PwC Estonia DEALS: key projects in 2022

We advised Livonia Partners, a private equity investment fund operating in the Baltic States, that invested in two companies providing green home climate solutions: Bestair Group and Zave Group. We performed financial and tax due diligence of both groups. As the result of the deal, Livonia investment fund now owns 33% of the two groups.

We carried out an economic impact analysis for a small module reactor planned by the private limited company Fermi Energia OÜ. In our analysis we analyzed the establishing and operating of a nuclear reactor and estimated the potential contribution to Estonia’s GDP and employment, as well as salary and tax revenue

We advised Livonia Partners, a private equity investor operating in the Baltic States, in a management buy-out deal. As a result Stebby, which is the largest marketplace for wellness services operating in the Baltics, is now co-owned by the Livonia Partners fund and the Management Board of Stebby. We performed financial due diligence on Stebby.

We performed a valuation of a start-up company’s tokens. A token is a financial instrument resembling a call option that can be issued to people who have contributed to the company’s success. The token gives its holder a claim to a share of the proceeds if the company’s equity is sold, while it does not give the token holder the right of ownership or voting rights over the company. In our valuation, we used a combined approach, where the value of the tokens was based on the option pricing methodology as well as on the scorecard valuation method for start-ups, considering both quantitative and qualitative factors.

We advised the owners of Kemmerling OÜ, an Estonian company renting portable sanitary equipment, in selling their enterprise. The acquirer was Toi Toi & Dixi GmbH, a German group. We led the entire sales process from mapping potential investors, managing communication and putting together sales materials to negotiating the financial aspects of the deal structure, which included negotiations on pricing the deal. 

We advised Gi Group Holding, a global leader dedicated to the staffing industry, which acquired Verita Solutions OÜ, a group of companies in the Baltics, which manages personnel leasing and staffing companies CVO Recruitment and Simplika. The deals, tax and legal teams of PwC Estonia, Latvia and Lithuania provided financial, tax and legal due diligence services, as well as preparation of the transaction documents and support in the negotiations.

We advised Veho AS on the sale of its subsidiary Silwi Autoehituse AS. The company was acquired by its CEO Märt Tõnumaa together with an associated team of investors. The transaction allows Veho to focus more on its core business, the retail sales of vehicles.

We advised Bidcorp group in the acquisition of a majority stake in the Estonian food sector wholesale company Fruit Xpress OÜ by conducting a financial and tax due diligence on the acquired company. Bidcorp was seeking an opportunity to strengthen its presence in the dynamically growing Estonian food supply market.

In addition to the above, the deals’ team of PwC Estonia performed over fifty other projects, which included due diligence services, valuations, financial modeling, general project management, restructuring, advising on disputes and much more. We have several ongoing M&A projects and hope to provide more detailed information on those in 2023.

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