HS Timber Group acquires Latvian wood processing company Vika Wood

The Austrian HS Timber Group has acquired 100% of the shares of Latvian wood processing company Vika Wood SIA from its Swedish owner, Bergs Timber AB.

Based in Vienna, HS Timber Group is one of the leading wood processing companies in Europe. It is active in the timber industry and in the bioenergy sector, exporting its products to 70 different destinations.

This acquisition aligns with HS Timber Group’s strategy to strengthen its operations and pursue sustainable growth. Access to high-quality raw materials and entry into the Baltic market will enable the company to better serve its customers.

Vika Wood, located near Talsi in Western Latvia, specializes in high-quality coniferous sawn timber, exporting to over 30 countries and supplying byproducts to regional pellet and pulp industries. With a 300,000 m³ annual capacity of kiln-dried timber and approximately 140 employees, the mill is a leading Baltic sawmill and significant local employer, processing sustainably sourced softwood.

COBALT M&A, Intellectual Property and Competition teams in cooperation with Austrian counsel Schönherr provided full legal support to HS Timber Group during the transaction, including conducting legal due diligence of the target, preparing transaction documents, assisting the client in the negotiation process as well as assessing regulatory requirements.

The team was led by Partners Indriķis Liepa, Uģis Zeltiņš and Senior Associate Elīna Ločmele, and included Specialist Counsel Kristīne Patmalniece, Senior Associates Agnese Gerharde, Ivo Maskalāns, Inga Tenisa, Gabriela Šantare, Artūrs Valderšteins, Associates Krista Helmūte, Vadims Zvicevičs, Armands Onzuls, and Junior Associate Gustavs Aleksandrs Klucis.

HS Timber Group announcement.