Category: Latvia

Zane Bule-Mitka and Zane Veidemane-Berzina have been appointed as Associate Partners at Ellex Klavins.

Bule-Mitka specializes primarily in M&A transactions and commercial law. She has been with the firm for two years. Before joining Ellex, she spent two years with 4finance as well as six and a half years with Cobalt. Bule-Mitka began her career with Ellex, first joining the firm back in 2003 and spending five and a half years with the team as an Associate.

Veidemane-Berzina, who joins Ellex from SEB, is a banking & finance specialist. She was also appointed Co-Head of the firm’s Banking & Finance practice. Before her move, Veidemane-Berzina spent over two years as a Baltic Regulatory Affairs Officer with SEB Bank. Earlier, she spent over 15 years with Kronbergs, Cukste, Levin and a further two with EY Law.

“We are very delighted to start this year with great news – the two new associate partners are an invaluable addition to our team,” Ellex Latvia Managing Partner Liga Merwin commented. “With their input, we will continue to develop our leadership both in M&A transactions and in the area of finance, in order to continuously provide clients with the highest level of support in all the important matters that ensure their growth.”

TGS Baltic has advised Impact Ventures on its EUR 1.2 million investment, together with Kendris Capital, in Naco Technologies.

Impact Ventures I is a private equity fund. Latvia-based Naco Technologies develops nano-coatings for green hydrogen systems.

According to TGS Baltic, “with this funding, Naco Technologies plans to establish a presence in strategic markets to foster global partnerships and client relationships, particularly with electrolyzer and fuel cell manufacturers, further innovation in nano-coatings to improve green hydrogen production and consumption and invest in talent and infrastructure to support the growing demand for green hydrogen technologies.”

The TGS Baltic team included Partner Andra Rubene, Senior Associate Alina Lepere, Attorney at Law Janis Bite, and Associates Evija Abele and Kaspars Treilibs

Drill has advised DelfinGroup on securing EUR 11 million in financing for its business development initiatives from Cyprus-based Multitude Bank.

DelfinGroup is a  Latvian fintech company.

“DelfinGroup is growing rapidly and the financing raised will allow us to accelerate our growth, helping to move closer to our strategic goals,” commented  DelfinGroup Member of the Management Board and Chief Finance Officer Aldis Umblejs. “In the third quarter of this year, the company’s loan portfolio has already reached a record level of EUR 84.6 million. The funding raised is another strategic step towards growth, enabling the company to realize its ambitious goals, including reaching a loan portfolio of 100 million euros by 2025.”

The Drill team included Partner Ramona Miglane, Senior Associate Margarita Ivanova, and Associate Edgars Arinieks.

After spending one year as an Associate Partner with Walless, Zane Bormane has rejoined Triniti in Latvia as a Partner in December 2023.

Bormane specializes in data privacy, information technology matters, commercial law, public procurement, labor law, and litigation while maintaining a particular focus on the IT industry.

Before rejoining Triniti in 2023, Bormane spent one year with Walless. Her previous tenure as a Partner with Triniti lasted for two years, between 2020 and 2022. Earlier, she spent two years as head of her own firm, 12 years as a Partner with Velmers un Velmere, starting in 2005, and six years as an Assistant Lawyer and Attorney at Law with Garants. She started her career with Grunte & Cers, where she spent three years as an Assistant Lawyer between 1996 and 1999.

“Zane’s addition as a Partner reinforces our commitment to providing top-notch legal services, especially in the dynamic and evolving landscape of information technology and commercial law,” Triniti announced.

Ellex, working with Stikeman Elliott, has advised Alimentation Couche-Tard on its issuance of Series 7 senior unsecured notes for an aggregate principal amount of CAD 800 million.

Alimentation Couche-Tard is a Canadian multinational operator of convenience stores.

According to Ellex, “the notes are offered in Canada by way of private placement and will be due in 2030, and the proceeds will be used for the refinancing of the Series 7 senior unsecured notes due in 2024.”

The Ellex team included Associate Partner Marta Cera and Senior Associate Anna Misneva.

Cobalt has advised Luxembourg-based investment fund Marguerite on the closed sale of its 28.97% stake in Latvijas Gaze to Energy Investments following the fund’s successful divestments of the regulated assets of Latvijas Gaze.

Latvijas Gaze is a Latvian natural gas trading and sales company.

Energy Investments SIA is a holding vehicle backed by the management team of Latvijas Gaze.

Marguerite is a European investor in long-life greenfield and brownfield expansion infrastructure.

According to Latvijas Gaze, “the management buy-out process will enable Latvijas Gaze to not only maintain its position as one of the Baltic energy leaders but also lead the way in innovative products and services based on the major international market trends.”

“We are pleased to have supported Latvijas Gaze in the last seven years and played a part in the development and unbundling of infrastructure assets which are critical for the security of gas supply in the region,” Marguerite CEO Nicolas Merigo commented. “This divestment reaffirms our strategy of actively managing high-quality infrastructure assets to deliver attractive returns to our investors.”

The Cobalt team was led by Partner Guntars Zile and Senior Associate Martins Tarlaps.

Cobalt has advised Eco Baltia on its second EUR 10 million issuance of three-year bonds, conducted as a private placement with arranger Luminor Bank and distributor Siauliu Bankas. Eversheds Sutherland was the bondholders’ trustee.

Eco Baltia is the largest environmental resource management group in the Baltics. According to Cobalt, “the issue attracted strong investor interest, with total demand exceeding the issue size by 1.7 times, and orders were received from over 100 institutional and retail investors in Estonia, Latvia, and Lithuania. The proceeds from the issue will be used to further the company’s development strategies through the acquisition of new companies and to strengthen its position in the international market.”

Earlier in 2023, Eversheds Sutherland also worked on Eco Baltia’s inaugural EUR 8 million bond issuance (as reported by CEE Legal Matters on February 16, 2023).

The Cobalt team included Partners Edgars Lodzins and Sandija Novicka and Junior Associate Jurijs Georgs Rusakovs.

The Eversheds Sutherland team included Senior Partner Maris Vainovskis, Senior Associate Justine Ignatavicute, and Associate Karlis Jekabs Ivans.

Cobalt has advised real estate developer and manager Linstow Baltic on its sale of a 3.6-hectare land plot in Riga to Rimi Latvia for EUR 8 million.

Rimi Baltic is a retail operator in the Baltic states based in Riga. It is a subsidiary of Swedish group ICA. Rimi Baltic operates 291 retail stores, including 132 in Latvia, ranging from hypermarkets to convenience stores.

The sold 3.6-hectare land plot is located at 382 Brivibas Street, Riga, next to the Akropole Alfa shopping center. According to Cobalt, “this is the largest land transaction, both by area and value, in Riga in 2023.”

The Cobalt team included Managing Partner Dace Silava-Tomsone, Partner Sandija Novicka, Specialist Counsel Sabine Vuskane, Senior Associate Juta Meimere, and Associates Krista Helmute and Toms Dreika.

TGS Baltic has helped Lenoka obtain permission from the Competition Council to acquire the lease rights and open a Mego store at the Driksas 4 location in Jelgava – which was previously leased by Maxima Latvija.

According to TGS Baltic, Lenoka, which operates Mego, one of the “largest retail chains in Latvia, […] received the merger clearance decision of the Competition Council allowing the acquisition of lease rights of the premises at Driksas iela 4, Jelgava, previously leased by Maxima Latvija, from Marno J.”

“The transaction fell under merger clearance obligation, as Lenoka acquired assets – lease rights to the premises in the shopping center – previously leased by its competitor,” TGS Baltic reported.

The TGS Baltic team included Partner Andra Rubene and Senior Associate Mara Stabulniece-Veldruma.

Cobalt has advised the Amber Beverage Group Holding on listing the notes from its EUR 30 million April 2023 bond issuance on the Nasdaq Baltic Bond List.

The Amber Beverage Group Holding is a spirits company. Starting with its initial production business in the Baltics, the company has developed a global presence in the alcoholic beverages sector, with over 1,600 employees.

According to Cobat, the listing of Amber Beverage Group Holding bonds on Nasdaq Riga, following its listing at the Frankfurt Stock Exchange, was funded through a private offer to investors from various European countries. The “Amber Beverage Group has joined the capital markets to further develop and strengthen its global position. This move will enhance their capacity to finance large-scale projects,” the firm reported.

Back in April, Cobalt also advised the Amber Beverage Group on its EUR 30 million issuance of four-year senior secured bonds with Signet Bank as the arranger (as reported by CEE Legal Matters on May 3, 2023).

The Cobalt team included Partner Edgars Lodziņs, Senior Associate Krisjanis Buss, and Associate Maira Puzule.