Nove has advised the shareholders of electricity and communication networks construction company Corle on the company's BPM Mezzanine Fund-financed sale to Network Assets. BPM Capital was represented by Cobalt Estonia.
Corle, founded in 2006 by Kaido Kornak and Aleksander Leonov, constructs approximately 500 kilometers of communication networks each year. The company is currently active in Estonia and Finland. Nove describes Corle as "an important partner for the state and telecommunication groups for the development of communication networks." According to the firm, Corle employs 32 specialists and generates approximately EUR 6 million revenue per year.
"Corle is an Estonian electricity and communication networks construction business with good quality and a high reputation," said Network Assets owner Priit Uuemaa. "I see significant potential in development of infrastructure for growing IT services and IoT solutions."
“We are happy that the company founded by us will continue to thrive in the hands of a new strong owner, and we believe that the business will make a significant step towards becoming an important player in the Nordic network construction market,” commented Corle co-founder Aleksander Leonov.
“We see a growing market for construction of communication networks and are certain that under Priit Uuemaa’s lead Corle will successfully continue servicing the existing contracts and will become a larger communication infrastructure construction business in the Baltics and Scandinavia,” said BPM Capital Partner Priit Veering.
The Corle shareholders were advised by Nove Partner Urmas Volens and Senior Associate Kaija Riismaa.
Cobalt’s work included drafting the financing documents and advising BPM on negotiations. The firm's team was led by Partner Peeter Kutman, Senior Associates Karl Kull and Kristjan Kotkas, and Specialist Counsel Jesse Kivisaari.