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Cobalt and Ellex Advise on Consolis Acquisition of TMB Group's Latvian and Finnish Operations

Cobalt and Ellex Advise on Consolis Acquisition of TMB Group's Latvian and Finnish Operations

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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.

Latvian Knowledge Partner

COBALT is closely integrated alliance of top-tier law offices in Estonia, Latvia, Lithuania and Belarus, making us one of the largest law firms in the Baltic market. 

COBALT is a trusted partner for daily matters and complex large-scale transactions and disputes. The firm’s broad spectrum of expertise and established position as the market leader give a comprehensive basis for providing advice on special areas of business law.

We advise top international and regional businesses, financial institutions, state and local governments, and the region’s most promising start-ups. We offer leading-edge solutions in key industry sectors: Consumer Products, Trade & Distribution, Real Estate & Construction, Pharmaceuticals & Healthcare, Energy & Utilities, Communications, Media & Technologies, Financial Services, Transport & Logistics.

COBALT has been named Baltic Law Firm of the Year 6 times. We were recognized as the Most Innovative Law Firm of the Year 2019 in the Baltics at the IFLR European Awards in London. COBALT also won CEE Legal Matters Deal of the Year Award for Estonia, Latvia, and Lithuania, as well as the overall Baltic Deal of the Year, at the 2019 CEE Legal Matters Awards. We have received multiple awards from the Chambers Europe, IFLR, The Lawyer and Mergermarket and we are regularly listed amongst the top performing M&A legal advisors in the Bloomberg, Thomson Reuters and Mergermarket deal tables

More information on Cobalt can be found at www.cobalt.legal

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