Category: Lithuania

Ellex has advised Hollister Incorporated on launching a new shared services center in the Kaunas Free Economic Zone, in Lithuania.

Hollister is a global healthcare company. According to Ellex, it has “chosen to broaden its operational services by launching a new shared services center in the Kaunas Free Economic Zone. The new center will provide finance and accounting services for various Western and Central European companies.”

“Hollister entered the Lithuanian market in 2017, investing approximately EUR 50 million in the newest manufacturing plant in the Kaunas FEZ territory. The plant produces ostomy care and continence care products,” the firm reported. The new investment represents “the company’s ongoing commitment to Lithuania, highlighting their confidence in the country’s business-friendly climate and extensive talent pool.”

Back in 2019, Ellex advised Hollister on the construction of a factory in the Kaunas FEZ territory (as reported by CEE Legal Matters on October 11, 2019).

The Ellex team included Partner Ruta Armone, Associate Ausra Abraityte-Gedmine, and Junior Associate Ruta Tamulionyte.

Adon Legal has advised facility and property management holding City Service on securing an EUR 18.9 million financing from Swedbank.

According to the firm, “this transaction will help City Service fulfill their financial commitments and facilitate their expansion plans.”

Adon Legal describes City Service SE as “a holding company which manages one of the largest corporate groups engaged in facility and property management and integrated utility services in Europe.” Its key markets are Spain, Poland, Lithuania, and Latvia).

The Adon Legal team was led by Partner Marius Matiukas.

Lithuania’s Marius Dobilas and Renata Jatuzyte-Muleviciene have been appointed as Partners at Walless.

Dobilas, a public procurement and PPP expert, has been with the firm since 2018, joining as a Senior Associate and making Associate Partner in 2019.

Jatuzyte-Muleviciene, a dispute and environmental law expert, has been with Walless since 2021. Earlier, she spent almost three years with Magnusson, almost seven combined years with Veto, and five and a half years in-house with City Service.

“I am delighted to start this new stage of my professional journey,” Dobilas commented. “My dedication to public procurement and public-private partnerships over the past thirteen years has been fuelled by a pursuit to create a higher quality environment for all and the imperative of excellence and collaboration.”

“I have always been strongly supported at Walless, and the opportunities provided here have helped me achieve what I can proudly celebrate today,” said Jatuzyte-Muleviciene. “The firm’s commitment to exceeding client expectations is what I find most inspiring. I am delighted to be a part of it and grow together.”

“I’m proud of Marius, Renata, and our team, full of ambitious talent,” Managing Partner Dovile Burgiene added. “It’s even more rewarding when they progress in their career path within the firm! Both new Partner Experts are not only masters in their specializations but also have a unique ability to solve complex client problems for which legal knowledge alone is often insufficient.”

Ellex has advised Capitalica Asset Management on the establishment of its Capitalica Debt Fund targeting Baltic companies’ high-yield bonds.

Capitalica Asset Management is an SBA Group investment management company.

According to Ellex, “the fund will invest in high-yield bonds of companies from the Baltic region and other European countries. Priority will be given to small and medium-sized enterprises with limited access to conventional bank financing. The fund will aim for an average annual return of 10% and plans to distribute up to 5% of funds periodically to investors. The fund will promote investments with positive environmental or social qualities, or a combination of such characteristics.”

The Ellex team included Associate Partner Gyte Maleckaite and Senior Associate Domantas Gudonis.

Ellex Valiunas has advised Lords LB Asset Management-managed Investmira on the successful redemption of its EUR 55 million bond issuance from 2021.

After completing the development stage of the Artery business center in Konstitucijos Avenue, the company decided to redeem EUR 55 million in bonds. “Artery is the second commercial real estate project developed by Lords LB Asset Management in the center of Vilnius in the last two years. The project garnered significant attention from tenants: by the end of the building’s construction, 90% of the center’s area was already leased,” Ellex reported.

According to the firm, “Investmira has achieved the largest redemption of a private placement bond issue in the history of the investment management company.”

The Ellex team included Partner Ieva Dosinaite, Associate Partner Egle Neverbickiene, and Associate Egle Radvilaite.

Former Associate Partner Alina Makovska has been elevated to full Partner status with Walless, as the firm’s 30th Partner in the Baltics.

Makovska specializes in corporate/M&A and employment law. She has been with Walless since 2019, when she joined as a Senior Associate, before making Associate Partner in 2020. Earlier, she spent eight years with Ellex and almost three and a half with Balciunas & Grajauskas.

“I am exceptionally pleased when ambitious talents grow in our team,” Managing Partner Dovile Burgiene commented. “Alina is a modern lawyer who understands business problems that need to be solved and creatively uses the modern technological tools that are constantly emerging.”

“Having been with Walless since the beginning, I can confidently say that it is more than just a law firm; it is a strategic business partner and, for me, being part of something bigger,” Makovska added.

Dentons and TGS Baltic have advised the European Investment Bank and Nordic Investment Bank on their EUR 64 million project financing for Ignitis Renewables to fund the Mazeikiai wind farm in Lithuania. Walless and Linklaters advised the Ignitis Group.

The 63-megawatt Mazeikiai wind farm has 14 wind turbines, with a production capacity of more than 200 gigawatt-hours a year, which is enough to power 90,000 homes. The wind farm commenced operations in August 2023 and will contribute to Lithuania’s green energy transition.

Ignitis Renewables is a Lithuania-headquartered international green energy company.

According to Dentons, each bank provided Ignitis with a 12-year loan of EUR 32 million, for a total of EUR 64 million, which will cover approximately 75% of the total investment in the project.

The Dentons team included Warsaw-based Partner Mark Segall, Counsel Pawel Dlugoborski, Senior Associate Lukasz Blaszczak, and Trainee Magdalena Luniak.

The Walless team included Partner Gediminas Reciunas, Associate Partner Enrika Tamasauskaite, and Junior Associate Gina Petkeviciute.

On December 14, 2023, Walless announced the merger of the retail businesses of Invalda INVL and Siauliu Bankas (reported by CEE Legal Matters on November 29, 2022) had closed.

According to Walless, “the largest Lithuanian capital bank has seamlessly integrated its retail business with INVL, the leading investment management and life insurance group in the Baltics. With the completion of this merger, Siauliu Bankas has expanded its service portfolio to include pension and investment fund management, elevating its offerings to a new level. Moreover, the life insurance services of Siauliu Bankas will now encompass a broader scope and geography. Invalda has emerged from this deal with a significant 9.39% share capital in Siauliu Bankas.”

Walless advised Siauliu Bankas. As previously reported, Sorainen advised Invalda INVL on the EUR 40.2 million merger agreement. 

Invalda INVL is an investment management and life insurance group operating in the Baltic region. Siauliu Bankas is a Lithuanian bank.

“The merger of these retail businesses will deliver greater value for clients, employees, and investors,” Invalda INVL President Darius Sulnis commented. “INVL’s existing clients will continue to receive professional saving, investment, and life insurance solutions as well as having additional access to the bank’s wider suite of services. The combined team’s shared aim is for the bank’s services to be the best choice available for customers. Employees, for their part, will have increased opportunities to develop and realize their potential. A bank that is actively growing, expanding its portfolio of services, maintaining high profitability, and is attentive to its share value should become even more attractive to institutional and private investors.”

The Walless team was led by Managing Partner Dovile Burgiene, Partner Laurynas Narvydas, and Associate Partner Arturas Grimaila and included over 20 of the firm’s professionals.

Ellex Valiunas has advised the EBRD on its EUR 15 million loan to ECSO. Walless advised the borrower.

ECSO is a Lithuanian plastic pellet producer that produces pelletized polymer (LDPE) granules using recycled industrial and household plastic waste. The granules are in turn used in the manufacture of products such as plastic packaging and bags. ECSO is owned by private equity investor Abris Capital Partners.

According to Ellex, “the EBRD’s partnership with ECSO will support the company’s capital expansion plans, which are aimed at implementing new solutions such an automatic sorting center for waste input, and the improvement of product filtration systems, quality control, and water filtration systems. These solutions will lead to a more efficient production process and improve the quality of ECSO’s products.”

The Ellex team included Associate Partner Egle Neverbickiene, Associate Ainis Augustas Petrulis, and Expert Tadas Kavaliauskas.

The Walless team included Partner Gediminas Reciunas, Associate Partner Enrika Tamasauskaite, and Junior Associate Gina Petkeviciute.

Ellex Valiunas has advised E Energija group company Kogeneracija on the sale of 100% of shares in Miesto Energija and Pramones Energija and a 4,34% stake in Klaipedos Energija to Vilniaus Silumos Tinklai. TGS Baltic reportedly advised the buyer.

Closing is expected in the first half of 2024, pending regulatory approval.

The transaction was part of Vilniaus Silumos Tinklai’s long-term strategy of expanding in Klaipeda. According to Ellex, Vilniaus Silumos Tinklai is the largest Lithuanian heat and hot water supply company, serving more than 210,000 households and business entities in the capital.

The annual consolidated income of Pramones Energija and Miesto Energija is about EUR 5.5 million and the share of renewable and waste heat energy sources in their fuel structure is 100%, the firm reported.

The Ellex Valiunas team included Partner Ramunas Petravicius, Competition Expert Simona Liuimiene, and Associate Andrej Jemeljanov.