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COBALT advises Flügger on gaining the majority stake in Eskaro group

2020-11-26

COBALT advises Flügger group A/S on investment in Eskaro group and gaining 70% of the shares in Eskaro Group AB. The transaction is subject to approval by the relevant competition authorities. Full approval is expected to be granted in early 2021.

Flügger is an international company headquartered in Denmark with annual turnover approximately DKK 1.900 million. It develops and produces building and home decorating materials and markets paints, wood stains and wood preservatives, wallpaper, and painting equipment. Flügger is listed and has about 1500 employees.

Eskaro Group AB is an international paint group with operations in Ukraine, Russia, Belarus, Estonia, Latvia and Finland which employs around 1100 people and generates annual revenues of approximately DKK 420 million.

COBALT acts for the client as Baker McKenzie corresponding law firm in Estonia, Latvia and Belarus, advising the client on all aspects of the transaction connected to Estonian, Latvian and Belarussian law. COBALT’s team is led by Partner Martin Simovart and Specialist Counsel Jesse Kivisaari from Estonia, Partner Guntars Zīle and Senior Associate Elīna Ločmele from Latvia, and Managing Partner Darya Zhuk and Managing Associate Anastasia Bykowskaya from Belarus.