COBALT is advising UAB Parkdema, managed by Energy and Infrastructure SME Fund, controlled by the investment management company UAB Lords LB Asset Management, on the merger with UAB Unipark, belonging to the multinational group of companies Modus Group.
Closing is subject to merger clearance from the Competition Council and is expected to occur in a couple of months once the clearance is obtained. The value of the transaction and future shareholdings are not disclosed.
According to Aidas Ignatavičius, the manager of Energy and Infrastructure SME Fund, the current expansion phase is a continuation of the last year’s transaction in which the fund acquired the Polish parking operator City Parking Group.
“The chain of parking lots managed by the fund is one of the largest in Central Europe. We are striving to further strengthen our positions in one of the fund’s strategic investment directions. The merger with UniPark will help us to establish ourselves in the Baltic States and will create even more expansion opportunities in the entire region,” Mr Ignatavičius said.
UniPark currently operates 110 parking lots in Lithuania, Latvia, Estonia and Belarus, with the total number of parking spaces exceeding 18,500.
UAB Lords LB Asset Management is an investment management company licensed by the Bank of Lithuania, providing services to institutional and private investors since 2008. In total, Lords LB Asset Management currently manages 14 funds: 9 real estate funds, 3 private capital funds and 2 energy and infrastructure funds.
COBALT is representing UAB Parkdema in negotiations regarding the sale of shares and other transaction-related documentation, is assisting it in obtaining merger clearance from the Competition Council, and advising on other transaction-related matters. The team is comprised of COBALT Partner Elijus Burgis, Senior Associate Inga Mažvilaitė, and Associates Justinas Šileika and Laurynas Juozapaitis.