COBALT advised Estonian company Treeland OÜ in the acquisition of a majority stake in one of the oldest and best-known Latvian catering companies, Lido AS. The value of the deal is confidential.
After the transaction Treeland OÜ holds a 51% stake in Lido AS. Treeland OÜ is owned by Ivar Vendelin.
In the announcement of the deal Gunārs Ķirsons, the founder of Lido AS, said that the new partner is vitally important in the present situation for the company to be able to continue its development. G. Ķirsons and I. Vendelin state that the next development steps are expansion of the company's operations not only in the Baltic states, but also in Scandinavia and possibly in other European countries.
COBALT provided full legal support to the purchaser in Latvia and Estonia, including the legal due diligence of the target, drafting of transaction documentation and assisting on the closing of the deal.
Investor was advised by Partner Aivar Taro and Senior Associate Liina Saaremets in Estonia, Managing Partner Dace Silava-Tomsone, Senior Associates Elīna Ločmele, Kristīne Patmalniece and Inga Tenisa, Associates Juta Guļkeviča, Zane Caune, Gabriela Šantare and Vadims Zvicevičs in Latvia.
Lido AS was registered in 1991 and is the owner of 20 restaurants operating in Latvia and Estonia, and 9 grocery shops in Latvia. It posted a turnover of EUR 59 million in 2019. More info at: https://www.lido.lv/en/