Category: Latvia

Sorainen has advised Noda on registering its trademark in the European Union.

Noda is a payment provider.

The Sorainen team included Partner Ieva Andersone, Senior Associate Santa Praulina, and Assistant Lawyer Krisjanis Knodze.

Cobalt has advised Creditreform Latvija on a multi-stage reorganization. 

According to Cobalt, as part of the reorganization, the company’s credit information operations have been transferred to Crefo Rating, now Creditreform Rating. In addition, its sister company B2Kapital SIA has been merged into Creditreform Latvija, and the debt recovery and loan portfolio acquisition business has been fully transferred to the B2 Impact ASA group. 

The Cobalt team included Partners Toms Sulmanis and Sandija Novicka and Senior Associates Marija Berdova and Ivo Maskalans.

Cobalt has successfully represented Swedish truck manufacturer Volvo Truck Corporation in a dispute initiated by Balta against Latvian truck conversion specialist Unitruck.

According to Cobalt, Balta had claimed nearly EUR 469,000 in damages plus statutory default interest following a truck fire during the warranty period. The dispute arose when a Volvo truck, equipped with woodchipper machinery by Unitruck, caught fire. Both Unitruck and Volvo argued that the incident resulted from incorrect use – an exception to the warranty – rather than a defect in the manufacturer’s equipment.

According to the firm, following proceedings before three court instances, Cobalt demonstrated that the truck and equipment were operated in breach of Volvo’s usage instructions, thereby activating the warranty exceptions. The dispute concluded with the Republic of Latvia’s Senate declining cassation proceedings, effectively upholding the second instance court’s decision.

The Cobalt team included Partner Sandija Novicka and Senior Associate Sabīne Zaula.

Ellex has advised Altor Fund IV on divesting from Nordic Tyre Group to Axcel Fund VII.

NTG is an independent tire wholesaler across the Nordics and Baltics. According to Ellex, it was built on a foundation established in 2019 through a partnership with the founders of Gummigrossen and Rengasduo. In 2021, NTG expanded its reach by acquiring the Latakko group companies in Latvia, Lithuania, and Estonia – establishing itself as the largest tire distributor in the Baltics.

The Ellex team included Partner Sarmis Spilbergs, Senior Associate Kaspars Olsevskis, and Associate  Eliza Semkina.

Ellex did not respond to our inquiry on the matter.

Cobalt has advised European Energy on EUR 68 million financing to construct a 148 megawatt-peak solar farm in Latvia. Sorainen, Watson Farley & Williams, and Moalem Weitemeyer reportedly advised the lenders.

European Energy is a Danish renewable energy developer.

According to Cobalt, the financing package is provided by a consortium of financial institutions including Nordic Investment Bank, Luminor Bank, and NORD/LB. NIB’s EUR 28 million loan is supported by the EU’s InvestEU Framework Operation on Clean Energy Transition, marking NIB’s first InvestEU loan in Latvia. The new solar farm will generate green electricity for over 40,000 households, advancing the country’s green transition and reducing its dependence on imported energy. 

Moreover, Cobalt reports that Stelo Orienta, a subsidiary of European Energy, will commence construction in early 2025, with commercial operations expected in the first half of 2026.

The Cobalt team included Partner Gatis Flinters and Senior Associates Inga Tenisa and Martins Tarlaps.

Cobalt has advised Coffee Address Holding on raising EUR 5 million in a private bond placement, to support its growth strategy, with Signet Bank as the arranger.

Coffee Address Holding is a coffee solutions provider in the Baltics.

According to Cobalt, the bond issue attracted significant interest, with total demand reaching EUR 9.2 million – an oversubscription of 84% – from 37 investors, of which institutional investors accounted for 61% and private investors 39%. The bonds have a three-year maturity and carry a coupon rate of 8.50%.

The Cobalt team included Partner Edgars Lodzins and Senior Associate Krisjanis Buss.

Ellex has successfully represented Alltech in a trademark opposition case against Actizen in Latvia.

According to Ellex, the US-based company Alltech markets animal feed additives under the trademark ACTIGEN in the EU. It has successfully resolved a trademark dispute with Latvian company Sagitus which arose over Sagitus’s registration of the trademark ACTIGEN in Latvia for goods under Class 5, including medicines and dietary supplements intended for animals.

Moreover, Ellex reports that the dispute was amicably settled with Sagitus agreeing to limit the scope of its ACTIGEN trademark registration in Latvia so that the registered goods do not include any references to animals.

The Ellex team included Partner Martins Gailis and Associate Anna Marta Riekstina.

Ellex has advised Sportland on its acquisition of 4.2 hectares of land in Marupe, Latvia. 

According to Ellex, located near Riga airport and adjoining two existing Sportland properties, the plot will enable the expansion of Sportland’s logistics center. 

The Ellex team included Partner Ilga Gudrenika-Krebs and Senior Associate Inese Freivalde.

Ellex did not respond to our inquiry on the matter.

Cytowski & Partners has advised Latvian Trace Space on its USD 4 million seed round with Berlin-based Cherry Ventures. Goodwin Procter reportedly advised Cherry Ventures.

Trace Space builds AI tools for product manufacturing. According to Cytowski & Partners, the funds will be used for product development and go-to-market efforts in the US and Europe.

In 2023, Cytowski & Partners advised Trace Space on its USD 1.5 million pre-seed financing (as reported by CEE Legal Matters on February 16, 2023).

The Cytowski & Partners team included Partner Tytus Cytowski and Associates Eresi Uche, Kunal Kolhe, Fabiana Morales, and Heidi Fan. 

Cobalt has advised Linstow Baltic on an agreement with Snabb to operate parking services at the Origo shopping center, Radisson Blu Latvija, Radisson Elizabete, and several open-air locations in central Riga.

Linstow Baltic is a real estate developer and manager.

According to Cobalt, under this arrangement, Snabb will implement license plate recognition cameras and contactless payment systems, in partnership with Mobilly, to enhance customer convenience. Snabb has already been operating at Ulemiste, the largest shopping and entertainment center in Estonia developed and managed by Linstow Baltic, since January 2024.

The Cobalt team was led by Partner Toms Sulmanis.