European Lingerie Group acquires Baltika

European Lingerie Group (ELG), a leading vertically integrated lingerie and textile company, has announced the acquisition of Baltika Group, one of the Baltic region’s most established fashion retailers.

ELG produces lace and fabrics under Lauma Fabrics, medical textiles under Lauma Medical, and designs, manufactures, and distributes premium lingerie under the Conturelle, Felina, and Senselle brands. Founded in Germany in 1885, the Group has 140 years of experience in the intimate apparel industry, with operations in over 40 countries. Headquartered in Germany, it operates production facilities in Latvia, Hungary, and Germany, and reported revenues of €47 million in 2024 with approximately 950 employees.

This acquisition is a strategic step in ELG’s expansion, strengthening its retail operations and vertical integration. It also supports the Group’s preparation for a Reverse Takeover (RTO) on the UK public markets.

Baltika Group, established in 1928 and headquartered in Tallinn, Estonia, stands as one of the most recognised and respected fashion houses in the Baltic region. Baltika operates the iconic womenswear brand Ivo Nikkolo – one of Estonia’s oldest and most distinguished designer labels – renowned for its curated selection of high-quality clothing and accessories. Baltika’s retail and digital infrastructure complements ELG’s capabilities, offering synergies in design, manufacturing, and distribution. In 2024, Baltika generated revenues of €8.6 million.

The acquisition provides ELG with immediate access to new markets and customer segments, expands its brand portfolio, and enhances supply chain efficiency. Baltika’s growing online and wholesale presence also supports ELG’s digital growth strategy, creating new e-commerce opportunities.

COBALT advised European Lingerie Group AB throughout the entire transaction, which included legal due diligence, drafting and negotiating transaction documents, and signing and closing of the transaction. Our team included Partners Martin Simovart and Jesse Kivisaari as well as Junior Associates Karina-Anette Kiristaja and Paul Schifrin.