Cobalt has advised Flugger on its acquisition of 70% of the shares in the Eskaro Group. Baker McKenzie reportedly also advised the buyer on the deal.
Financial details of the transaction, which remains subject to approval by the relevant competition authorities, were not disclosed. The deal is expected to close in early 2021.
Flugger, which is headquartered in Denmark and reports an annual turnover of approximately DKK 1.9 million, develops and produces building and home decorating materials and markets paints, wood stains and wood preservatives, wallpaper, and painting equipment.
The Eskaro Group is an international producer of paintwork materials. The company operates in Ukraine, Russia, Belarus, Estonia, Latvia, and Finland, and generates annual revenues of approximately DKK 420 million.
Cobalt’s team consisted of, in Estonia, Partner Martin Simovart and Specialist Counsel Jesse Kivisaari; in Latvia, Partner Guntars Zile and Senior Associate Elina Locmele; and in Belarus, Managing Partner Darya Zhuk and Managing Associate Anastasia Bykowskaya.
Cobalt could not disclose any further information about the deal.
Editor's note: After this article was published, Baker McKenzie confirmed that it advised Flugger on the deal. The firm's team included Warsaw-based Partner Weronika Achramowicz and Associates Ewa Marcisz and Pawel Jaros, Stockholm-based Partner Anna Orlander and Associate Erik Holmgren, Kyiv-based Partners Olha Demianiuk and Oksana Simonova, and Moscow-based Partners Nadia Goreslavskaya and Andrei Afanasiev and Senior Associate Olga Komleva.
