Category: Deals and Cases

BDK Advokati has advised Integrator majority shareholder Aleksandar Hangiman on the sale of the company to Meritus. Mamic Peric Reberski Rimac reportedly advised Meritus.

According to BDK Advokati, following the transaction, a new company called Workplace was formed. Workplace will “continue the integration of HR consulting business in SEE and will enable further expansion in the SEE, CEE, and the Baltics.”

BDK Advokati’s team included Senior Partner Vladimir Dasic, Partner Dragoljub Sretenovic, Counsel Bisera Andrijasevic, and Associate Milan Popovic.

Editor’s Note: After this article was published, Mamic Peric Reberski Rimac confirmed it had advised the Meritus Group on its acquisition of Integrator as the Manpower CEE franchise holder. The firm’s team included Senior Partner Vladimir Mamic and Junior Partner Nikola Kokot.

Dentons has advised arranger, original lender, agent, and security agent Raiffeisen Bank International on a EUR 21.9 million term loan facility for the development of a 31.5-megawatt portfolio of eight photovoltaic power plants in Romania to companies owned and operated by Photon Energy NV.

Photon Energy NV is the solar arm of the Photon Energy Group, a provider of clean energy focusing on sustainable solutions.

According to Dentons, “this transaction represents the first project financing of European photovoltaic plants that operate on a merchant basis, selling energy directly to the market without a power purchase agreement or state subsidy.”

Dentons’ team included Warsaw-based Partner Mark Segall and Bucharest-based Partners Claudiu Munteanu-Jipescu and Bogdan Papandopol, Counsel Maria Tomescu, and Associates Cristina Staicu and Alexandra Sofineti.

Sorainen has advised BaltCap on its acquisition of a 70% stake in the Hansab Group. Cobalt advised Hansab’s majority shareholders on the sale.

The transaction remains contingent on regulatory approval.

BaltCap is a Baltic private equity and venture capital investor covering buyouts, growth, venture, and infrastructure investments.

Founded in 1991, Hansab develops and provides security, cash handling, point of sales, parcel handling, queuing, parking, and other automation solutions and services. The company operates in Estonia, Latvia, Lithuania, and Finland, with 18 offices and service points.

“Hansab is an established business that has developed a high quality and efficient service model in the fast-growing area of automation,” BaltCap Partner Kristjan Kalda commented. “We see many avenues to grow the business further, using BaltCap’s long-term experience in taking Baltic companies to the international arena.”

“During the past 32 years, we have successfully grown the company organically,” Hansab CEO Aigar Urva added. “Now we intend to accelerate the development and enter new fields of activity and territories. We are happy to join forces with BaltCap, a financially strong and effective partner, helping us fulfill our growth strategy.”

The Sorainen team included Estonia-based Partner Toomas Prangli, Counsels Hetti Lump, Piibe Lehtsaar, and Pirkko-Liis Harkmaa, Senior Associates Mirell Prosa, Liisa Maria Kuuskmaa, Andra Grunberg, and Olivia Kranich, and Associate Kadri Puu; Latvia-based Partner Nauris Grigals, Counsels Renate Purvinska and Andis Burkevics, and Senior Associate Marika Grunte; and Lithuania-based Senior Associates Mindaugas Dominykas Baniulis, Edita Dauksiene, Aurelija Daubaraite, and Jurgita Tekoriene, Associate Raminta Matulyte, and Assistant Lawyer Ryte Reciunaite.

The Cobalt team included Estonia-based Partner Martin Simovart, Managing Associate Jesse Kivisaari, and Associate Getter Villmann; Latvia-based Partner Guntars Zile and Senior Associate Diana Zepa; and Lithuania-based Partner Irmantas Norkus and Managing Associate Deimante Pagiriene.

Vasil Kisil & Partners and Stratulat Albulescu have advised the Avrora Group on entering the Romanian market. 

The Avrora group of companies is a Ukrainian dollar-store market company operating more than 900 stores.

The Vasil Kisil & Partners team included Partner Volodymyr Igonin, Senior Associate Artem Shmatov, and Junior Associate Olha Lynnyk.

Stratulat Albulescu’s team included Managing Partner Silviu Stratulat, Managing Associate Adrian Hlistei-Muresan, and Associates Amanda Csaki and Cezara Mitea.

Clifford Chance has advised LCN Capital Partners on the sale-and-leaseback acquisition of a portfolio of 11 car showrooms located in the Czech Republic and Slovakia and the related financing from UniCredit Bank Czech Republic and Slovakia.

According to Clifford Chance, “LCN Capital Partners is a real estate investment firm that specializes in originating primary sale-leaseback built-to-suit transactions and managing its commercial real estate properties leased to leading companies in their respective industries. LCN delivers a long-term solution for its tenant-clients by providing a non-bank capital resource, efficient monetization of on-balance sheet real estate, continued operational control of key assets, enhanced financial metrics, and potential tax benefits. Founded in 2011 by Edward V. LaPuma and Bryan York Colwell, LCN now manages nearly USD 7 billion in assets across several funds.”

Clifford Chance’s team included Partner Emil Holub, Counsel Milan Rakosnik, Senior Associates Tereza Rehorova and Stanislav Holec, Associate Josef Lysonek, and Junior Associates Simon Dusek, Jan Christelbauer, and David Herich.

Clifford Chance did not respond to our inquiry on the matter.

Dorda and Nestor Nestor Diculescu Kingston Petersen, working with Heuking Kuhn Luer Wojtek’s Munich office, have advised Cancom on the acquisition of K-Businesscom and all its subsidiaries from shareholders Aluk Privatstiftung, Invest Unternehmensbeteiligungs Aktiengesellschaft, Raiffeisen, Franz Semmernegg, and Jochen Borenich. SCWP Schindhelm reportedly advised the sellers. 

The transaction remains contingent on regulatory approval. According to Dorda, “the transaction was structured so that the consideration will be paid partly in cash and partly in shares of the listed Cancom. The value of the cash consideration is approximately EUR 165 million; in addition, financial liabilities of approximately EUR 37 million will be redeemed. As part of the consideration the existing shareholders will receive 3.5 million new Cancom shares with a market value of more than EUR 100 million, which will be created by way of a capital increase against contribution in kind.”

K-Businesscom is an Austrian ICT solutions and service provider with 1,650 employees, which generated revenues of around EUR 520 million and EBITDA of around EUR 28 million in the past financial year 2022/23. The company is active as a digital business engineer for IT and business consulting as well as software development in Austria, Germany, Switzerland, Romania, and the Czech Republic.

Cancom is a German IT systems provider with a focus on digital transformation, cloud computing, and IT security. 

According to Dorda, “the merger results in one of the leading IT companies in the DACH region. The customers of both companies will benefit from the combined expertise in IT and digitalization solutions. The takeover will increase Cancom’s market presence in the DACH region and extensively expand its solution and service capacities.”

Dorda’s team included Partners Martin Brodey, Christian Ritschka, Heinrich Kuehnert, Bernhard Rieder, Nino Tlapak, Magdalena Brandstetter, and Bernhard Mueller, Counsel Andreas Seling, Senior Associates Katrin Antl, Ulrich Weinstich, Florina Thenmayer, and Magdalena Nitsche, and Associates Aleksandra Langer, Mirko Marjanovic, Petra Artner, Felix Zopf, Michael Hardt, Sebastian Stoeckl, Julia Huber, Florian Huegel, Diane Steindl, and Paul Traar.

NNDKP’s team included Partner Adina Chilim-Dumitriu, Counsels Cristian Dranca and Alexandru Aman, and Associate Voica Lupascu.

Editor’s Note: After this article was published, SCWP Schindhelm confirmed it had advised Invest Unternehmensbeteiligungs AG and Raiffeisen OOe Invest – the main shareholders of K-Businesscom. The firm’s team included Partners Franz Mittendorfer, Sebastian Huetter, Clemens Harsch, and Michaela Nill and Counsels Thomas Rosenthaler and Dieter Duursma.

CMS has advised Best in Parking and its majority shareholder Breiteneder Immobilien Parking on receiving a minority investment from Macquarie Asset Management. Linklaters advised Macquarie Asset Management.

Macquarie Asset Management is a global infrastructure investor with assets under management of almost EUR 500 billion.

According to CMS, “Best in Parking currently operates around 87,000 parking spaces at 198 high-quality locations, which act as EV charging stations of the future and hubs for mobility. The company currently has 470 EV charging points, which are to be expanded to over 1,000 by 2025. In addition to its core markets Austria, Italy, and Croatia, the company also operates in Switzerland, Slovakia, Slovenia, and other markets.”

The CMS team included Austria-based Partners Martin Zuffer, Philipp Mark, Walter Gapp, Alexander Rakosi, Clemens Grossmayer, Dieter Zandler, Stefan Paulmayer, Johannes Hysek, Hans Lederer, Oliver Werner, and Sibylle Novak, Of Counsel Sixtus Kraus, Senior Associate David Kohl, Associates Shivam Subhash, Anna-Maria Kohlweg, Maximilian Uidl, and Vera Mitteregger, and Lawyers Vanessa Horaceck, Mariella Kapoun, Marlene Wimmer-Nistelberger, and Daniela Kroemer; Slovenia-based Partner Dunja Jandl, Counsel Irena Sik Bukovnik, Associate Sara Mernik, and Lawyer Maja Sipek; Croatia-based Partners Ana-Marija Skoko, Sandra Lisac, Marija Zrno Prosic, Marija Musec, Tamara Jelic Kazic, and Mia Kalajdzic, Senior Associates Antonija Kanjer and Karmen Sinozic, Associate Luka Abrlic, and Lawyers Ana Koceic, Mirta Klaic, and Vedrana Vuckovic; as well as furhter team members in Italy.

Linklaters’ team included lawyers in the UK, Italy, and Germany.

Schoenherr has advised Seven Refractories on the EUR 93 million sale of its European, Indian, and US operations to RHI Magnesita. Brandl Talos advised Seven Refractories’ founder and CEO Erik Zobec as well as other minority management shareholders. Cerha Hempel and Ulcar & Partnerji, working with Clifford Chance, Khaitan & Khaitan, Legance, Harneys, Eubelius, and Barnes & Thornburg, advised the buyer.

Closing is expected in the second half of 2023, pending regulatory approval.

“With the acquisition of the European, Indian, and US-based operations of Seven Refractories, RHI Magnesita – the leading global supplier of high-grade refractory products – takes a significant step forward in non-basic refractory mixes,” Brandl Talos informed.

Seven Refractories is a non-basic monolithic refractory mixes supplier operating in 45 countries.

RHI Magnesita is a global supplier of refractory products, systems, and solutions for high-temperature processes exceeding 1,200 degrees Celsius in a range of industries, including steel, cement, non-ferrous metals, and glass.

The Schoenherr team was led by Partner Markus Piuk and Attorney-at-Law Alfred Amann and included Partner Marco Thorbauer, Attorneys-at-Law Tatiana Iurkovska and Tobias Hayden, and Associate Irina Hanin.

The Brandl Talos team was led by Partner Roman Rericha and Attorney-at-Law Markus Arzt.

The Cerha Hempel team included Managing Partner Albert Birkner, Partner Anna Wolf-Posch, Counsel Michael Mayer, Senior Associate Martin Eichinger, and Associates Jakob Weber, Liliana Niederhauser, and Zakar Stepanyan.

The Ulcar & Partnerji team included Managing Partner Matjaz Ulcar and Partner Barbara Ulcar.

RHI Magnesita’s in-house team included General Counsel Ticiana Kobel, Head of M&A Simon Kuchelbacher, and Senior Managers Anna Moroz, Michael Schustereder, and Laura Laubichler.

Ketler & Partners, a member of Karanovic, and Ilej & Partners in cooperation with Karanovic & Partners have advised the Volution Group on its acquisition of I-Vent in Slovenia and Croatia for EUR 25.2 million on a debt-free cash-free basis from Milan Kuster. Zagorc & Partners advised Kuster on the sale.

The Volution Group is a UK-based designer and manufacturer of energy-efficient indoor air quality solutions, with primary markets in the UK, Continental Europe, and Australasia. 

I-Vent designs, manufactures, and supplies residential ventilation systems, primarily focused on decentralized heat recovery, supplying residential customers in Slovenia and Croatia.

According to Karanovic & Partners, “the deal is with further contingent consideration of up to EUR 15 million based on stretching growth targets for the financial results for the three years up to, and including December 31, 2025.”

The Ketler & Partners team included Senior Partner Marko Ketler and Senior Associate Ajda Kuhar.

The Ilej & Partners team included Senior Partner Goran Ilej and Associates Antun Skansi and Tea Vuletin.

The Zagorc & Partners team included Managing Partner Benjamin Zagorc and Partner Polona Bozicko.

Kinstellar and ODI Law, working with Morgan Lewis London, have advised TAWAL on its bid to acquire the Bulgarian, Croatian, and Slovenian tower assets of the United Group for EUR 1.2 billion. Jadek and Pensa and Bradvica, Maric, Wahl, Cesarec advised the United Group. Paul Weiss and Kambourov and Partners reportedly advised United as well.

The transaction remains contingent on regulatory approval.

TAWAL is an integrated ICT infrastructure provider in the Kingdom of Saudi Arabia. The targeted assets include over 4,800 towers across Bulgaria, Croatia, and Slovenia.

Kinstellar’s team included Bulgaria-based Managing Partner Diana Dimova, Partner Nina Tsifudina, Of Counsel Radoslav Chemshirov, Counsels Mladen Minev and Svilen Issaev, Managing Associate Georgi Kanev, Senior Associates Denitsa Kuzeva and Anita Borisova, and Associate Debora Dineva; Croatia-based Partners Edin Karakas and Dusko Zuric, Counsel Daniela Mayer, Special Counsel Olga Sipka, Managing Associates Andrijana Kastelan and Vedran Kopilovic, and Associates Zrinka Ivankovic, Tena Pajalic, and Franciska Fadljevic; and Prague-based Partner Tomas Cihula.

ODI Law’s team included Partners Tine Misic, Susana Boncina Jamsek, and Primoz Mikolic, Senior Counsel Anze Arko, and Senior Associates Masa Drkusic, Klemen Erzen, and Matevz Fortin.

Jedek & Pensa’s team included Partners Nastja Merlak and Ozbej Merc.

The Bradvica, Maric, Wahl, Cesarec team included Partner Mislav Bradvica, Attorneys at Law Ivan Luetic and Kristina Rudec, and Associates Andrea Smolic and Ivan Jelic.