PwC provided full-scope lead buy-side advisory for Duke I S.a.r.l. on acquiring a major stake in AS “Valmieras stikla šķiedra”

PwC has advised Duke I S.a.r.l. on the acquisition of 83.14% of the share capital of AS "Valmieras Stikla Sķiedra". In addition to the equity transaction, VSS debt was restructured with Duke I S.a.r.l becoming the second-largest secured creditor in place of Danske Bank A/S. This can be considered as one of the largest deals in Latvia over the past few years.  

Duke I S.a.r.l. is a Luxembourg subsidiary of Warwick European Opportunities Fund III LP which is an alternative investment fund managed by Warwick Capital Partners LLP. Warwick is a London-based investment manager which focuses on European special situations and manages funds with aggregate assets under management in excess of USD 2 billion. 

As part of the transaction, PwC provided full-scope lead buy-side advisory, including business recovery, corporate finance, and tax services. Raimonds Dauksts, managing director of Advisory in PwC Latvia, said: “I’m very satisfied with the successful conclusion of the deal and the opportunity we had with our colleagues at PwC’s BRS Center of Excellence, represented by Petr Smutný, to help execute a transaction that is essential not just for the town of Valmiera but for the whole economy of Latvia. The acquisition will enable a leading European manufacturer of glass fiber products to stay in business and strengthen its market position.”

We are proud of the work done by PwC Latvia’s lines of service involved in this project and of the great collaboration we had with our regional colleagues. The PwC team was led by Zlata Elksniņa-Zaščirinska, Raimonds Dauksts, Vita Sakne, Antonín Koukolík, and Petr Smutný. The team was supported by Agate Zīverte, Gerds Ivuškāns, Aleksandra Saltanova, Rolands Dzenis, Jaromíř Šimáně, and Marek Večeř.

AS "Valmieras Stikla Sķiedra" and its subsidiaries is one of the leading glass fibre manufacturers in Europe, with more than 55 years of experience in the production of glass fibre.