Varul’s M&A team advised on the sale of shares in the Cinamon Group of companies from GILD Arbitrage venture capital fund to DLT Capital, an Estonian company owned by Russians Tatjana Tolstaja and Vitaly Yakovlev.
The Cinamon Group operates a chain of cinemas in Estonia, Latvia, and Lithuania. The turnover of the Group's companies amounted to EUR 5.6 million in 2013.
GILD Arbitrage is a Baltic market-neutral hedge fund established in 2001, which, according to its website, "targets long-term maximum capital appreciation independent of the performance of equity and fixed income markets." Between 80-90% of its portfolio is allocated to direct investments mostly in the Baltic countries, Ukraine, and Bulgaria. Direct investments include mostly mezzanine, structured loans, convertibles, bridge loans, MBO and LBO financing, as well as private equity investments to smaller extent.
Varul’s M&A team, led by Sander Karson, participated in the drafting of transaction documents and advised the client throughout the sale process.
Correction: The original version of this story erroneously reported that the shares in the Cinamon Group was sold to the Texas-based DLT Capital real estate investment management company. It has been corrected to reflect that the sale was made to the Estonian company operating under the same name.
