Category: Deals and Cases

BDK Advokati and PRK Partners, working with Freshfields Bruckhaus Deringer, have advised Yokohama Rubber on the acquisition of Trelleborg Wheel Systems Holding from Sweden’s Trelleborg AB.

Closing is expected in the second half of 2022, pending regulatory approval.

Yokohama Rubber is a tire manufacturing company based in Japan.

Trelleborg Wheel Systems is engaged in the manufacture and sale of off-highway tires for agricultural and forestry machines, material handling, construction vehicles, motorcycles, and other specialty segments. According to BDK Advokati, the enterprise value of Trelleborg Wheel Systems Holding is over EUR 2 billion.

The BDK Advokati team included Partner Milan Dakic and Senior Associates Djordje Zejak and Marija Gligorevic.

PRK Partners’ team included Partner Radan Kubr and Senior Associate Katerina Hajkova.

The firms could not provide additional information on the matter.

Editor’s Note: On May 24, 2023, PRK Partners announced that the transaction had closed successfully.

Rymarz Zdort, Jadek & Pensa, and Prica & Partners have advised Innova Capital on its EUR 164 million sale of Trimo to Recticel.

The transaction is expected to close in the third quarter of 2022.

“Innova Capital undertook to sell its 100% stake in Trimo to Recticel in exchange for a price reflecting an enterprise value of EUR 164 million,” Rymarz Zdort informed. “The acquisition of Trimo marks another important milestone in Recticel’s strategic portfolio reorientation.”

Established in 1994, Innova Capital is a Polish private equity firm investing in controlling stakes of mid-sized companies in the CEE region.

The Slovenian Trimo Group is a European mineral-wool insulated panels and building envelopes producer for the construction industry. Trimo sells its products in 60 countries worldwide.

Euronext-listed Recticel is a Belgian industrial group with operations in Europe, Asia, Africa, and the US.

“We are very pleased that Trimo finds its new home as part of Recticel,” Innova Capital Senior Partner Andrzej Bartos commented. “Given the strong business and cultural fit between the two companies, I’m very confident Trimo will continue its dynamic development and benefit from being a member of such a respectable group.”

The Rymarz Zdort team included Partners Pawel Zdort, Jakub Zagrajek, and Iwona Her, Counsel Irmina Watly, Senior Associates Malgorzata Derus and Tomasz Kordala, and Associate Karolina Chudy.

Editor’s note: After this article was published, Kavcic, Bracun & Partners announced that it had advised Recticel on the deal. The firm’s team included Partners Matej Kavcic and Aleksandra Mitic, Senior Associate Katja Cernivec, and Associates Tevz Zizak, Ana Bonca, and Katarina Hribovsek Vrbinc.

Bojanovic & Partners also advised Recticel on the acquisition. The firm’s team included Partners Vladimir Bojanovic, Nikola Gvoic, and Tanja Dugonjic.

Kinstellar has advised the MVM Group on its acquisition of 33.4% stakes in Energotehnika Juzna Backa and Elektromontaza Kraljevo from the Maneks Group. Zdravkovic & Partners advised Maneks on the deal.

The transaction is expected to close in the second quarter of 2022.

The MVM Group is a Hungarian state-owned energy group. The Maneks Group is a Serbian metal trading company. Energotehnika Juzna Backa and Elektromontaza Kraljevo are Serbian energy utility construction companies.

Kinstellar’s team was led by Belgrade Managing Partner Branislav Maric and included Belgrade-based Managing Associates Andreja Vrazalic and Nikola Stojiljkovic and Senior Associates Jelena Tripkovic, Tamara Zejak, Katarina Pavlovic, and Milan Radonic as well as Budapest-based Partners Kristof Ferenczi and Anthony O’Connor and Associate Orsolya Pass.

The Zdravkovic & Partners team included Managing Partner Relja Zdravkovic, Attorney Marko Bekcic, and Associate Dunja Mladenovic.

Dentons has advised the Vienna Insurance Group on the sale of 45% stakes in the Hungarian Aegon Group and Union Insurance Company to Hungarian state-owned Corvinus Nemzetkozi Befektetesi. CMS advised the Hungarian state.

According to Dentons, “as a result of the transaction, Corvinus acquired a non-controlling minority interest of 45% in Hungarian Aegon Group (including insurance, asset management, pension fund, and service companies) and Union Insurance Company. VIG retains a controlling majority interest of 55% of both – Aegon and Union.”

Dentons’ team included Partners Istvan Reczicza, Gabor Kiraly, and Annamaria Csenterics, Of Counsel Theodore Boone, Associates Nora Jakab and Brigitta Kovacs, and Junior Associate Kinga Kovacs.

CMS’s team included Managing Partner Erika Papp, Partners Aniko Kircsi, Eva Talmacsi, and Szabolcs Szendro, Senior Counsels Zoltan Poronyi and Szilva Kabacs, Senior Consultant Arpad Lantos, and Senior Associate Sandor Kovacs.

PRK Partners, working with Freshfields Bruckhaus Deringer, has advised CVC Capital Partners Fund VIII on Czech and Slovak law aspects of its GBP 767 million takeover of the Stock Spirits Group.

CVC Capital Partners is a British private equity and investment advisory firm with approximately USD 111 billion in secured commitments since inception, across European and Asian private equity, credit, and growth funds.

The Stock Spirits Group is a London-listed producer of alcoholic beverages.

PRK Partners did not respond to our inquiry on the matter.

White & Case and Ellex have advised Polenergia on an investment agreement with Green Genius to develop offshore wind energy projects in Lithuania.

The execution of the agreement remains contingent on regulatory approval.

According to White & Case, “the agreement will establish a joint venture to develop wind power projects in the Baltic Sea in Lithuania’s territorial waters or in the country’s exclusive economic zone.”

Polenergia and Green Genius “joined their forces to create a joint venture and participate in the auction for Lithuania’s first wind farm in the Baltic Sea to be held in 2023,” Ellex informed. “The 700-megawatt offshore wind park will be a powerful instrument to ensure Lithuania’s energy independence.”

Polenergia is a Polish privately held energy group operating in the area of energy production from renewable and gas sources, as well as in the distribution and trading of electricity.

Modus Group company Green Genius is a renewable energy company operating in eight European countries.

“This is a historic moment, as everything around us is happening in the shadow of the war on our eastern border, and our hearts remain with those who are suffering,” Polenergia Management Board President Michal Michalski commented. “But now, as never before, we see the need to show the world that strengthening the economies of this part of Europe is a historical necessity. In this way, we want to emphasize the strategic importance of cross-border cooperation and prove that wind energy is no longer alternative energy, but traditional energy that will build energy independence.”

The White & Case team included Partner Rafal Kaminski, Local Partners Aneta Hajska and Jakub Gubanski, and Associates Sylwia Zwolan and Maciej Gac.

The Ellex team consisted of Partner Ruta Armone, Senior Associates Aleksandr Asovskij and Edvinas Beikauskas, and Associate Augustinas Macionis.

Boyanov & Co, Kalo and Associates, and Dentons have advised the sellers on the sale of One Telecommunications to 4iG. CMS reportedly advised 4iG on the deal.

The transaction closed on March 21, 2022.

One Telecommunications is an Albanian telecommunications company. It previously operated as Albanian Mobile Communications and as Telekom Albania. AMC was part of the Cosmote Group from 2000, and in 2008 joined the Deutsche Telekom group.

4iG is a Hungarian IT service management company.

Boyanov & Co’s team included Partner Damian Simeonov and Principal Associate Ralitsa Nedkova.

The Kalo & Associates team included Managing Partner Aigest Milo, Special Counsel Adi Brovina, and Associate Frensis Nakuci.

Dentons’ team included Partner Rob Irving, Senior Associate Kamran Pirani, Associate Sebastian Ishiguro, and Junior Associates Brigitta Kovacs and Tamas Enzsol.

Freshfields Bruckhaus Deringer has advised AUTO1 Group Operations on the amendment and upsizing of its asset-backed securitization in eight European jurisdictions. Wardynski & Partners reportedly also advised AUTO1.

According to Freshfields, “as part of the amendment, the volume of the financing was increased to EUR 1.035 billion, and the term was extended by a further year. In addition, AUTO1 improved its financing terms. AUTO1 will use the extended facility to expand its vehicle offering for retail and private customers.”

Founded in 2012, AUTO1 Group is a technology company, providing a platform for buying and selling cars online.

“This major expansion will allow us to continue to grow our business massively and provide our customers with the largest and broadest selection of used cars across Europe,” AUTO1 Group CFO Markus Boser commented. “Being able to access the capital market and double our inventory financing in the current macro-environment demonstrates the depth of the ABS market and confirms our original decision to establish an Inventory ABS.”

The Freshfields team included Vienna-based Partner Florian Klimscha and Associates Franz Nikolaus Tengg and Christian Oberkersch, and Frankfurt-based Partner Mario Huther, Principal Associate Jessica McBride, and Associate Laura Korndoerfer.

Eversheds Sutherland has advised owner Jiri Lupac on the sale of the Emos group to Legrand. White & Case advised the buyer.

Emos is a Czech developer, distributor, and re-seller of home electrical appliances with operations in the CEE region, in particular the Czech Republic, Slovakia, Poland, Hungary, and Slovenia.

Legrand is a French group specializing in the field of electrical installations and information networks.

The Eversheds Sutherland team included Partner Stanislav Dvorak, Counsel Marek Bomba, Senior Associates Ondrej Benes and Paulina Machacova, and Junior Associates Maros Kandrik, Barbora Bugova, and Martina Vodickova.

The White & Case team included Prague-based Partner Jan Stejskal, Local Partner Jan Jakoubek, Counsel Magda Olysarova, Associates Iva Cechrakova, Lukas Pavlik, Petra Zunova, Anna Starkova, and Barbora Vaculova, Bratislava-based Local Partner Vladimir Ivanco and Associate Barbora Malik, and Warsaw-based Associate Malgorzata Herda.

TGS Baltic has advised the INVL Baltic Sea Growth Fund on its acquisition of cosmetics producer B2Y.

According to the firm, “B2Y will continue to be led by its founder and CEO Rita Lagzdina.”

The INVL Baltic Sea Growth Fund is a private equity investment fund operating in the Baltic States, Poland, Scandinavia, and Central Europe.

B2Y is Latvia-headquartered personal care products and cosmetics producer. The company develops and manufactures natural skincare, oral and hair care, and bath and shower products.

“B2Y becomes our fifth portfolio company,” INVL Baltic Sea Growth Fund Executive Partner Deimante Korsakaite commented. “We enter the company envisioning significant growth of B2Y in this industry. The Fund recognizes that small businesses are one of the key parts of the global economy, and as a manager of both private and public money aims to support the entrepreneurship and growth of small and medium-sized enterprises.”

“I envision B2Y as one of the leading skincare producers in the region, and to achieve this goal we agreed to partner with the INVL Baltic Sea Growth Fund,” Lagzdina added. “B2Y has significant growth opportunities, and now we have a strong backer to support growth to a new level.”

The TGS Baltic team included Lithuania-based Partner Aurimas Pauliukevicius and Associate Paulius Dabulskis and Latvia-based Partner Andra Rubene and Associates Kaspars Treilibs, Rudolfs Vilsons, Toms Tidemanis, Zane Sklamina, Alina Lepere, and Janis Karsenieks.

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