COBALT advised Furniture1, UAB, a company operating in Lithuania under the trade mark “Baldai1.lt”, on the sale of 30% of its shares to the leading online provider of furniture and interior decoration in the Nordic region Bygghemma Group.
Furniture1.eu, which has been operating since 2008, is currently active in ten markets – not only in Lithuania, but also in Estonia, Latvia, Finland, Croatia, Hungary, Bulgaria, Greece, Slovenia and Romania. Furniture1 has had a compound annual growth rate of 73 percent over the last three years and generated a turnover of approximately EUR 20 million within the recent twelve months.
Bygghemma Group is the largest online home furnishings retailer in the Nordic region, operating through its Bygghemma, Trademax, Chilli, Furniturebox, etc. web stores. In 2017, Bygghemma Group reported income in the amount of approx. SEK 4.4 billion (approx. EUR 416 million). The company’s shares are listed on the Nasdaq Stockholm stock exchange.
COBALT was involved in drafting the transaction documents, assisted the client in negotiations and provided other legal assistance in transaction-related matters. The project is led by Dr Juozas Rimas, Partner at COBALT Lithuania heading the M&A Practice Group, and by Justinas Kondratas, Associate.