SPC Legal has advised Lithuanian construction company UAB Litana on the construction and financing of a fish processing plant in the Klaipeda free economic zone.
According to SPC Legal, “UAB Litana is a rapidly growing company and one of the top five Lithuanian construction companies actively working in construction, stainless steel item manufacturing, shipbuilding and ship repair, piping installation areas.”
SPC Legal’s team included Partner Povilas Karlonas and Associate Juste Adomaityte.
TGS Baltic has advised BaltCap on its acquisition of Lithuania’s Krekenavos Agrofirma meat processing company from UAB Edverita and entrepreneur Linas Griksas. The sellers were reportedly advised by 3Law Miskinis & Partners.
BaltCap, one of the largest independent private equity and risk capital fund managers in the Baltics, invests in more than 70 companies across the region.
The TGS Baltic team included Executive Partner Marius Matonis, Associate Julija Skardziute, and Junior Associate Paulius Dabulskis.
SPC legal has successfully defended BUAB Sibimpeksas shareholders and directors in an intentional bankruptcy case before Lithuanian courts.
According to SPC Legal, “the plaintiff sought to prove that entire business model of BUAB Sibimpeksas was in prejudice of the creditors’ interests. The plaintiff tried to prove nearly all possible elements of intentional bankruptcy. The courts held that BUAB Sibimpeksas bankruptcy was not caused by the wrongful actions of the shareholders and directors, but it was simply a result of an unsuccessful business.”
The SPC Legal team included Managing Partner Giedrius Murauskas and Associate Tadas Katauskas.
Former Ellex Valiunas lawyer Indre Jonaityte-Grice has joined Walless, where she will head the firm’s Real Estate/M&A Transactions practice.
According to Walless, “with in-depth knowledge and wide-range experience with structuring and executing complex real estate M&A transactions, Indre contributed to closing more than 52 deals with a total value exceeding EUR 1.1 billion.”
“I am very proud to join the Walless team, which is so focused on the work quality and shows such dedication to the clients,” said Joinaityte-Grice. “I have no doubt that we will be a good match as I strongly believe in putting client interests first.”
Joinaityte-Grice holds a Bachelor’s and a Master’s degree in law from the Mykolas Romeris University. Before joining Walless she spent 15 years with Ellex, and before that a year and a half with Sorainen.
“I believe the knowledge and experience Indre brings will be of the utmost value to our firm,” said Managing Partner Dovile Burgiene. “The real estate M&A transactions practice is very important to our clients, so we are glad to welcome another experienced professional in this field.”
Sorainen has advised investment management company Orion Asset Management on the acquisition by its SPV-39 subsidiary of Pletros Investicijos, the company managing the “Palanga Bypass” — a 8.25 part of the road from Klaipeda to Liepaja in Lithuania — via a public-private partnership.
The public-private partnership agreement, valued at EUR 35.8 million, was signed in April 2013, and the bypass, which connects Vydmantai junction with Lithuania’s Palanga Airport, was opened in 2015.
The Sorainen team consisted of Partner Kestutis Adamonis and Senior Associate Lina Barniskiene.
TGS Baltic has advised AUGA group, AB on a bond program worth up to EUR 60 million and the issuance of EUR 20 million in green bonds in Lithuania.
TGS Baltic describes the transaction as “the first instance of issuing green bonds by private equity companies in the Baltics.“
The AUGA Group is a European organic food company.
The TGS Baltic team included Partners Vidmantas Drizga and Dalia Tamasauskaite-Ziliene, Associate Partner Mantas Gofmanas, and Senior Associate Egle Neverbickiene.
Fort Legal has advised Gateway Airport Services on its acquisition of 100% shares of Litcargus, an aircraft ground handling company in Vilnius.
Fort’s team in Lithuania included Managing Partner Andrius Mamontovas and Associates Vadimas Maksimenka and Paulius Uosis.
Fort did not reply to our inquiry on the matter.
Editor’s note: After this article was published, CEE Legal Matters learned that TGS Baltic advised Central European Airport Services S.A, a company managed by Royalton Partners, as the seller of Litcargus. The firm’s team was led by Partner Aurimas Pauliukevicius.
Sorainen has advised InMedica medical clinic network on its issuance of bonds planned for listing on First North, an alternative securities market administered by Nasdaq Vilnius.
InMedica operates a network of 19 clinics in cities across Lithuania, providing family medicine, physicians, dental and other healthcare services. The medical company is the first in Lithuania to raise funds via a public bond issue. The main purpose is to finance new development projects and acquisitions of new clinics plus refinancing of debt.
In total InMedica is seeking to borrow up to five million euros over two years. The company has already finished the first stage of the bond issue, successfully placing EUR 3 million of bonds at an annual interest rate of 5.5% and a maturity date of December 16, 2021.
Sorainen’s team consisted of Partner Augustas Klezys, Senior Associate Dalia Augaite and Associate Rimantas Bendorius.
Ellex Valiunas has advised No Magic Europe UAB, a Lithuanian subsidiary of No Magic Inc., on its lease of 2,000 square meters of office space in the Kaunas Business Center in Lithuania from Kautros Investicijos and NI Pletra.
No Magic Europe develops IT solutions for software and hardware systems.
The Ellex Valiunas team included Associate Partner Julija Nikitaraviciene and Associate Galina Barin.
Cobalt has advised the INVL Baltic Forests Fund I, managed by INVL Asset Management, on the sale of 100% of shares in UAB Aukstagire and UAB Aukstasile to Silvestica Green Forest Lithuania, which was reportedly advised by 3Law Miskinis & Partners.
INVL Baltic Forests Fund I is part of a closed-end umbrella fund, INVL Alternative Assets Umbrella Fund, intended for informed investors. According to Cobalt, “the INVL Baltic Forests Fund I subfund invests in the Baltic countries in forests that are suited to forestry activities.”
UAB Aukstagire and UAB Aukstasile jointly own more than 750 land plots, amounting to more than 4,000 hectares.
Silvestica Green Forest is a long-term forest-oriented fund for institutional investors that invests in forests in Sweden, Finland, Lithuania, Latvia, and Estonia. The Silvestica Fund owns more than 10,000 hectares of forest in Lithuania, and about 50,000 hectares of forest overall.
The Cobalt team included Managing Partner Irmantas Norkus and Senior Associate Inga Mazvilaite.