Sorainen advised Finland-based Oriola on the sale of its Baltic business to Oribalt Group, controlled by the management of Oriola Baltic subsidiaries. Completion of the transaction went public on 19 October 2017 when Oriola announced that in early August 2017 it had signed an agreement to sell its Baltic businesses. Oriola’s Baltic businesses comprise the following subsidiaries: Oriola and Oriola Estonia in Estonia, Oriola Riga and Panpharmacy in Latvia, and Oriola Vilnius in Lithuania.
Oriola, a Finnish-listed retail and wholesale distributor of pharmaceuticals and health and wellbeing products, has a strong position in the pharmaceuticals market in Sweden and Finland. Net sales of the Baltic businesses in 2016 amounted to EUR 54 million, adjusted EBIT EUR 1.2 million, with personnel numbering 160.
Explains Kimmo Virtanen, Oriola´s Executive Vice President: “We want to focus on developing our business in Finland and Sweden, where we see great potential and have initiated extensive development projects. In line with our strategy, we decided to sell the Baltic businesses to the companies’ existing management.”
Sorainen, as lead counsel on the sell-side, structured the deal and prepared transaction documentation, including a framework share purchase agreement encompassing full divestment of shares in five target companies established in three different countries. Among other issues, the transaction included a highly complex acquisition financing structure.
The pan-Baltic project team was led by partner Sergej Butov and included senior associates Jânis Bite, Jonas Kiauleikis, Piret Lappert, as well as associates Alîna Kalviša, Kai Vainola, Toms Vilnis and others.
