Category: Estonia

Sorainen’s Tallinn office has advised Fenestra on its acquisition of Kuopion Rakennuskonttori, a Finnish provider of window installation services.

Financial details of the transaction were not disclosed.

According to Sorainen, “Fenestra manufactures timber clad aluminum windows and balcony doors. As a result of the acquisition, Fenestra will expand its business across Finland.” The company employs more than 170 people in Estonia, Finland, and Sweden and reported a turnover of EUR 18.8 million in 2019.

According to Sorainen, Aki Keinanen, former CEO of Kuopion Rakennuskonttori, will now become the sales manager for Fenestra in the Finnish market. 

Sorainen’s team consisted of Partner Paul Kunnap, Of Counsel Isabella Barbara Aavik, and Associate Kirsi Johanna Koistinen.

Estonian lawyer Erik Salur has moved from PWC Legal to Njord Advokaadiburoo, where he will head the firm’s Corporate and M&A practice.

Salur is described by Njord as a “specialist in corporate law and mergers and acquisitions.” According to the firm, “he has advised on a number of projects in areas such as international corporate law, restructuring, mergers and acquisitions,  and banking and financial law, among others.”

Salur started his law career in 2010, when he joined the Estonian Ministry of Justice. He also honed his legal skills at Eversheds Sutherland, Eesti Energia, Glikman, Alvin & Partners, the Teder Law Firm, and Sorainen. He left Sorainen to join PWC Legal in April, 2018.

“I am pleased to join the Njord team,” Salur said of his move. “I thank the partners for their trust and the colleagues for the warm welcome. Njord has proven to be a client-oriented and evolving Nordic law firm with a strong client base, including international clients.”

“We are very pleased to have Erik join as Senior Associate. The Njord team continues to grow and has received a strong addition,” commented Njord Partner Karolina Ullman.

The Tallinn office of Cobalt has advised French private investment house Ardian on its acquisition of 100% of Nevel Oy from Vapo Oy. Vapo was advised by Finland’s Avance Attorneys.

According to Cobalt, “Nevel Oy is a leading district heating and industrial energy solutions company that owns and operates more than 130 heat and power plants and over 40 district heating networks across Finland, Sweden, and Estonia, together with one of the most sophisticated digital operating platforms on the market.”

Cobalt describes Finland’s State-owned Vapo Oy as having “long traditions starting from 1940 both in the field of energy and the production of horticultural peat, today employing approximately 1,000 people in seven different countries across Europe.”

Cobalt’s team included Partners Martin Simovart, Marina Kotkas, Aivar Taro, Elo Tamm, and Karina Paatsi, Senior Associates Heleri Tammiste, Mattias Tammeaid, and Madis Reppo, Associates Helen Sool and Stella Raudsepp, and Assistant Lawyers Richard Reiles and Mari Teder.

The Tallinn office of Cobalt has advised Estonian energy group Alexela on its receipt of a EUR 37 million loan from Sihtasutus KredEx, a financing institution established by the Estonian Ministry of Economic Affairs and Communications. Ellex Raidla advised KredEx on the deal.

According to Cobalt, “the loan was granted by SA KredEx to Alexela Varahalduse AS, the holding company of the Alexela Group, pursuant to the decision of the Government of the Republic and in accordance with the State aid Temporary Framework of the European Commission within the context of the outbreak of COVID-19. The loan … enables Alexela, among other things, to maintain more than 500 jobs in Kivioli Keemiatoostus, a company belonging to the Alexela group, which in turn means that the living conditions of more than 1500 persons, in terms of households, will be maintained by Kivioli Keemiatoostus as the biggest employer in Kivioli.”

“What makes us most happy is knowing that as an employer in the Luganuse municipality … we’ll be able to maintain the living conditions of many households by maintaining the jobs of our employees,” commented Alexela Group CEO Andreas Laane. Laane added that Alexela paid “well above EUR 100 million of taxes to the state each year, and Kivioli Keemiatoostus alone paid almost EUR 10 million of various taxes to the state, and therefore EUR 37 million of loan money would be a reasonable amount for the state, as the state would retain its tax income, and in addition, the loan would be returned not later than in five years.”

Cobalt’s team included Partner Marina Kotkas, Senior Associate Mattias Tammeaid, and Assistant Lawyer Christine Magi.

Ellex Raidla’s team included Partner Ermo Kosk, Counsels Toomas Kasesalu and Rain Raa, and Senior Associate Martin Maesalu.

The Riga office of Cobalt has helped 3Commas raise USD 3 million in series A funding from Alameda Research.

3Commas is a crypto currency trading platform that was founded in Tallinn, Estonia, in 2017. The platform services over 100,000 users on all major exchanges with aggregate trading volumes exceeding USD 12 billion in 2020.

Alameda Research is a crypto currency trading company that manages over USD 300 million in digital assets and trades USD 1.5 billion per day across thousands of products.

Cobalt’s team consisted of Partner Kristel Raidla-Talur, Senior Associate Greete-Kristiine Kuru, and Assistant Lawyer Johanna Lumiste.

Cobalt did not reply to an inquiry about the deal.

Cobalt has advised Ambient Sound Investments and other shareholders on the sale of 100% of the shares of InBio to Semetron.

Financial details of the transaction were not disclosed.

Semetron is an Estonian distributor of medical equipment and supplies, and InBio is a distributor and marketer of laboratory equipment and supplies in Estonia, Latvia, and Lithuania.

Cobalt’s team included Partner Peeter Kutman and Senior Associates Liina Saaremets and Tonu Kolts.

Cobalt did not reply to an inquiry about the deal.

Cobalt has advised Passion Capital on its USD 1.4 million seed-round investment into Warren.io. Hedman Partners advised Warren.io on the deal.

Passion Capital is an early-stage investment fund based in London that is primarily focused on venture capital, technology and software, startups, seed funding, and Internet.

Warren.io is an Estonian start-up engaged in developing a private cloud platform that helps companies manage their infrastructure across different IaaS providers, private clouds, and individual server nodes.

Cobalt’s team consisted of Partner Kristel Raidla-Talur and Senior Associate Sven Bottcher.

Hedman Partners’ team included Partner Valter Vohma and Senior Associate Kati Pino.

Ellex Raidla has helped Skeleton Technologies Group raise EUR 41.3 million in a funding round from a group of investors, including EIT InnoEnergy, FirstFloor Capital, MM Group, and Harju Elekter.

Skeleton Technologies is a Tallinn-based developer and manufacturer of super-capacitors and energy storage systems for the automotive, transportation, grid, and industrial sectors. The company’s manufacturing facilities are located in Germany. 

Ellex Raidla’s team included Partner Ermo Kosk and Senior Associate Sandra Vark.

Attorney Erki Fels has taken over as Head of the Public Procurement practice at PwC Legal Estonia from Partner Priit Latt.

According to PwC Legal, Latt “will focus on the development of other areas, but, as a Partner, will still be responsible for the areas of intellectual property/IT, tax disputes, and public procurements.”

PwC Describes Fels as “a trial lawyer, one of the leading Estonian specialists in Public Procurement Law, and probably the most active attorney in Estonia who also teaches at a university.  As a visiting lecturer, Erki Fels has given Procurement Law lectures at the University of Tartu, reviewed and supervised Master’s theses, prepared an analysis on the conditions of the average salary for the Ministry of Finance, and is one of the co-authors of the commented version of the Public Procurement Act.”

Fels holds a Master’s degree from the University of Tartu. Prior to joining PwC Legal in 2016, he spent over two years as a Consultant with the Tallinn Circuit Court.

“PwC Legal strives to become a market leader in the public procurement area, [and] my goal as the manager of the procurement area is to maintain and strengthen the position of PwC Legal in the legal market,” commented Fels. “Firstly, we wish to be involved in the majority of disputes and represent major Estonian contracting authorities and tenderers. Secondly, we wish to become the largest in-house advisor, helping to carry out large-scale and innovative procurements. Thirdly – we wish to be active in training activities, academic work, and lawmaking processes.” He added that he is “happy when our clients are successful. Thanks to their trust and long-term cooperation we have acquired in-depth competence in all sectors where procurements are crucial: IT, construction, public transport, medical science, environment, security, infrastructure, and network sector.” 

Indrek Kukk has become Head of the Public Law and Regulation practice at PwC Legal Estonia. 

PwC describes Kukk as having “extensive experience in resolving legal disputes, having represented clients in numerous complex civil and administrative cases, including precedent-setting legal disputes in financial, tax, environmental and public procurement law. In addition, Indrek has a thorough knowledge of construction and planning law, having consulted both developers and persons affected by development, including local governments.”

Kukk holds a Master’s degree from the University of Tartu. Prior to joining PwC Legal in 2018, he spent over eight years with the Maria Magi Law Office.

According to PwC, “after taking charge of the area, the responsibilities of Indrek will include advising clients in the areas of the public sector and constitutional law, and regulated economic sectors, including the issues related to State liability, oversight, environment, energy, and use of mineral resources. Indrek will start developing the area in close cooperation with our real estate, public procurement, and competition law teams. In addition, Indrek will continue to work on the legal dispute team, focusing both on civil as well as administrative disputes, including tax disputes.”