Thu, Feb
49 New Articles

Sorainen and Cobalt Advise on Sale of Oriola's Baltic Businesses

Sorainen and Cobalt Advise on Sale of Oriola's Baltic Businesses

Deals and Cases

Sorainen advised Finland-based Oriola on the sale of its Baltic business to Oribalt Group, controlled by the former management of Oriola's Baltic subsidiaries. Cobalt advised the buyers on the deal. Financial details were not disclosed.

According to Sorainen, "Oriola, a Finnish-listed retail and wholesale distributor of pharmaceuticals and health and wellbeing products, has a strong position in the pharmaceuticals market in Sweden and Finland. Net sales of the Baltic businesses in 2016 amounted to EUR 54 million, adjusted EBIT EUR 1.2 million, with personnel numbering 160." Oriola’s Baltic businesses includes the Oriola and Oriola Estonia subsidiaries in Estonia, Oriola Riga and Panpharmacy in Latvia, and Oriola Vilnius in Lithuania.

Kimmo Virtanen, Oriola´s Executive Vice President, explained: “We want to focus on developing our business in Finland and Sweden, where we see great potential and have initiated extensive development projects. In line with our strategy, we decided to sell the Baltic businesses to the companies’ existing management.”

"We are very happy with this acquisition," stated Pekka Ruokanen, Oribalt Group SIA Director. "Our acquiring group has several years of experience in leading the Baltic businesses, and we are excited to continue developing them further as owners. The high quality of services and long-term business development are our top priorities also in the future."

According to Sorainen, the firm, "as lead counsel on the sell-side, structured the deal and prepared transaction documentation, including a framework share purchase agreement encompassing full divestment of shares in five target companies established in three different countries. Among other issues, the transaction included a highly complex acquisition financing structure." The firm's pan-Baltic project team was led by Partner Sergej Butov and included Senior Associates Janis Bite, Jonas Kiauleikis, and Piret Lappert, and Associates Alina Kalvisa, Kai Vainola, Toms Vilnis, and others.

According to Cobalt, the firm "advised the clients in all stages of the transaction, including in negotiations of the sale and purchase agreement, as well as loan and security documentation related to the financing of the acquisition." The Cobalt team was led in Latvia by Specialist Counsel Edgars Lodzins and Managing Partner Lauris Liepa with assistance of Senior Associates Inga Tenisa and Elina Locmele and Associates Marija Berdova and Krisjanis Buss. In Estonia the team was led by Partner Marina Tolmatshova, assisted by Associate Christine Magi. The firm's Lithuanian team was led by Partner Akvile Bosaite with the assistance of Associates Aurelija Balciune and Mantas Juska.

Lithuanian 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

All News about Cobalt can be found here.


Our Latest Issue