COBALT advised Amserv Group in the acquisition of Adam Auto SIA which operates three Opel and Chevrolet dealerships in Riga, Ventspils and Liepaja. The firms´ work included conduction of legal due diligence and preparation and negotiation of agreements. The project team from COBALT included partner Guntars Zile and senior associate Toms Sulmanis.
On May 9th, 2011 Hansa Auto SIA, the Latvian subsidiary of Amserv Group, signed the contract to acquire Adam Auto SIA in Latvia. Under the agreement, Hansa Auto SIA aims to acquire 100% of Adam Auto SIA's shares from Baltic Investment Fund III managed by leading Baltic private equity firm BaltCap and the minority shareholders.
Raivo Kütt, CEO of Amserv Group commented the transaction as follows: "We believe that the Latvian economy is increasing rapidly. 2011 is the right time to make new investments in Latvia, taking into account the potential of the car market and the increase in sales figures for 2012-2013. In the future we are going to gather all our Latvian dealerships under one common brand name Amserv, offering customers even better service and excellent product range."