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Glimstedt Represents Olainfarm in Acquisition of Tonus Elast

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Glimstedt Latvia has advised Olainfarm on its May 2016 acquisition of 100% of the shares of elastic medical products manufacturer Tonus Elast, for EUR 14 million.

According to Glimstedt, Olainfarm is "one of the largest companies in the Baltic States with more than 40 years of experience in production of medication and chemical and pharmaceutical products.”

Glimstedt provided the legal due diligence of Tonus Elast, and work on the transaction took several months. The firm’s team consisted of Senior Associates Raivis Leimanis and Karlis Ronis and Lawyer Richard Orbidane. According to Leimanis, "The sellers were 2 private individuals, who built the business of Tonus Elast from zero, starting more than 20 years ago. They had received offers from foreign potential buyers (German, Polish), but preferred that the company be acquired by a local buyer."