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PwC Estonia DEALS: key projects in 2021

We advised BaltCap Private Equity Fund III on their financial due diligence for the acquisition of a majority share in Baltic Ticket Holdings, a ticket sales chain, which operates in Estonia under the Piletilevi brand. Sven Nuutmann, a co-investor, acquired a minority share in Piletilevi and took over the position of the Chairman of the Management Board of Piletilevi.

We advised Kapitel, one of the largest real estate companies in the Baltics, who acquired a 50% share in the real estate company Nordassets OÜ, which owns, among other things, the logistics center of Smarten Logistics in the Rae municipality. With the purchase of a share in Nordassets, Kapitel entered into the logistics real estate business.

In cooperation with PwC colleagues, we advised Hansapost OÜ in a transaction that resulted in the creation of the largest e-commerce business in the region, covering Estonia, Latvia, Lithuania, and Finland by MidEuropa Partners, the leading investment fund in Central Europe.

We advised Elektrilevi OÜ, the largest distribution network company in Estonia, in the provision of financial and tax due diligence on the acquisition of Imatra Elekter AS, which provides energy services in Western Estonia and Viimsi.

We advised the Finnish healthcare company Mehiläinen, which acquired two Estonian healthcare companies from the private equity fund BaltCap Private Equity Fund II: the occupational health and medical services company Qvalitas Arstikeskus, and the dental chain Unimed Grupp. PwC Estonia performed financial and tax due diligence for the companies changing ownership and advised Mehiläinen Oy on the financial and tax aspects of the purchase and sale agreement. 

We advised the waste management company Ragn-Sells, which acquired Pandipakendi Automatiseeritud Käitlussüsteem OÜ (P.A.K.). As a result of the transaction, the company entered the management business of deposit packaging recycling and cleaning service provision. The PwC Estonia team advised Ragn-Sells on the transaction and financial due diligence. Legal support was provided by PwC Legal.

In cooperation with PwC tax experts, we advised Estonia's largest food and consumer goods wholesaler and HoReCa supplier in AS Kaupmees & KO on the acquisition of its competitor VL Holding OÜ, thus improving its product range and logistics capacity. PwC advised the transaction at various stages and provided tax due diligence services.

In cooperation with our Latvian and Estonian colleagues we advised on the transaction in which OÜ Treeland, a subsidiary of OÜ Mirrow Institute, acquired a 51% share in the Latvian restaurant chain Lido. PwC advised the buyer on financial and tax due diligence.

We helped carry out a major transaction in the Estonian defense industry, advising the German company Krauss-Maffei Wegmann in a transaction wherein the company acquired a 24.9% share in Milrem Robotics, one of the flagships of the Estonian defense industry. PwC facilitated the transaction by providing financial, tax, and legal due diligence services to Krauss-Maffei Wegmann.

In cooperation with our Lithuanian and Estonian colleagues, PwC conducted financial and tax due diligence on the part of the seller regarding the companies Eesti Keskkonnateenused and Ecoservice.

In cooperation with PwC's tax experts, we advised the Central and Eastern European private equity firm Innova Capital on the acquisition of a majority share in the Estonian printing company LabelPrint. PwC advised Innova Capital on the transaction, primarily assisting with financial due diligence, but also in resolving issues related to corporate finance.

We advised the international insurance group Zurich Insurance Group on the acquisition of AlphaChat, an Estonian startup company developing chatbot technology. It is a company whose chatbot understands natural human language, identifies customers, and offers personalized answers to questions. PwC performed AlphaChat's financial and tax due diligence.

PwC helped to close a major deal by advising VKG Invest OÜ, the investment arm of an energy conglomerate Viru Keemia Grupp (VKG), on the acquisition of Stockmann department store properties in Tallinn and Riga for €87 million. PwC Estonia supported VKG Invest by providing financial and tax due diligence and giving structuring advice.

In addition to the above, the transaction team of PwC Estonia performed over fifty other projects, which included due diligence services, valuations, financial modelling, general project management, restructuring, advising on disputes and much more.

Contact us

Erki Mägi

Consulting Director, PwC Estonia

Tel: +372 5625 6340

Tarmo Meresmaa

Consulting Senior Manager, PwC Estonia

Tel: +372 5819 3443

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