Ellex Raidla has advised Nasdaq Tallinn-listed Harju Elekter on its acquisition of an 80.5% stake in Energo Veritas OU, a company trading in electrical materials and equipment. The transaction closed on March 29, 2017.
According to Ellex Raidla, "after launching its activities in 1968, Harju Elekter Group has developed into a leading producer of MV/LV electrical and engineering devices in the Baltic countries and a known and respected manufacturer in Scandinavia. Harju Elekter’s main field of business is the development, manufacture, and sale of equipment necessary for the distribution and transmission of electric energy. The main business is supported by a sheet metal plant in Estonia and the development and leasing of industrial real estate." The firm reports that, "with the purchase of Energo Veritas and establishment of a trade unit operating as a subsidiary of the Group, the Group increases its market share in Estonia, notably expands its offered product range, and creates prerequisites for boosting the sale of the Group’s products in Estonia and the Baltic states."
Harju Elekter Group’s plants in Estonia, Finland, and Lithuania employ more than 500 people, and its annual sales revenue, according to Ellex Raidla, exceeds EUR 60 million.
The Ellex team was led by Partner Risto Vahimets and Lawyer Anna Trine Raudsepp.
Ellex Raidla did not reply to our inquiry about counsel for the sellers.