COBALT advised Baltcap, the leading dedicated private equity and venture capital investor in the Baltic States, on the acquisition of controlling interest in UAB Ecoservice, a leading waste management company in Lithuania from AB City Service, a holding company listed on NASDAQ OMX Vilnius Stock Exchange, which is managing one of the largest groups engaged in facility management and integrated utility services in Europe. The value of the deal is EUR 16.4 million.
Established in 1995, Ecoservice, together with its subsidiaries, is engaged in the collection, transportation and processing of secondary raw materials and household waste across Lithuania. With consolidated revenues of EUR 16 million and employing about 260 people, the group is one of the Lithuanian market leaders.
The investment in Ecoservice is the first from BaltCap Private Equity Fund II, which was launched last year and reached a first close on EUR 51 million earlier this year. The fund will pursue a similar strategy to its predecessor fund, aiming to acquire controlling stakes in leading Baltic growth businesses with the ability to scale across the region and wider Europe.
COBALT work included drafting of complex transaction documents, negotiations as well as assistance with merger clearance and acquisition financing. COBALT team was led by Dr Irmantas Norkus, Managing Partner and Dr Juozas Rimas, Head of Mergers and Acquisitions Practice Group.