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COBALT advised UAB Eldes on attracting financing from LitCapital

2014-04-09

COBALT advised UAB Eldes, a provider of remote control devices and solutions for the M2M (machine-to-machine) market, on its investment agreement with LitCapital, a private equity fund management company. The investment fund acquired up to 40 per cent of the shares in UAB Eldes.

UAB Eldes is an electronic engineering company providing remote control devices and solutions for the M2M market since 2005. The company currently holds a leading position in the region among the suppliers of innovative electronic devices and solutions in the "Internet of Things" sector and is planning further expansion into foreign markets in the near term.

LitCapital is an independent private equity fund management company founded in 2010 and is currently managing EUR 25 million growth capital fund Litcapital I KŪB. The fund was established under the JEREMIE initiative in cooperation with the European Investment Fund (EIF) and is aimed at investing into growing private Lithuanian companies. 

The purpose of the agreement signed by the company and the investors is to accelerate further development of UAB Eldes and its product sales in new markets.

COBALT assisted in structuring the deal, drafting, negotiating and organising the execution of the investment, shareholders, shares subscription agreement and other relevant documents, and provided legal advice on all the related matters. The team was led by Managing Partner Dr Irmantas Norkus and Senior Associate Mindaugas Rimkus.