Blog

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.

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.

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.

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.

2015

TARK advised AS Sarkop, an Estonian producer of high-quality furniture, in a production facilities sale-leaseback transaction and in implementing new financing solutions. AS Sarkop is one of the largest custom furniture producers fully based on Estonian capital. It produces top quality furniture for offices, restaurants, hotels and ships. AS Sarkop was advised by TARK partner Risto Vahimets and senior associate Allar Aru.

2015

TARK advised ACTA, the holding company of Kiwa and Shield Group International, on the acquisition of Inspecta in Estonia, Latvia and Lithuania. Inspecta is the leading Nordic player in the testing, inspection and certification (TIC) industry with operations in 8 countries.

2015

The Lawyer, one of the most influential European law publications, aarded “The law firm of the year: The Baltics 2015” to law firm Tark Grunte Sutkiene. The internationally recognised award was granted to Tark Grunte Sutkiene for successful participation in the major transactions in the region last year.
‘The Lawyer’s award is the acknowledgement of our firm’s vision, long-term strategic objectives and the professionalism of the team by the international legal community. We are convinced that lawyers must be not only legal experts – our skills to help to achieve objectives and find solutions in the best interests of the client create real added value for clients’, Eugenija Sutkienė said.

Aare Tark added: ‘The award is clear signal about our outstanding position in the Baltic legal market. This great recognition was gained for truly focusing on what is important for the client’s business and delivering a complete solution with the highest standards and uncompromised quality.’
The Lawyer assessed the law firm’s lasting achievements and professional experience in administrating bankrupt banks in Lithuania (Ūkio bankas) and Latvia (AS Latvijas Krājbanka) and developing large-scale projects of national importance, such as the construction of the liquefied natural gas terminal in Klaipėda and other significant projects.

Since 1990, Tark Grunte Sutkiene has been advising on the majority of the largest and most significant transactions in the Baltic region; the firm participated in developing and implementing 16 out of 20 important national projects in the Baltic States and currently represents Lithuania in international arbitration against Gazprom. The firm has been advising many landmark projects in Estonia, e.g. on the acquisition of Hansapank by Swedbank, the largest M&A transaction in the Baltics.
In 2010-2014, the law firm implemented over 100 large corporate mergers and acquisition transactions worth over EUR 3 billion. Today the law firm is one of the most experienced Baltic law firms in business law.

Prestigious law publication The Lawyer selects “The law firm of the year” in 25 categories throughout Europe. Tark Grunte Sutkiene was nominated “Best European Law Firm” for the first time in the history of the Baltic States. The awards panel composed of managing partners of international law firms and counsels of multinational companies chooses the winners. Key selection criteria are strategic vision, deep partnership relationship, strong financial situation and its improvement, perpetual impeccable results in the selected sectors, and excellent talent management.

2015

27.10.2015 the resolution of Financial Supervision Authority of Estonia came into force, which grants GFC Good Finance Company AS an activity license for provision of additional payment services. GFC Good Finance Company AS, a payment institution under the Payment Services Directive No. 64/2007, has an activity license for provision of number of payment services relating to payment accounts and payment transactions. Referred resolution enables GFC Good Finance Company AS to issue also a payment cards and payment instruments.