Category: Latvia

Ellex, working with Thommessen, has advised Accent Equity on the acquisition of Brimer from Entec Group. Wikborg Rein reportedly advised the Entec Group.

According to Ellex, the acquisition includes Brimer’s operations in Norway and Latvia, with Brimer management co-investing alongside Accent Equity to accelerate the company’s growth.

Founded in 1974, Brimer is a European supplier of composite/GRP solutions for critical infrastructure at sea and on land. The group’s Latvian subsidiaries operate under the Norplast brand.

Accent Equity, established in 1994, invests in Nordic private companies.

The Ellex team included Lativa-based Partner Sarmis Spilbergs, Senior Counsels Iveta Ceple and Eduards Dzintars, Senior Associates Kaspars Olsevskis, Ints Skaldis, and Niklavs Zieds, and Associate Ineta Kanepe.

Cobalt, working with Dentons, has advised AirBaltic on the sale of a minority stake to Lufthansa Group. Eversheds Sutherland Bitans advised Lufthansa Group.

The transaction remains contingent on regulatory approval.

According to Cobalt, “the Ministry of Transport of Latvia, airBaltic, and Lufthansa Group have announced the signing of an agreement for Lufthansa Group to invest EUR 14 million in airBaltic to acquire a minority stake and the Supervisory Board seat. In return for its investment, Lufthansa Group will receive a convertible share granting a 10% stake, which will be issued at a subscription price of EUR 14 million and converted into ordinary shares upon a potential IPO of airBaltic. After the IPO, the size of Lufthansa Group’s stake will be determined by market pricing of the potential IPO, with Lufthansa Group’s holding amounting to no less than 5% of airBaltic capital.”

Lufthansa Group will also appoint a Supervisory Board member upon closing of the investment. 

In 2024, Cobalt advised on AirBaltic’s EUR 40 million issuance (as reported by CEE Legal Matters on November 18, 2024), on its EUR 340 million bond issuance (as reported by CEE Legal Matters on May 27, 2024), and on the construction of the Baltic cargo hub (as reported by CEE Legal Matters on February 21, 2024).

The Cobalt team included Partners Gatis Flinters, Guntars Zile, Edgars Lodzins, and Ugis Zeltins and Senior Associates Diana Zepa, Krisjanis Buss, and Kristine Ravina.   

The Eversheds Sutherland Bitans team included Counsel Lauma Berzina and Senior Associates Karlis Jekabs Ivans, Elina Vilde, and Gunta Lokastova.

Editor’s Note: After this article was published, Dentons announced that its team advising AirBaltic included Partners Nik Colbridge, Christopher Graf, and Maren Tamke, Counsel Arne Karsten, Senior Associates Christopher Winn, Wei Wu, and Tanya Macrae, and Trainees Suilen Perez Sera and Kelly Johnson.

Walless has advised Indexo Real Estate Fund on its acquisition of the Olimpia shopping center in Riga for over EUR 40 million. 

Olimpia shopping center is located at 5 Azenes Street in Riga, has a net lettable area of 20,991 square meters, and offers a range of sports and leisure goods in Latvia.

Indexo Real Estate Fund is managed by Provendi Asset Management AIFP.

The Walless team included Partners Kristine Gaigule-Saveja, Inguna Abele, and Zane Eglite-Fogele, Associate Partner Andis Ozolins, Senior Associates Zane Karklina, Baiba Krievina-Sutora, Tatjana Sinkevica, and Mara Bekere, Associate Karlis Murnieks, and Junior Associate Emils Klavs Liepins.

Walless was not able to provide more information on the matter.

TGS Baltic has advised the Latvian Electronic Public Media Council on the merger of Latvian Radio and Latvian Television creating a single national public media entity known as Latvian Public Media.

According to TGS Baltic, as of January 2, 2025, LSM combines the professional teams and resources of both broadcasters – alongside the internet portal LSM.lv – into one public media organization. Established under an amended Electronic Public Media and Governance Law, LSM launched with 865 employees and a state-funded budget of EUR 51 million. By year-end, an additional EUR 19 million is expected, bringing the total budget to approximately EUR 70 million. 

The TGS Baltic team included Partner Andra Rubene, Senior Associate Vladlena Rudusane, and Associate Toms Tidemanis.

TGS Baltic has advised Colonna on the sale of a portfolio of 11 Rimi grocery stores across Latvia to Lumi Retail Property Fund. Walless advised the buyers.

Colonna is a commercial property investor in the Baltics.

Lumi Retail Property Fund is a fund managed by Nuve Partners. 

According to TGS Baltic, situated primarily in regional towns, the stores feature convenient locations, long-term lease agreements, and consistent foot traffic, making them attractive sustainable retail real estate investments.

The TGS Baltic team included Partner Inese Hazenfusa, Counsel Janis Bite, Senior Associates Dita Busa and Senior Associate Rudolfs Vilsons, and Associate Karina Narnicka–Cumakova.

The Walless team included Partners Kristine Gaigule-Saveja and Inguna Abele, Associate Partner Valters Diure, Senior Associates Laura Tumina, Baiba Krievina-Sutora, Tatjana Sinkevica, and Kristers Zalitis, and Junior Associate Emils Klavs Liepins.

TGS Baltic, working with Vinge, has advised Helix Kapital on the sale of its shares in the Spring Media Group to Two Circles. The transaction also involved a buyout of local minority shareholders in SIA 4.vara who were advised by TGS Baltic and CMS’ Stockholm office. Sorainen and Latham & Watkins reportedly advised Two Circles.

Helix Kapital is a Swedish private equity firm.

Spring Media Group is an international full-service sports media agency.

Two Circles is a sports and entertainment business.

According to TGS Baltic, with this transaction, HLXK Kapital AB sold 100% of the shares in Spring Media Intressenter AB, a Swedish holding company, which includes Latvia-based SIA 4.vara.

The TGS Baltic team included Partner Andra Rubene and Senior Associates Anna Vaivade, Vladlena Rudusane, and Rudolfs Vilsons.

Cobalt has advised Decathlon on a new lease agreement with Spice Home shopping center in Riga, Latvia. Azanda & Associates reportedly advised Spice Home.

According to Cobalt, the lease agreement will enable Decathlon to open up a new 3,000-square-meter store in mid-2025. “To accommodate Decathlon’s arrival, over EUR 1 million will be invested in infrastructure and environmental improvements.”

The Cobalt team included Partners Toms Sulmanis and Dace Silava-Tomsone and Associate Krista Helmute.

TGS Baltic has advised Latvian agricultural cooperative LPKS Latraps on the EUR 8 million issuance and listing of bonds on the Nasdaq Riga First North alternative market with Signet Bank as the arranger.

According to TGS Baltic, “the purpose of the agricultural cooperative bond issue is to raise funds for the establishment of SIA ASNS Ingredient, the most modern production plant for pea protein isolate in Northern Europe. The production process of pea isolate is technologically very complex and investment intensive. In addition to the construction of the plant, the external partners of ASNS Ingredient will also develop heat and energy supply, water treatment, and biogas production, which will be as outsourced services. Thus, the total investment in the project will reach more than EUR 150 million.”

The TGS Baltic team included Partner Inese Hazenfusa and Associate Martins Galzons.

Walless has advised Baltic Horizon Fund on an office lease agreement with the International School of Riga. Sorainen reportedly advised International School of Riga.

Baltic Horizon Fund is a listed real estate fund.

According to Walless, the agreement will enable ISR to create a modern, expanded campus in the S27 building located in the Skanste district. The 3,680-square-meter space will serve the school’s growing secondary school community.

The Walless team included Latvia-based Managing Partner Kristine Gaigule Saveja, Partners Evaldas Klimas and Indre Jonaityte-Grice, Senior Associate Laura Tumina, and Junior Associate Emils Klavs Liepins.

Eversheds Sutherland has advised Everfield on its acquisition of Meditec AB and Medicloud SIA. Cobalt advised the sellers.

Everfield is an investor focused on European software companies.

Meditec AB and Medicloud SIA are Latvian healthcare software companies.

The Eversheds Sutherland team included Senior Partner Maris Vainovskis, Partner Anete Marhele, Senior Associate Dmitrijs Nemirovskis, Associates Beatrise Luksevica and Sintija Plata, Lawyer Lauma Renina, and Junior Lawyer Edijs Bierands.

The Cobalt team included Managing Partner Lauris Liepa, Partner Sandija Novicka, Senior Associate Diana Zepa, and Associate Vadims Zvicevics.