TGS Baltic advised Coinvest Capital on its investment in the Lithuanian crisp producer CHAZZ

12.04.2024 TGS Baltic advised Coinvest Capital on its investment in the Lithuanian crisp producer CHAZZ

Coinvest Capital has closed an investment in the Lithuanian crisp producer CHAZZ. Exactly six years after the first investment of the venture capital fund Coinvest Capital in the company Gusania, which produces CHAZZ chips, the fund sold its 26% stake.

Exactly six years after the first investment of the venture capital fund Coinvest Capital in the company Gusania, which produces CHAZZ chips, the fund sold its 26% stake. part of the shares, securing the maximum return according to the rules set by the fund's mandate.

On April 2018, 11, "Coinvest Capital" (at that time - Co-investment fund) signed the first financing agreement, according to which almost 440 thousand was invested in the then newly established snack production company UAB "Gusania" in several stages. euros. 

The company's founders and other shareholders bought out the share owned by Coinvest Capital.  

"There are many symbolic details in this deal - we are closing the investment after exactly 6 years, it was the fund's first investment and, what is there to hide, the most prominent, because the company's founders deliberately chose the role of industry hooligans." This is a typical MBO deal where the ownership is bought out by the executives, which means that the most important people in the company take on the full burden of responsibility and believe in the prospects of the business. Respect to them and good luck in their growth," says Viktorija Trimbel, director of Coinvest Capital.  

"We thank Coinvest Capital for believing in the idea of ​​producing healthier snacks at a time when the only chip producer left Lithuania, and financial institutions kept repeating as a prayer that there was not a single successful food startup during the entire period of Independence. For us, this investment was a commitment to raise the highest operational standards and create added value here in Lithuania. For several years now, Lithuanian vegetable snacks have been traveling to more than 30 countries around the world, we pay our employees much higher than average salaries, we use the services of dozens of Lithuanian companies, and until then the corporations producing snacks are forced to change at least somewhat for the better", comments UAB Gusania director Žilvinas Kulvinskis.

Dalia Tamašauskaitė-Žilienė, Meda Stankutė and Evelina Savickaitė represented the fund in the transaction.