Andra Rubene

TGS Baltic advised "Rulonas" on the acquisition of "IMS Baltic" companies

"Rulonas", one of the largest suppliers of stainless steel and aluminium in the Baltic region, has completed the acquisition of "IMS Baltic" companies operating in Lithuania, Latvia, and Estonia (formerly known as SCHMOLZ+BICKENBACH Baltic and Swiss Steel Baltic). 

The Latvian national airline airBaltic issues 340 million 5.25-year secured euro bonds

TGS Baltic advised joint global coordinators BNP Paribas, Citi, and J.P. Morgan, joint bookrunners Morgan Stanley and SEB, and co-managers LHV and Signet Bank on the issue by the Latvian national airline airBaltic of 340 million 5.25-year secured euro bonds to be listed on Euronext Dublin stock exchange. This is the largest corporate bond issue originating from Latvia.

TGS Baltic, in cooperation with Hannes Snellman, assisted Accel-KKR with the Majority Equity Investment in Aico Group

TGS Baltic, in cooperation with Hannes Snellman, assisted Accel-KKR, a global technology-focused investment firm, in the majority equity investment in Aico Group. Aico is an end-to-end financial close software platform for large enterprises. With the investment, Accel-KKR will join the current investor, Juuri Partners, as a backer of Aico.

TGS Baltic assists AS Eco Baltia with its plan to acquire SIA Eko Osta, a company collecting and recycling hazardous waste

TGS Baltic assists AS Eco Baltia, the largest environmental resource management and recycling company in the Baltics, with its plan to acquire SIA Eko Osta, Latvia's leading company in collection and recycling of environmentally harmful and hazardous waste, thereby expanding the company's activities and range of environmental services. AS Eco Baltia group and the shareholders of SIA Eko Osta concluded the purchase agreement concerning the acquisition of 100% of the shares in SIA Eko Osta, the closing of which required merger authorisation from the Latvian Competition Council.

Legal support in the acquisition of capital shares of SIA Medicīnas sabiedrība "ARS"

Andra Rubene provided legal support to the new shareholder of SIA Medicīnas sabiedrība "ARS" in the acquisition of capital shares of the company. As a result of the transaction, the new shareholder joined SIA "Medicīnas sabiedrība "ARS" as one of the largest shareholders.

TGS Baltic together with Cederquist advised Kinnevik on the sale of Tele2 shares to Freya Investissement

TGS Baltic together with Cederquist has been an advisor to Kinnevik in connection with the sale of its entire holding in Tele2

Strategic acquisition: TGS Baltic advised IFCO SYSTEMS in acquiring 100% BEPCO OÜ shares

Guiding IFCO SYSTEMS to Baltic expansion – TGS Baltic facilitates strategic BEPCO acquisition

TGS Baltic assisted Enefit Green AS with selling Brocēni pellet mill and cogeneration plant in Latvia to Warmeston OU, the leading Estonian wood pellet producer.

Enefit Green AS has agreed to divest Brocēni pellet mill and biomass CHP plant to Warmeston OU by selling 100% shares of Enefit Green SIA (now Warmeston SIA) and SIA Technological Solutions. Brocēni business includes a pellet mill and a biomass cogeneration plant, both built in 2016.

TGS Baltic assisted Impact Ventures with its co-investment (alongside Kendris Capital) in the aggregate amount of EUR 1.2 million in SIA Naco Technologies.

TGS Baltic assisted Impact Ventures I. Private Equity Fund with its co-investment in the aggregate amount of EUR 1.2 million in an innovator in nano-coatings for green hydrogen systems - SIA Naco Technologies.

With this funding, SIA Naco Technologies plans to establish a presence in strategic markets to foster global partnerships and client relationships, particularly with electrolyser and fuel cell manufacturers, further innovation in nano-coatings to improve green hydrogen production and consumption and invest in talent and infrastructure to support the growing demand for green hydrogen technologies.

TGS Baltic assisted Enefit Green AS with selling Paide and Valka district heating businesses in Estonia and Latvia to AS Utilitas Eesti, Estonia's largest district heating company.

Enefit Green AS has agreed to divest Paide and Valka district heating businesses to AS Utilitas Eesti by divesting Paide business and 100% shares in the Valka district heating company SIA Enefit Power & Heat Valka. In Paide, the transaction consists of a district heating enterprise whose assets include a cogeneration plant commissioned in 2015, a biomass boiler plant, a reserve boiler house, and a solar park.

TGS Baltic advised Hawesko on entering into a strategic partnership with the Dunker Group

TGS Baltic represented the stock exchange listed premium wines trading group Hawesko who is entering into a strategic partnership with the Dunker Group, the leading wine and spirits wholesale trading group in the Baltics, and in this context is acquiring 50 percent of the shares in Dunker Group OÜ. 

TGS Baltic assisted SIA Lenoka in receiving permission from the Competition Council to acquire lease rights of the premises at Driksas iela 4, Jelgava, previously leased by SIA MAXIMA Latvija, to open a Mego store.

SIA Lenoka, who operates one of the largest retail chains in Latvia “Mego” received the merger clearance decision of the Competition Council allowing the acquisition of lease rights of the premises at Driksas iela 4, Jelgava, previously leased by SIA MAXIMA Latvija, from SIA MARNO J.

Legal support to SIA "Rubens Capital" in acquiring 25% of board game developer and seller SIA "Brain Games" shares

Provided legal support to SIA "Rubens Capital" in acquiring 25% of board game developer and seller SIA "Brain Games" shares.

TGS Baltic assisted BETHOC AB, Swedish hockey training aids seller, with acquiring the shares of SIA SPORT REVOLUTION, Latvian ice hockey, floorball, and field hockey training aids seller.

On 20 December 2022, Swedish company BETHOC AB signed the transaction to acquire 100% shares of Latvian company SIA SPORT REVOLUTION from the previous shareholders of Latvian company SIA JLSR and SIA Xstunda, each owning 50% of the share capital of the company.

TGS Baltic represented the real estate development company SIA City Development Company in the land sale transaction to ESTMAK CAPITAL OÜ group company SIA Riga Properties 3.

TGS Baltic helped the real estate development company SIA City Development Company to sell four real estates in Avoti, the south-eastern part of the historical centre of Riga. 

TGS Baltic assisted the marketing and advertising technology industry investor – venture capital fund BlackSheep Ventures / BlackSheep MadTech Fund with its planned EUR 2 million investment into a disruptive geospatial advertising platform developer “Roibox” SIA.

TGS Baltic assisted the marketing and advertising technology industry investor – venture capital fund BlackSheep Ventures / BlackSheep MadTech Fund with its planned EUR 2 million investment into a disruptive geospatial advertising platform developer “Roibox” SIA.

TGS Baltic assisted SIA Tet in acquisition of 100% of the shares of SIA Telia Latvija and obtaining permission from the Latvian Competition Council.

On 4 January 2022, the technology and entertainment company SIA “Tet” and one of the leading telecommunications companies in the Nordic and Baltic countries Telia Company signed an agreement on the purchase of shares in SIA "Telia Latvija". To conclude a transaction that envisages SIA “Tet” becoming the sole shareholder of SIA "Telia Latvija", a merger permit from the market supervisor – the Latvian Competition Council – was required.

TGS Baltic Assisted INVL Baltic Sea Growth Fund With Its Acquisition of Latvian Cosmetics Producer B2Y.

On 9 February 2022, INVL Baltic Sea Growth Fund, one of the largest private equity investment funds in the Baltic region, completed the acquisition of a 100 percent stake in B2Y, a growing personal care products and cosmetics producer headquartered in Latvia. B2Y will continue to be led by its founder and CEO Rita Lagzdiņa.

TGS Baltic assisted OptiGroup with its acquisition by FSN Capital.

On 18 December 2021, FSN Capital VI signed an agreement to acquire OptiGroup and the Dutch company Hygas to create a European Group in the business-to-business distribution industry. FSN Capital VI will be the leading shareholder in the combined Group, and OptiGroup’s current shareholders, Altor Fund II, Triton II Fund and RoosGruppen AB will remain as minority owners. The transaction is expected to be finalised in the first quarter of 2022 subject to customary statutory approvals. The parties have agreed not to disclose the details of the transaction.

TGS Baltic assisted Green Gateway Fund L.P. / Wermuth Asset Management GmbH with its exit from the producer of concrete floors and foundations for industrial objects Primekss group in which the fund had made a capital investment and provided financing in 2014.

TGS Baltic assisted Green Gateway Fund L.P. / Wermuth Asset Management GmbH with exit from Primekss Group, the producer of concrete floors for buildings, logistics centres, shopping malls, DIY stores and foundations of buildings, in which the fund had made a capital investment and provided financing in the amount of EUR 10 million in 2014. 

TGS Baltic and Vinge assisted Swedish private equity company Helix Kapital with investment in the international sports media agency Spring Media, which simultaneously merged with Future Sports Agency.

TGS Baltic in cooperation with Vinge assisted Swedish private equity company Helix Kapital with investment in the international sports media agency Spring Media, which simultaneously merged with Future Sports Agency to strengthen its leading position on the Nordic sport-media market and accelerate international expansion.

TGS Baltic advised Akropolis Group on signing the transaction to acquire one of the largest shopping centres in Riga - Alfa

TGS Baltic advised Akropolis Group, the leading company for the development and management of shopping and entertainment centres in the Baltic States, which acquired one of the largest shopping centres in Riga, Latvia – ALFA, with the total area of 154,000 sq. m.

TGS Baltic advised Akropolis Group on EUR 300 million Eurobond issue

We advised Akropolis Group, the leading shopping and entertainment centre development and management company in the Baltic States, on EUR 300 million Eurobond issue.

TGS Baltic in cooperation with Vinge assisted Lagercrantz Group (publ) (Sweden) in the acquisition of shares from Libra-Plast (Norway) having group companies in Latvia.

TGS Baltic and Vinge assisted Lagercrantz Group AB (publ) (Norway), a technology group company listed in Stockholm Stock Exchange, in acquiring 75% of the shares in the Norwegian company Libra‑Plast AS (https://www.libra.no/). TGS Baltic ensured all the necessary transactional support with respect to Libra-Plast group companies in Latvia – Libra Plast SIA and Lanos SIA.

TGS Baltic assisted Overkill Ventures with its investments into and exit from US company AXDRAFT

TGS Baltic assisted limited partnership Overkill Ventures Fund I AIF managed by SIA Overkill Ventures AIFP with its investments into and exit from US company AXDRAFT Inc. / Latvian company AXDRAFT SIA.

TGS Baltic represented SIA "GLD Company" in a real estate sale transaction in Mārupe

TGS Baltic represented SIA "GLD Company" in a real estate sale transaction in Mārupe – one of the most demanded building districts near Riga, capital of Latvia.

TGS Baltic Latvia and Estonia provided legal support to joint global co-ordinators and joint bookrunners with respect to IPO of 20,000,000 shares of AB “Ignitis grupė”, as part of which EUR 450 million were raised.

TGS Baltic Latvia and Estonia provided legal support to joint global co-ordinators and joint bookrunners with respect to the initial public offering (IPO) of 20,000,000 shares of AB “Ignitis grupė”, a leading utility and renewable energy company in the Baltics, as part of which the company raised capital in the amount of 450 million euros.

TGS Baltic represented SIA Tepix by selling its carpet rental service business to SIA Lindstrom

TGS Baltic represented Latvian carpet rental service provider SIA Tepix by selling its carpet rental service business to SIA Lindstrom, a part of the leading European textile services group – Lindström Group.

TGS Baltic assisted Inspired, a leading global premium schools group, with entering into transaction with British schools group, King’s College.

TGS Baltic in co-operation with Baker McKenzie assisted Inspired, a leading global premium schools group, in the transaction whereunder King’s College, the premier British schools group, joined Inspired.

TGS Baltic assisted SIA Brain Games with the acquisition of Lithuania’s wholesaler and retailer of board games and toys UAB New Media Publishing

TGS Baltic assisted Latvia’s board games company SIA Brain Games with the acquisition of Lithuania’s wholesaler and retailer of board games and toys UAB New Media Publishing

TGS Baltic assisted with the opening of one of the largest malls in the Baltics – Akropole

On 4 April 2019, one of the largest, most contemporary and technologically advanced shopping and leisure malls in Latvia - Akropole opened its doors.

TGS Baltic assisted LMT GROUP AB (Sweden) with acquisition of a number of PLM Group companies in Latvia and Estonia.

TGS Baltic assisted Bengt Svante Liljedahl company LMT GROUP AB (Sweden) with closing of acquisition of PLM Group companies in Latvia, Estonia, Sweden, Denmark, Finland, Norway, and Iceland.

Advising Proplastik on selling its business to Vink Group

TGS Baltic’s cross-border M&A team led by partner Sander Kärson advised the owners of Proplastik in Estonia, Latvia and Lithuania in selling their business to Europe's largest plastic wholesaler Vink Group.

TGS Baltic helps Polish Fund obtain clearance for merger with Morele.net. Sp.z.o.o.

The fund registered in Poland MCI.PrivateVentures Fundusz Inwestycyjny Zamknięty with sub-fund MCI.TechVentures 1.0 was assisted by TGS Baltic team with obtaining of merger permit of the Latvian Competition Council to acquire sole control over company Morele.net Sp. z o.o.

TGS Baltic assisted Belgian investment group Straco

TGS Baltic, working alongside Clifford Chance Belgium office, assisted Belgian investment group Straco with the acquisition of the horticulture company AS Greenyard Horticulture Latvia as a part of acquisition of the horticulture segment from Greenyard in Belgium, France, Poland, Ukraine, and Latvia.

TGS Baltic assisted AS Augstsprieguma tīkls with obtaining of the merger clearance by the Latvian Competition Council for potential acquisition of a decisive influence over AS Conexus Baltic Grid

According to the merger notification received by the Latvian Competition Council, since 1 January 2018, AS Augstsprieguma tīkls owns the majority of votes in the decision-making bodies of AS Conexus Baltic Grid.

Assisting IK Investment Partners in the acquisition of Katsastus Group’s operations

IK Investment Partners acquired the shares of vehicle inspection companies A-Ülevaatus OÜ in Estonia, SIA Scantest in Latvia, A-Katsastus AB in Sweden and Autotest Polska Sp. Z o.o. in Poland (“the Group”) from A-Katsastus Group Oy, one of the leading European companies providing vehicle inspection, trade-in inspection and registration services.

Advising Bergs Timber in acquiring Norvik’s operations in the Baltics and the United Kingdom

TGS Baltic’s cross-border M&A team led by partner Kadri Kallas advised Swedish Bergs Timber AB (publ) in acquiring Vika Wood and Byko-lat (Latvia), EWP AS and Laesti AS (Estonia) and Norvik Shipping (United Kingdom) from Icelandic Norvik hf.

TGS Baltic represented Credit Value Investments in investing EUR 11 million in Civinity bonds

TGS Baltic represented Credit Value Investments and funds managed by it in investing in bonds of AB Civinity, by structuring the bond issue and creating the issuer’s related necessary instruments for ensuring the performance of obligations.

TGS Baltic assisted BENU Aptieka Latvija SIA with acquisition of 100% of share of SIA Cēsu Vecpilsētas Aptieka

Andra Rubene, Attorney at Law, Partner, and Rūdolfs Vilsons, Associate at TGS Baltic assisted BENU Aptieka Latvija SIA, one of the leading retail of medicines chains in the Baltics, with acquisition of 100% shares SIA Cēsu Vecpilsētas Aptieka, a pharmacy in Cēsis, Latvia from a number of private persons, thereby expanding Benu network of more than 66 pharmacies in Latvia.

Advising 20% shareholder of SIA VUDLANDE on buy-out of 80% shareholder of the company - Latvian Timber Ltd. (UK)

TGS Baltic’s M&A team assisted 20% shareholder of SIA VUDLANDE (LV) with buy-out of 80% shareholder of the company - Latvian Timber Ltd. (UK), obtaining 100% shares of SIA VUDLANDE as the result of the transaction.