Cobalt has advised Finnish private equity fund KJK on its acquisition of a 50% stake in Estonian Tahe Outdoors OÜ. Subsequently, Ellex Raidla advised Tahe Outdoors on its use of those funds to acquire BIC Sport for somewhere between EUR six and nine million, creating the second largest water-sports equipment producer in Europe.
According to Cobalt, the KJK Fund III mainly invests "in direct equity investments into both small or medium-size companies in Eastern Europe."
According to Ellex Raidla, the acquisition of BIC Sport "will lead to the creation of a new and dynamic worldwide player, with unique industrial technologies across a wide range of products and an international network of specialist retailers. BIC Sport’s products will continue to be manufactured and sold under license, together with the SIC & OXBOW Brands."
"Founded in 1979," Ellex reports, "BIC Sport pioneered the windsurf industry and progressively diversified its activities to include surfing, kayaking, junior racing dinghies and stand-up paddleboarding. Headquartered in Vannes, France, BIC Sport sells its products in more than 90 countries."
And, Ellex reports, "Tahe Outdoors is one of the most successful and dynamic European manufacturers of paddle sports and kitesurf products, with strong brands such as Tahe Marine, Core, Zegul, [and] Egalis. Founded in 1989, based in Estonia, Tahe Outdoors is distributed in more than 50 countries with products manufactured in France, Germany, and Estonia."
The Cobalt team advising KJK was advised by Senior Associate Kristjan Kotkas and Associate Madis Reppo.
The Ellex Raidla team was advised by Partner Risto Vahimets, Senior Associate Karl-Erich Trisberg, and Associate Anna Trine Raudsepp.