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Ellex Klavins, Eversheds Sutherland, and Cobalt Advise on Duke I's Acquisition of Major Stake in AS Valmieras Stikla Skiedra

Ellex Klavins, Eversheds Sutherland, and Cobalt Advise on Duke I's Acquisition of Major Stake in AS Valmieras Stikla Skiedra

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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, Associates 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.

Cobalt at a Glance

COBALT is closely integrated alliance of top-tier law offices in Estonia, Latvia, Lithuania and Belarus, making us one of the largest law firms in the Baltic market. 

COBALT is a trusted partner for daily matters and complex large-scale transactions and disputes. The firm’s broad spectrum of expertise and established position as the market leader give a comprehensive basis for providing advice on special areas of business law.

We advise top international and regional businesses, financial institutions, state and local governments, and the region’s most promising start-ups. We offer leading-edge solutions in key industry sectors: Consumer Products, Trade & Distribution, Real Estate & Construction, Pharmaceuticals & Healthcare, Energy & Utilities, Communications, Media & Technologies, Financial Services, Transport & Logistics.

COBALT has been named Baltic Law Firm of the Year 6 times. We were recognized as the Most Innovative Law Firm of the Year 2019 in the Baltics at the IFLR European Awards in London. COBALT also won CEE Legal Matters Deal of the Year Award for Estonia, Latvia, and Lithuania, as well as the overall Baltic Deal of the Year, at the 2019 CEE Legal Matters Awards. We have received multiple awards from the Chambers Europe, IFLR, The Lawyer and Mergermarket and we are regularly listed amongst the top performing M&A legal advisors in the Bloomberg, Thomson Reuters and Mergermarket deal tables

More information on Cobalt can be found at www.cobalt.legal.