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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.

Cobalt at a Glance

COBALT is a closely integrated alliance of top-tier law offices across the Baltics, uniting more than 250 attorneys and support staff. During 25 years of experience, we have become a strategic partner to our clients in handling both daily matters and complex large–scale transactions and disputes.

The firm’s broad spectrum of expertise and established position as the market leader gives a comprehensive basis for providing full-service business law advice.

Top international and regional businesses, financial institutions, state and local governments, and the region’s most promising start-ups are among our clients. 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 7 times receiving Chambers Europe, IFLR, The Lawyer and Mergermarket awards, and we are regularly listed amongst the top-performing M&A legal advisors in the Bloomberg, Refinitiv and Mergermarket deal tables. Recognized as the No.1 Lithuanian law firm in the Prospera Law Firm Review 2021 and No. 1 law firm in Latvia in 2022, 2020, 2019, and 2018 client satisfaction surveys. We were recognized as a Baltic-wide Law Firm of the Year at the 2022 Chambers Europe Awards ceremony and named the Baltic States Tax Firm of the Year and Pro Bono Firm of the Year at the annual ITR EMEA Tax Awards 2021 ceremony. 

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