COBALT advised Practica Capital which, together with private investors, invests €1 million in RRR.LT, an online platform for the sale of used car parts. The investment will be used to expand into new markets and to disseminate sustainability ideas.
RRR.lt offers a software package improved continuously to used car parts sellers. It allows them to manage their stock and sell pre-inspected car parts suitable for second-hand use. Meanwhile, the buyers see this as a single, large online store, though they are accessing, via the internet, many warehouses based across Lithuania.
Currently, as much as 40 per cent of the orders placed via the system, are delivered to foreign countries. The company has a wide geographical reach as the products are ordered to nearly all continents; however, the investment secured will further increase the company’s efforts to expand into foreign markets.
“We are impressed by the team’s ability to deliver an incredible value proposition for the scrapyards and dismantlers, and establish its own strong channel for demand on top of it,” said Arvydas Bložė, an Investment Director of Practica Capital.
COBALT advised on the structuring of the transaction, drafted transaction documentation, represented Practica Capital in negotiations, conducted legal due diligence and advised on other transaction-related matters. COBALT team was comprised of Partner Akvilė Bosaitė and Senior Associate Dr Lina Aleknaitė-van der Molen.