Varul, the Estonian member of Tark Grunte Sutkiene, has advised the shareholders and management of Citypark Eesti, one of the largest parking services providers in Estonia, on the sale of 100% of its shares to Stova, a member of Lithuania's Modus Group. Cobalt advised Stova on the deal. Financial terms were not disclosed.
The privately-held Citypark Eesti was established in 2008 and owns 6500 parking spaces in Tallinn. Varul describes it as being "one of the market leaders in providing long and short term parking services in Estonia, including construction of parking areas, devising traffic solutions and maintenance thereof."
Stova already provides parking services under the Unipark brand in Lithuania, Latvia, and Belarus. The company also plans to expand to Poland. In addition to providing parking services, the parent company of Stova, the Modus Group, is active in car dealership, renewable energy, service business, and real estate.
The Varul team was led by Associate Partner Kadri Kallas.
The Cobalt team was advised by Partner Peeter Kutman, Senior Associate Triin Ploomipuu, and Associate Madis Reppo.