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Sorainen, Cobalt, and TGS Baltic Advise on Freor Share Sale

Sorainen, Cobalt, and TGS Baltic Advise on Freor Share Sale

Lithuania
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Sorainen has assisted Freor LT and its majority shareholder Rytis Bernatonis on Mezzanine Management's sale of a block of Freor LT shares to Baltics-based private equity fund Livonia Partners. Mezzanine Management was advised by Cobalt on the sale, and Livonia Partners was advised by TGS Baltic.

According to Cobalt, ”Freor LT is the only company in the Baltic States producing commercial refrigeration equipment and developing energy saving and environmentally friendly refrigeration solutions; it exports about 90% of its refrigeration equipment." In 2017, the company's revenue increased by 47% to EUR 36 million. At the beginning of 2015, AMC III invested EUR 7 million in Freor LT.

The company sells its products to Lithuanian, West European, and East Asian retail chains operating around the world.

Mezzanine Management is a manager of four funds in the Accession Mezzanine Capital group. In 2000, the group launched its mezzanine-type financing activities in Central Europe and has been investing in medium-sized businesses. Mezzanine Management has been operating in Central and Eastern Europe since 2001 and has offices in Vienna, Warsaw, Bucharest, Budapest, and Prague.

Livonia Partners is a private equity firm based in the Baltic States, which is running Livonia Partners Fund 1 and Livonia Partners EIF Co-Investment Fund with EUR 83 million under management.

The Sorainen team included Partner Sergej Butov and Associate Laura Matuizaite.

Cobalt’s team included Partner Juozas Rimas and Associate Lawyer Julija Timoscenko.

The TGS Baltic team consisted of Partner Marius Matonis, Associate Partner Aurimas Pauliukevicius, and Associate Andrius Voska

 

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