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Glimstedt and Sorainen Advise on INVL Baltic SEA Growth Fund Investment in Grigeo

Glimstedt and Sorainen Advise on INVL Baltic SEA Growth Fund Investment in Grigeo

Lithuania
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Glimstedt has advised AB Grigeo and UAB Grigeo Investiciju Valdymas on an investment and shareholders agreement regarding a EUR 30 million investment into the companies by UAB BSGF Salvus, a subsidiary of the INVL Baltic Sea Growth Fund private equity fund.

By means of the deal, BSGF Salvus will acquire up to 49.99% of the shares in Grigeo Investiciju Valdymas, a company owned by Grigeo, in two phases. The transaction is to be completed after the terms and conditions of the agreement and fulfilled and upon the Competition Council's approval of the transaction. 

According to Grigeo President Gintautas Pangonis, the potential of cardboard and its products market is growing. The investment will enable the company to increase sales and strengthen its cardboard business position in the Baltic market. In 2018 Grigeo’s cardboard and packaging business income increased by 7.8%, to EUR 72 million. The company currently employs 400 people.

Established in June 2018, the INVL Baltic Sea Growth Fund invests in medium-sized companies. With a target size of EUR 200 million, the fund focuses on acquiring controlling or significant minority stakes and takes an active role in the management of target companies, aiming to significantly increase their value over the long term. The fund’s investments in any one company may range from EUR 10 million to EUR 30 million.

Glimstedt's team consisted of Partner Ausra Maliauskaite-Embrekte and Senior Associate Jurgita Zakarauskiene.

Sorainen's team consisted of Partner Mantas Petkevicius, Counsel Asta Augutyte-Rapkeviciene, Senior Associates Inga Macijauskaite, Lina Barniskiene, and Jonas Kiauleikis, and Associates Ieva Krivickaite and Lukas Vaisvila.