Sorainen has advised Audimas and its major shareholders on the sale of 60% of the company’s shares to investment management company LitCapital Asset Management.
According to the shareholders’ agreement, LitCapital will manage 92% of the company’s shares jointly with Rimvydas Povilaitis, Arvydas Povilaitis, and Ona Balzekiene.
Audimas, according to Sorainen, ”is the largest manufacturer of active leisure and sports clothing in Lithuania, and it has been operating for over 80 years. For decades Audimas has been the main supply partner of team-wear for Lithuanian and other countries’ Olympic teams.” The company operates 14 retail stores in Lithuania and Latvia. In 2017 its revenue reached EUR 25.8 million with EBT of EUR 1.9 million. This year the company expects revenue of EUR 27.5 million.
LitCapital, which has been operating since 2004, manages private equity funds and alternative investment structures that invest in companies in Lithuania.
Sorainen advised Audimas on all transaction-related issues. The firm's team included Partner Mantas Petkevicius and Senior Associate Deimante Pagiriene.
Sorainen did not reply to our inquiries on the matter.