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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, 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.

Cobalt at a Glance

COBALT is a closely integrated alliance of top-tier law offices across the Baltics, uniting more than 240 attorneys and support staff. During 25 years of experience, we have become a strategic partner to our clients in handling both 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 full-service business law advice.

Top international and regional businesses, financial institutions, state and local governments, and the region’s most promising start-ups are among our clients. 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 7 times receiving Chambers Europe, IFLR, The Lawyer and Mergermarket awards, and we are regularly listed amongst the top-performing M&A legal advisors in the Bloomberg, Refinitiv and Mergermarket deal tables. Recognized as the No.1 Lithuanian law firm in the Prospera Law Firm Review 2021 and No. 1 law firm in Latvia in 2020, 2019, and 2018 client satisfaction surveys. In 2021 we were recognized as a highly recommended law firm in the Baltics at The Lawyer European Awards 2021 ceremony and named the Baltic States Tax Firm of the Year and Pro Bono Firm of the Year at the annual ITR EMEA Tax Awards 2021 ceremony. More information on COBALT can be found at www.cobalt.legal.