Ellex Klavins has advised Duke I S.a.r.l. on the acquisition of 83.14% of the share capital of AS Valmieras Stikla Skiedra from the company’s controlling shareholder group. In addition to the equity transaction, VSS debt was restructured with Duke I S.a r.l becoming the second-largest secured creditor in place of Danske Bank A/S. Eversheds Sutherland advised VSS and Cobalt advised both Danske Bank and AS SEB Banka on their participation in the restructuring process of VSS.
According to Ellex, the transaction was carried out subject to the terms of a court-approved legal protection plan applicable to VSS.
Duke I S.a.r.l. is a Luxembourg subsidiary of Warwick European Opportunities Fund III LP -- an alternative investment fund managed by Warwick Capital Partners LLP. Warwick is a London-based investment manager which focuses on European special situations and manages funds with aggregate assets under management in excess of USD 2 billion.
AS Valmieras Stikla Skiedra, with its subsidiaries, is a European glass fiber manufacturer, with more than 55 years of experience in the production of glass fiber.
According to Ellex Klavins, “this transaction will provide the opportunity to further expand the business model of VSS and make necessary investments in the company which have not been possible [in] the past.”
Ellex Klavins’s team included Senior Partner Raimonds Slaidins, Associate Partner Maris Brizgo, Foreign Counsel Zinta Jansons, and Senior Associate Marta Cera.
Eversheds Sutherland's team included Senior Partner Maris Vainovskis, Senior Associates Aigars Gozitis and Anete Marhele, Of Counsel Vadim Chaban, Associates Dmitrijs Nemirovskis, Laura Medne and Sabine Vilka, and Assistant Lawyer Karlis Jekabs Ivans.
Cobalt's team included Partner Gatis Flinters and Counsels Edgars Lodzins and Andrejs Lielkalns.