Category: News

2015

On 13 April, OÜ Selteret (Estonia) announced having signed a contract for acquiring a 100% stake in AS Schetelig EV (Estonia). The Latvian and Lithuanian subsidiaries of AS Schetelig EV are also parties to the transaction. The deal will be closed in May 2015; the parties have agreed not to disclose the value of the transaction.

“The acquisition of AS Schetelig EV group marks the most significant step in our history – by this deal we will strengthen our position in Estonia and enter the Latvian and Lithuanian markets. We believe that the transaction will create powerful synergies which allow us to offer added value to our customers, suppliers and partners.” Karol Kõrm, the managing director of OÜ Selteret, commented.

AS Schetelig EV is part of the Schetelig Group selling garden products and supplies for both professional and home use in Finland, the Baltics, Slovakia, Hungary, the Check Republic, Russia, Ukraine and Kazakhstan. OÜ Selteret is a family business that has been present on the Estonian market since 1995.

2014

TARK advised Enterprise Investors, one of the largest private equity and venture capital firms in Central and Eastern Europe, on acquisition of 32.4% stake in Tahe Outdoors.
The Firm assisted the investor with the due diligence review of Tahe group, structuring the transaction as well as preparation and negotiating the transaction documents.

The transaction was fascinating both because it was the second investment in Estonia by this CEE private equity giant, and because of the very specific industry of the target – one of the Europe’s largest producers of kayaking equipment, headquartered in Estonia.

Tahe Outdoors is the leading European manufacturer and distributor of high quality watersports equipment, headquartered in Estonia. The company operates two factories in Estonia and one in France, and its sales network covers over 35 countries.

2015

TARK has earned the highest ranking in the Baltics in the most recent independent Law Firm Review conducted by international market research company TNS SIFO Prospera. The survey comprised an evaluation of law firms by 265 business organizations from Estonia, Latvia and Lithuania with the highest volume of annual purchases of legal services.

TARK had the highest score in overall performance in the Baltic countries combined and individually in Estonia and Lithuania and ranked No 1. In Latvia TARK GRUNTE SUTKIENE had the second highest score in overall performance and ranked No 2. The survey was made by interviewing clients in each Baltic country about the performance of all top tier law firms plus a number of other law firms.
„We are grateful that our clients take the time to provide their feedback in this and other surveys. For us to be able to contribute effectively to our clients’ business, it is important that our services and approach are based on a good understanding of their needs,“ – said Ivars Grunte, chairman of the Pan-Baltic Board of TARK GRUNTE SUTKIENE and Managing Partner of the Latvian office.
TNS SIFO Prospera carry out the most comprehensive client surveys for law firms in the Nordic and Baltic countries. These surveys have been made for the Nordic countries for many years and are considered as the most serious researches into client satisfaction regarding law firms. In March – April 2015 this survey was made for the first time in the Baltic countries. Participating in this annual survey are executives and corporate lawyers, CEOs, CFOs and transactional and business development managers at companies based in the Baltic States.

TARK GRUNTE SUTKIENE ranked as the overall leader and number 1 on the majority of the client evaluation criteria. According to the respondents, TARK GRUNTE SUTKIENE is particularly strong on the following performances: Quality across the Baltic region, Lawyer´s skills, being Business minded, Project staffing, Personal contacts, International competence, Competitive fees and Integrity & ethics. They say that TARK GRUNTE SUTKIENE is strong on: Large projects, Advisory, Client understanding, being a Strategic speaking partner, Availability and Service and Project management

„We are very glad and honoured by the high score and appreciation that the clients have awarded us with. In particular we are pleased to note that we have scored high on the buying criterions which we consider to be the cornerstones of our law firm´s culture,“ – comments Magnus Pousette, TARK GRUNTE SUTKIENE’s Baltic Managing Partner.
„These results are in line with our firm’s mission and vision. Our aim has always been to create value for our clients by helping them to succeed in their commercial ambitions rather than just advising them on purely legal matters. In our vision, we undertake to be No 1 in the market of legal services according to client satisfaction. It is obvious we have an even greater challenge – to justify the high expectations of our clients,“ – said Mrs. Eugenija Sutkienė, Managing Partner of TARK GRUNTE SUTKIENE´s Lithuanian office.

“This is a great demonstration of trust from our clients, and we feel really proud and humble acting as their trusted advisors. At the same time, it is also a signal that we are doing things right and encourages us to continue on the same path and further improve our services,” – said Aare Tark, Managing Partner of TARK GRUNTE SUTKIENE´s Estonian office.
It is not the only international acknowledgement of TARK GRUNTE SUTKIENE recently. One of the most influential European law publications “The Lawyer” awarded the title “The law firm of the year: The Baltics 2015” to TARK GRUNTE SUTKIENE. The Firm was also shortlisted for the “Best European Law Firm”, being the first Baltic law firm ever to receive such a shortlisting.

2014

TARK advised Bank of Tokyo-Mitsubishi UFJ (Polska) S.A. on provision of cross border services in the Baltics.

2015

TARK advised Mezzanine Management, an independent investment advisory firm, with a focus on Central and Eastern Europe, on the EUR 23.3 million investments to support the growth of Mogo Finance (Mogo), a non-bank car financing provider operating in the Baltics and Georgia.

The deal was funded through Accession Mezzanine Capital III, Mezzanine Management’s third investment vehicle. The fund is backed by reputable institutional investors, including European Bank for Reconstruction and Development and European Investment Fund.
The funds in this deal are earmarked for developing Mogo’s operations in other countries within the Central and Eastern European region. Mogo is currently the market leader in the Baltics, with a loan portfolio in excess of EUR 38 million comprising 20 000 cars and employing more than 200 people.

The firm presently has operations in Latvia, Lithuania, Estonia and Georgia and plans to work with Mezzanine Management to expand the group into other countries.
TARK provided legal services throughout the process, drafted all necessary transaction documentation, and advised on regulatory issues.
Mezzanine Management is an exclusive advisor to the Accession Mezzanine Capital group of funds, whose total commitments exceeded half a billion euros. The company has been operating in Central and Eastern Europe since 2001 through its offices in Vienna, Warsaw, Bucharest, Budapest and Kiev.

2014

TARK as the lead counsel advised Sportland International Group on the sale of 60% of the shares to leading UK sports retailer Sports Direct International. Sportland International Group and its owners were advised on ca 30MEUR joint venture, refinancing and restructuring project where London Stock Exchange listed Sports Direct International plc acquired 60% of Sportland.

The firm’s advice covered all aspects of the transaction. Actually the project started for our team back in 2009 at the negotiation table with the financing banks of Sportland. A complicated refinancing structure was put in place as a result of these 9 month negotiations with the closing taking place at the end of January 2010. The work saved one of the leading retailers in the Baltics and cleared the path for brighter future in cooperation with Sports Direct.

Sportland International Group is the operator of the Sportland, Sportland Outlet, Timberland, O’Neill, Nike and Nike Outlet retail chains in Estonia, Latvia and Lithuania. AS Jalajälg, the official distributor of Nike products in the Baltics, is also part of Sportland International Group.
The UK’s leading sports retailer Sports Direct International operates over 500 stores worldwide. The company owns a large number of sporting brands, and trades predominantly under the SportsDirect.com brand. The company has been a publicly traded company since 2007. Sporting and fashion brands owned include Donnay, Slazenger, Dunlop (in most markets), Everlast, Kangol, Karrimor and Lonsdale.

2015

Yesterday, on 29 June, the owners of Eesti Telekom, one of the largest telecommunication companies in the Baltics, signed a contract for the purchase of the rapidly developing IT company Green IT. The transaction will be closed after receiving clearance from the Estonian Competition Authority. After closing, Green IT will continue its activities as separate company under the current trademark.

“Eesti Telekom has been a great competitor of Green IT for years. As the IT market is becoming more and more service focused, it is important to keep investing in the development of services and to increase the volume of business. The consolidation on the market is only natural in this situation,” the managing director of Green IT, Margo Luberg, commented on the deal.

Green IT, established in 2006, is a rapidly growing IT company based on Estonian capital with the Baltic States as their home market. As of the end of 2014, they managed more than 60,000 IT devices with a total value of over 10 million euros. Green IT has a total of 150 customers from both the private and public sector.

2014

In April this year, Estonian investors bought AS Fenestra, the Estonian subsidiary of the Finnish Fenestra group. The company will continue window production, sale and service under the Fenestra trade mark.
Mr Rein Pruuli, who will continue as the chairman of the board of Fenestra, comments on the company’s future perspectives as follows: “It is good that the business of AS Fenestra will continue as usual. We have well-established production technology, a valued high-quality trade mark and skilled people. We will continue producing and selling windows as well as providing related services in Estonia.

Swedbank’s head of construction materials sector, Mr Mats Toots, is optimistic about the situation: “Estonian window and door producers will have the chance to take advantage of this situation and to increase their market share. I am very glad that the managers of Fenestra were able to keep the company with a staff of over 70 running in those difficult months. Moreover, they had enough faith in the company to buy it from its former owners along with the well-known trade mark. The Estonian industry will certainly benefit from this deal.“
There are 75 employees working at the Tallinn factory of Fenestra, and the turnover of the company was 8 million euros in 2013.

2015

We advised two clients – Flora Ehitus OÜ and Kemiflora OÜ – on the whole process of the sale of six developed business immovables to a local retailer. Our legal advice consisted in assisting the clients in all the stages of the deal from due diligence, preparing documents and conducting negotiations to closing and resolving practical issues related to closing.