Category: Lithuania

Cobalt has advised Ovoko on a EUR 20 million phase B venture capital investment round led by Smash Capital. Noor advised the founders of Ovko. Sorainen reportedly advised Smash Capital.

According to Cobalt, “the company will use the funds to develop its products – a used car parts business management system, commerce platform, and logistics solutions. The company plans to expand its team, which is expected to add another 100 employees within 18 months.”

“The company has the ambition to become the largest and most appealing platform for the e-commerce of used car parts in Europe, and the investment we have attracted will allow us to move towards this goal,” Ovoko CEO and co-founder Justinas Baranovskis.

In 2022, Cobalt advised Piton Capital on its investment in Ovoko (as reported by CEE Legal Matters on October 17, 2022).

The Cobalt team included Partner Akvile Bosaite.

The Noor team included Partner Andrius Iskauskas, Associate Partner Audrius Slazinskas, and Of Counsel Donatas Zdanavicius.

Cobalt has advised Practica Venture Capital on its exit from MedDream. Ellex reportedly advised the unidentified buyers.

According to Cobalt, “MedDream has successfully completed a strategic transaction and is now part of a group of healthcare IT companies, advised by investor Bregal Unternehmerkapital. After this transaction, Practica Venture Capital KUB successfully exited its investment. This transition allows MedDream to operate more efficiently, delivering its universal medical zero-footprint viewer across various specialties. With over 500 global partners, it is now better positioned to innovate, meet client needs, and expand its OEM market offerings.”

The Cobalt team included Partner Akvile Bosaite.

Cobalt has advised the Fern Group on its 2-year EUR 8 million public bond issuance with an offered annual interest rate of 9%.

The Fern Group is a group of engineering services and industrial construction companies controlling Montuotojas, Fern EPC, and Fern Production. According to Cobalt, “a total of 406 investors purchased Fern Group bonds, and 74% of them were from Lithuania. Interest will be paid quarterly and the bonds offered to investors are secured by a guarantee from the INVL Baltic Sea Growth Fund. The total amount of applications received was EUR 9.522 million, exceeding the supply by one-fifth.”

Moreover, Cobalt reports that “the funds raised through the bonds will be used to refinance previous commitments amounting to around EUR 5 million. Fern Group will settle its debt to the State Investment Management Agency (VIVA), which has financed the activities of the group’s company Montuotojas. The other part of the money, around EUR 2.29 million, will be used for general business needs, for the growth of the group, and the implementation of its strategic objectives.”

The Cobalt team included Partner Eva Suduiko.

TGS Baltic has advised Coinvest Capital on a EUR 825,000 investment in Airvolve alongside Baltic Sandbox Ventures and several accredited business angels.

Coinvest Capital is a Vilnius-based venture capital firm managing EUR 30 million in assets.

Airvolve is a Lithuanian aerospace and defense startup.

According to TGS Baltic, “this investment will be used to develop a unique tactical transport aircraft.”

The TGS Baltic team included Partner Dalia Tamasauskaite-Ziliene, Associate Aurelija Gamulka, Junior Associate Viktorija Janciuraite, and Legal Assistants Inesa Grybova and Meda Stankute.

TGS Baltic did not respond to our inquiry on the matter.

Former Triniti Jurex Attorney at Law Deivis Valiulis has joined Eversheds Saladzius’ real estate and construction team as Partner, together with Senior Associates Raminta Vilcinskaite and Ruta Brazauskiene, Associate Marius Choniakovas, and Lawyer Dominyka Burneikaite.

Before the move, Valiulis spent more than eight years with Triniti Jurex. Earlier, he spent ten years with BalticLaw Offices as Partner.

“I am thrilled and excited to join Eversheds Saladzius,” said Valiulis. “We are delighted with this opportunity to contribute to the firm’s growth and positioning, expanding and consolidating the offer in real estate and construction services to domestic and international clients. With the entire Eversheds Saladzius team we are ready to answer even the most demanding client needs.”

“I am particularly pleased about my new colleagues, professionals recognized in the legal market as top experts in the sector in Lithuania, joining the Eversheds Saladzius team,” added Partner Ana Cepinskiene. “Indeed, new members arrival will accelerate our growth in real estate and construction practice, which is constantly expanding and requires more and more targeted expertise.”

TGS Baltic has advised Nala Renewables on its acquisition of a 34-megawatt solar power plants portfolio in Lithuania from Green Genius.

Nala Renewables is a renewable energy investment and development company.

Green Genius is a renewable energy company.

According to TGS Baltic, “in addition to acquiring the initial 34 megawatts of power plant portfolio, Nala has signed an agreement with Green Genius, under which the international investor intends to acquire another 45-megawatt PV projects in the future. The total portfolio capacity in Lithuania is expected to reach 79 megawatts.”

In 2023, TGS Baltic advised Green Genius on 100-megawatt PV project acquisition in Latvia (as reported by CEE Legal Matters on January 30, 2023) and, in 2022, the firm advised Green Genius on its acquisition of an 85-megawatt wind farm in Lithuania (as reported by CEE Legal Matters on February 23, 2022).

The TGS Baltic team included Partners Dalia Tamasauskiene-Ziliene, Dainius Stasiulis, and Zygimantas Stankevicius, Associate Partner Sebastian Okinczyc, Senior Associates Paulius Dabulskis and Simas Paukstys, Associate Evelina Savickaite, and Legal Assistant Meda Stankute.

TGS Baltic did not respond to our inquiry on the matter.

Walless has advised Affidea Lietuva on its acquisition of the Lithuanian business of Synlab Lietuva. Cobalt, working with CMS’ office in Germany, advised the sellers.

Affidea Lietuva offers consultations, sports medicine, and other health services in its health centers, with laboratory testing conducted on-site.

Synlab is a provider of laboratory services, with a presence in over 30 countries and experience in the field of medical diagnostics, a scientific and consultancy base, and technologies based on clinical trials.

According to Walless, this acquisition adds to Affidea’s integrated full-service outpatient service offering.

The Walless team included Lithuania-based Managing Partner Dovile Burgiene, Partners Darius Miniotas and Aiste Medeliene, Associate Partners Edita Dauksiene and Guoda Sileikyte, Senior Associates Migle Jeremiciute and Gabriele Gudauskiene, Associate Ieva Smigelskaite, and Expert Vytenis Cepe

The Cobalt team included Managing Partner Irmantas Norkus and Specialist Counsel Deimante Pagiriene.

TGS Baltic, working with Dentons, has advised Siauliu Bankas on a EUR 300 million issuance of 4.25-year senior preferred fixed-rate reset notes. Linklaters and Sorainen reportedly advised the arrangers.

According to TGS Baltic, Citigroup, Erste Group, Goldman Sachs Bank Europe, and Morgan Stanley, as well as Siauliu Bankas AB were the joint lead managers.

Furthermore, the firm reports that “the notes may be redeemed early and the interest rate reset at the option of the issuer 3.25 years from the issue date. The annual fixed rate coupon on the notes up to the reset date will be 4.853 %. The notes will be listed on the regulated market of Euronext Dublin.” 

Earlier this year, TGS Baltic advised on EIB and Siauliu Bankas’ agreement for a new EUR 200 million renovation fund (as reported by CEE Legal Matters on February 21, 2024).

The TGS Baltic team included Partners Dalia Augaite and Marijus Krisciunas, Senior Associate Lukas Stankevicius, Associate Nortautas Zenevicius, and Legal Assistant Gabija Sidlauskaite.

TGS Baltic has advised a shareholder of UNA retail park on the sale of shares to EfTEN.

EfTEN is a fund management company focusing on commercial real estate investments in the Baltic States.

According to TGS Baltic, “the UNA retail park is located in a rapidly growing suburb of Vilnius. It is a modern one-story center of over 16,000 square meters, where most tenants have separate entrances that open onto a large courtyard area in front of the center.”

The TGS Baltic team included Partner Agnius Pilipavicius, Associate Partner Elena Mickeviciene, and Legal Assistant Urte Pukaite.

TGS Baltic did not respond to our inquiry on the matter.

Editor’s Note: After this article was published, Fort Legal announced it advised EfTEN. The firm’s team included Partner Ruta Radzeviciute-Meizeraite, Senior Associates Aurelija Grigoraviciute-Rimeisiene, Vadimas Maksimenka, and Paulius Motiekaitis, and Associate Vita Dvarionaite.

TGS Baltic has advised Delamode Baltics on funding from ACP Credit.

Delamode Baltics, part of the Delamode Group, is a freight forwarding and transportation solutions company operating in the Baltics region.

According to TGS Baltic, “last year, Delamode Group was delisted from the London Stock Exchange through a take-private transaction led by BaltCap. This new funding arrangement now provides a multi-purpose loan to strengthen capital foundation and accelerate shareholder value growth.”

The TGS Baltic team included Associate Partner Sebastian Okinczyc and Legal Assistant Egle Miksyte.

TGS Baltic did not respond to our inquiry about the matter.