COBALT is advising Acceptance Mezzanine Capital III L.P (AMC III) fund managed by Mezzanine Management on the sale of 33% stake in UAB Freor LT to Livonia Partners for an undisclosed amount.
UAB Freor LT is the only company in the Baltic States producing commercial refrigeration equipment and developing energy saving and environmentally friendly refrigeration solutions; it exports about 90% of its refrigeration equipment. In 2017, the company's revenue increased by 47% to EUR 36 million. At the beginning of 2015, AMC III invested EUR 7 million in Freor LT.
Mezzanine Management is a manager of four funds in the Accession Mezzanine Capital group. In 2000, the group launched its mezzanine-type financing activities in Central Europe and has been investing in medium-sized businesses. Mezzanine Management has been operating in Central and Eastern Europe since 2001 and has offices in Vienna, Warsaw, Bucharest, Budapest, and Prague. Livonia Partners is a private equity firm based in the Baltic States, which is running Livonia Partners Fund 1 and Livonia Partners EIF Co-Investment Fund with EUR 83 million under management.
COBALT assisted in preparation of transaction documents, negotiations and with other transactional matters. The project is led by Dr Juozas Rimas, Partner at COBALT Lithuania and Head of the Mergers and Acquisition Practice, and Julija Timoščenko, Associate Lawyer.