vehicle structure with disciplined underwriting, shareholder-friendly capital return, and significant emerging-market exposure.
- Onex Corporation: Canadian-listed private equity and investment management firm. Comparable in deploying capital across operating businesses in financial services and healthcare, with a publicly listed holding structure reporting NAV.
- Remgro: South African-listed investment holding company with diversified operating businesses across financial services, healthcare, and consumer. Directly comparable diversified holding-company model with similar emphasis on long-duration equity ownership and capital-light structures.
- Industrivärden: Swedish-listed investment holding company with concentrated holdings in Nordic industrial and consumer companies. Closely comparable business model of long-duration, capital-disciplined holding of majority operating companies and shareholder-friendly capital return.
Regional players
- Liberty Holdings (now part of Standard Bank): Historically a South African-listed financial services holding company with insurance and asset management businesses in emerging African markets. Comparable as a holding-company vehicle focused on financial services and insurance in emerging markets.
Broad incumbents
- Naspers: South African-listed internet and media conglomerate that has evolved into a global technology investment holding company. Comparable as a publicly listed platform with concentrated portfolio holdings and a track record of disciplined NAV compounding.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat5 records
Key risks6 records
Key highlights7 records
Customer concentration
Georgia Capital social profiles
Digital presenceGeorgia Capital compliance and trust
Trust signalCompliance5 records
Georgia Capital financial estimates
Financial estimateRevenue estimate
Valuation estimate
Georgia Capital leadership team
Management profileNumber of profiles
Profiles2 records
Georgia Capital subsidiaries and ownership
Company hierarchySubsidiaries5 records
Georgia Capital funding detail
Funding detailFunding overview
Funding rounds
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Georgia Capital M&A and investment
M&A and investmentM&A1 record
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Georgia Capital
What does Georgia Capital do?
Georgia Capital PLC is a UK-incorporated holding company that builds and develops large-scale businesses in Georgia, providing public-market investors with exposure to the Georgian economy through a diversified portfolio of equity stakes. Its portfolio spans banking, retail pharmacy, healthcare services, P&C and medical insurance, renewable energy, education, auto services, hospitality, wine, beer, and distribution. The company aims to maximize returns through equity investments and selective exits rather than charging management or success fees.
Is Georgia Capital a public or private company?
Georgia Capital is a public company. It is classified as public and is currently operating.
When was Georgia Capital founded?
Georgia Capital was founded in 2004. It employs 11 to 50 people.
Where is Georgia Capital based?
Georgia Capital is headquartered in London, United Kingdom, in the Europe region.
How does Georgia Capital make money?
Three revenue lines are on record. Portfolio company dividends and distributions are the primary driver. The others are capital gains from exits and share buyback returns.
Who are Georgia Capital's main competitors?
Direct peers on record are Kinnevik, Exor, LetterOne, Investor AB, Fairfax Financial Holdings, Onex Corporation, Remgro and Industrivärden. Liberty Holdings (now part of Standard Bank) is listed as a regional player. Naspers is listed as a broad incumbent.
Does Georgia Capital have an API?
No public API is recorded for Georgia Capital.
What industry is Georgia Capital in?
Georgia Capital's product category is Investment Holding Company. Its primary akta.pro industry code is BPAHAOAE, Equity Capital Advisory (Private Equity Placements, Growth Capital), with a secondary code of BPAHADAG, Capital Raising Advisory (Debt/Equity/Private Capital). Its NAICS code is 5259 and its SIC code is 6799.