Category: Deals and Cases

BDK Advokati, Binder Groesswang, and Lakatos Koves & Partners, working with SZA Schilling Zutt & Anschuetz, have advised Turkish investors Baran Celik and Nuvit Gundemir and their families on the sale and purchase agreement with insolvency administrator Jan Markus Plathner to acquire Veritas Group’s subsidiaries in Austria, Bosnia and Herzegovina, China, Turkey, and Hungary and three production plants in Germany. 

The signing of the asset-deal purchase agreement occurred on December 1, 2022, with insolvency administrator Jan Markus Plathner of Brinkmann & Partner acting as the seller. “The acquisition includes the Austrian subsidiary of the Veritas Group, three German plants in Gelnhausen, Polenz, and Neustadt, as well as all subsidiaries located in Bosnia, China, Turkey, and Hungary,” Binder Groesswang informed. 

The Veritas Group is a Germany-based insolvent automotive and industrial supplier.

The BDK Advokati team was led by senior Partner Vladimir Dasic and included Senior Associate Dijana Pejic Sinik and Associates Nikolina Bajic and Sanja Dedovic.

The Binder Groesswang team included Partner Philipp Kapl, Senior Associates Mona Holzgruber and Regina Kroell, and Associate Florian Hoellebauer.

The LKT team was led by Partner Adam Mattyus and included Senior Lawyer Kornel Dirner and Lawyer Viktoria Tamas.

BDK Advokati and Lakatos Koves & Partners have advised Integrator on its acquisition of Manpower’s human resources and workforce business in Hungary from the Manpower Group. PwC Legal Hungarian affiliate Reti Varszegi & Partners and Italy’s PwC TLS reportedly advised the seller.

“This transaction makes Integrator one of the major human resources consulting and recruiting firms in the region, operating in six countries,” BDK Advokati informed.

Integrator is a human resources company and the franchisee of Manpower in Serbia, Croatia, Slovenia, Bosnia & Herzegovina, and Bulgaria. Manpower provides recruitment workforce solutions.

The BDK Advokati team was led by Senior Partner Vladimir Dasic and included Partner Dragoljub Sretenovic and Junior Associate Milan Popovic.

The Lakatos Koves & Partners team was led by Partner Ivan Solyom and included Senior Lawyer Gyorgy Toth and Junior Lawyers Soma Schober and Anna Handlery.

Schoenherr has advised Singapore-based Harps Global on its acquisition of the medical business division Sempermed from the Austrian Semperit Group for an enterprise value of EUR 115 million.

The transaction remains contingent on regulatory approval.

Sempermed manufactures, distributes, and sells medical examination and surgical gloves. The seller, Semperit Technische Produkte GmbH, is a subsidiary of the Vienna Stock Exchange-listed Semperit AG Holding.

Harps Global is the holding company of Malaysian glove manufacturer Harps Holdings Berhad. Founded in 2015 by Malaysian entrepreneur Haziq Bin Zairel Oh, Harps Holdings is a manufacturer and distributor of nitrile examination gloves based in Teluk Intan, Perak, Malaysia. Harps set up Harps Global as its headquarters in Singapore to act as the holding company and regional hub for the Harps group.

Schoenherr’s team included Partners Christian Herbst, Maximilian Lang, Volker Weiss, Kinga Hetenyi, and Constantin Benes, Counsels Teresa Waidmann, Evelin Hlina, and Iliyana Sirakova, Attorneys at Law Zurab Simonishvili and Nina Zafoschnig, and Associate Markus Fasching.

Editor’s Note: After this article was published, Binder Groesswang announced it had advised Semperit on the sale. The firm’s team included Partners Florian Khol, Clemens Willvonseder, Johannes Barbist, Regina Kroell, Ivo Rungg, and Christine Dietz, Counsel Hellmut Buchroithner, Attorneys at Law Simona Shpilsky, Philipp Tagwerker, and Christoph Raab, Senior Associate Christoph Schober, and Associates Manuela Wenger and Michael Mittermair.

BDK Advokati has advised Sandberg Capital on its EUR 20 million investment in Quantox. Nestor Nestor Diculescu Kingston Petersen and Polenak reportedly advised Sandberg as well.

“One of the leading companies on the Balkan technology market – Quantox Technology – becomes part of the portfolio of the Slovak private equity firm, Sandberg Capital,” Sandberg Capital’s press release informed. “This is the fund’s first direct investment in Serbia. The aim of the newly formed partnership is to strengthen the position of the company, which employs over 500 people in the Balkans, and accelerate its expansion abroad.”

Established in 2014, Sandberg Capital is a Slovak private equity firm that focuses on investing in smaller and mid-sized companies in Slovakia and the CEE region in the IT, telecommunications, agriculture, education, and retail sectors.

Quantox Technology is a Serbian IT company with 13 offices in seven different European countries and more than 500 employees.

“Given Sandberg’s multiple investments in the IT sector, we see an increasingly strong push for digitalization across the economy,” Sandberg Capital Partner Michal Rybovic commented. “At the same time, we perceive a severe shortage of IT professionals that may be preventing companies from growing and achieving their strategic goals. The investment in Quantox reflects our long-term strategy of partnering with ambitious entrepreneurs in sectors that directly or indirectly help with the digital transformation of the economy.”

The BDK Advokati team included Senior Partner Vladimir Dasic and Associate Sanja Dedovic.

Editor’s Note: After this article was published, CEE Legal Matters learned that Four Legal advised Quantox. The firm’s team included Partner Milovan Zvijer and Associate Nikola Markovic.

Deloitte Legal has advised Marketing Investment Group on the acquisition of a chain of 22 stores in Slovenia, Croatia, Serbia, and Bosnia and Herzegovina.

Marketing Investment Group is part of the JD Sports Fashion Plc group.

According to Deloitte Legal, “Marketing Investment Group is a company operating for over 30 years on the markets of Central and Eastern Europe in the retail fashion industry, mainly in the footwear and clothing segment. Its portfolio includes such chains of salons as Sizeer, JD Sports, 50 styles, and Symbiosis. The chain of purchased 22 stores has become part of the international chain of Sizeer stores present on the market for several years.”

Deloitte Legal’s team was led by Warsaw-based Partner Jacek Korzeniewski and included Partner Ryszard Manteuffel and Managing Associate Zuzanna Sapocinska, with further team members in Slovenia, Croatia, Serbia, and Bosnia and Herzegovina.

Deloitte Legal did not respond to our inquiry on the matter.

Editor’s Note: After this article was published, CEE Legal Matters learned that Sibincic Krizanec advised the sellers. The firm’s team included Senior Partner Matic Novak and Senior Associate Dinar Rahmatullin.

Deloitte Legal subsequently announced its expanded team composition, including Serbia-based Local Legal Partner Stefan Antonic and Attorney at Law Igor Dencic, Croatia-based Partner Tarja Krehic and Associate Dino Kozul, Slovenia-based Legal Practice Leader Uroz Rozic and Lawyer Nika Logar, and Bosnia and Herzegovina-based Senior Manager Haris Jasarevic and Attorney at Law Aida Hamur.

Kinstellar has advised OTP Bank on its acquisition of Uzbekistan’s Ipoteka Bank. The White & Case London and Tashkent offices reportedly advised the seller.

“According to the sale and purchase agreement signed on December 12, 2022, OTP Bank will purchase 100% of the shares held by the Ministry of Finance of the Republic of Uzbekistan in two steps: 75% of the shares now, and the remaining 25% three years after the financial closing of the first transaction,” Kinstellar informed. “The financial closure of the first transaction is expected to take place in the first half of 2023.”

OTP Bank is a Hungarian commercial bank that provides financial services in CEE. Ipoteka Bank is a financial institution operating in Uzbekistan, with an 8.5% market share.

The Kinstellar team was led by Hungary-based Partner Gabor Gelencser and included Partners Anthony O’Connor and Peter Voros and Senior Associates Laszlo Palocz and Eszter Takacsi-Nagy, Serbia-based Special Counsel Olga Sipka, and Ukraine-based Senior Associate Yulia Eismont, as well as a team from the firm’s Uzbekistan office.

Cobalt has advised Helmes on its acquisition of Lithuanian software developer TeleSoftas.

“This deal establishes Helmes as one of the main digital innovation partners in all three Baltic states,” Cobalt informed.

Helmes is a Tallinn-headquartered digital consultancy company offering technology strategy, service design, software development, and data management services. TeleSoftas is a Kaunas-headquartered software developer.

“We are excited to join forces with Helmes and exchange the best both companies have learned during decades of helping businesses and governments digitally transform,” TeleSoftas Founder Algirdas Stonys commented. “It’s the great beginning of a strong collaboration between two powerhouses that will empower future partners to take a path in digital transformation.”

The Cobalt team included Estonia-based Managing Associate Ott Aava and Associate Kerli Paasoja and Lithuania-based Managing Associate Deimante Pagiriene.

Ostermann & Partners, working with Herbert Smith Freehills, has advised Gamepires on its sale to Jagex. Wolf Theiss advised Jagex on the acquisition.

Financial details were not disclosed.

Gamepires is a Croatian game development studio founded in Zagreb in 2010. It developed the SCUM video game that sold over three million copies.

Jagex is a developer and publisher of community-driven games. The company employs more than 450 people at its Cambridge headquarters.

“Partnering with Jagex provides us the opportunity to take SCUM to the next level,” Gamepires Creative Director and Co-Founder Tomislav Pongrac said. “Jagex’s world-class reputation as a company where players drive game development matches our ethos and will help us grow as entrepreneurs and as a studio. We’re extremely excited to see how we can build on everything we’ve achieved with SCUM so far and take the game to its full potential.” 

The Ostermann & Partners team included Managing Partner Mojmir Ostermann and Senior Associates Barbara Vricko Hrabar and Marta Jelakovic.

The Wolf Theiss team included Croatia-based Partner Luka Tadic-Colic and Associate Marija Lalin, Sofia-based Partner Richard Clegg, and further team members from the firm’s Budapest office.

Cobalt, working with DLA Piper, has advised the HKScan corporation on the sale of its Baltic subsidiaries to the Maag Grupp. Ellex advised the buyer.

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

“The debt-free purchase price is EUR 90 million, of which EUR 20 million is conditional on the combined performance of the separately defined meat business subject to the transaction and Maag Grupp’s Baltic meat business in the following years,” Cobalt informed.

HKScan is a Northern-European food company operating in Finland, Sweden, Denmark, and the Baltics. The company’s Baltic production units are located in Rakvere, Tabasalu, and Viiratsi in Estonia and Jelgava in Latvia.

The Maag Grupp is an Estonian food manufacturing company operating in the meat and dairy business.

“The sale of the Baltic business will improve HKScan’s profitability and strengthen its balance sheet,” HKScan Interim CEO Juha Ruohola commented. “In addition, the divestment will enhance our ability to improve our operational efficiency and to execute our long-term strategy of growing into a versatile food company.”

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

The Ellex team was led by Estonia-based Partner Sven Papp and included Partner Martin Maesalu, Counsels Gerda Liik and Jaanus Ikla, Senior Associates Hanna Pahk and Merlin Liis-Toomela, Associate Kevin Gerretz, and Lawyers Erik Seim and Miikael Tuus; Latvia-based Partners Filips Klavins and Liga Merwin, Senior Counsel Iveta Ceple, Senior Associates Marta Cera, Anna Misneva, Inese Freivalde, and Edvijs Zandars, Associates Ints Skaldis, Kristers Losans, and Mikijs Zimecs; and Lithuania-based Associate Partner Edvinas Beikauskas, Senior Associates Mantas Juska and Marijus Dingilevskis, and Associates Ieva Krivickaite, Kamile Skrupskyte, and Ainis Augustas Petrulis.

DLA Piper fielded a Helsinki-based team led by Country Managing Partner Ilkka Liljeroos.

BDK Advokati has advised Croatia’s Agez Group on its acquisition of a 60% stake in Serbian printing and graphics company Grafostil.

Grafostil is a Serbian printing and graphics company founded in 1995 and based in Kragujevac. It employs over 170 people.

The BDK Advokati team included Senior Partner Vladimir Dasic, Attorney-at-Law Sanja Dedovic, and Junior Associate Milan Popovic.