Cobalt has advised the shareholders of the TMB Group on the sale of its Finnish and Latvian operations to the Consolis Group, a European supplier of precast concrete solutions, acting through is Finnish entity, Parma Oy. Ellex Raidla, acting with Finland's Krogerus and Sweden's Setterwalls law firms, advised the buyers.
Although TMB retains its Estonian production unit in Tartu, Cobalt describes the transaction as "one of the largest M&A-based exits of Estonian capital from a foreign investment in history."
Founded in 1961, TMB Group employs around 500 people and its annual revenue was close to EUR 125 million in 2018.
Consolis initially agreed to buy the TMB Group last summer (as reported by CEE Legal Matters on October 30, 2018), acting then as well through its Finnish entity, Parma Oy. In January 2019 the Estonian Competition Authority terminated the merger control process regarding TMB’s Estonian business following the announcement that the parties were, at the time, abandoning the deal.
The Cobalt team consisted of Partners Martin Simovart, Elo Tamm, and Egon Talur, Specialist Counsel Jesse Kivisaari, Senior Associate Tonu Kolts, and Associates Liina Saaremets and Mart Blondal.
The Ellex team was led by Partner Sven Papp and included Ellex Raidla Senior Associates Gerda Liik and Martin Maesalu in Estonia, and Ellex Klavins Partner Zinta Jansons in Latvia.
The Krogerus team included Partner Antti Lehtimaja, Senior Advisor Lennart Simonsen, and Associate Ella Soldan.
The Setterwalls team was led by Partner Peter Soderlind and included Associate Fanny Berggren.