Apollo Group Boosts Stake in Latvian Lido
Deal News | Feb 05, 2025 | CEE Legal Matters
The Apollo Group, through its Estonian subsidiary Treeland, has increased its ownership in the Latvian restaurant chain Lido AS to 96% through the acquisition of shares from KE Projekti. This acquisition strengthens Treeland's position as the majority shareholder, while Lido's founder, Gunars Kirsons, holds onto a 4% stake but steps down from the supervisory board. The legal advisory for the acquisition was provided by Cobalt, with Senior Associate Diana Zepa leading the advisory team. The transaction reflects strategic consolidation within the hospitality management sector.
Sectors
- Hospitality Management
- Legal Advisory
Geography
- Latvia – The main target of the acquisition, Lido AS, is a Latvian restaurant chain.
- Estonia – Apollo Group's subsidiary Treeland, involved in the acquisition, is based in Estonia.
Industry
- Hospitality Management – The acquisition involves a hospitality management company expanding its stake in a restaurant chain, which is central to its business operations.
- Legal Advisory – Cobalt, the legal advisory firm, played a crucial role in facilitating the acquisition, highlighting the involvement of the legal services sector.
Financials
- 21% – The additional percentage of shares acquired by Treeland, increasing its total ownership to 96%.
- 96% – The total ownership stake now held by Treeland in Lido AS after the acquisition.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Apollo Group | Bidding Company | Companies | Apollo Group is a hospitality management company seeking to increase its stake in Lido AS through its subsidiary. |
| Treeland | Bidding Company | Companies | Treeland is Apollo Group's Estonian subsidiary involved in the acquisition of shares in Lido AS. |
| Lido AS | Target Company | Companies | Lido is a well-known Latvian restaurant chain targeted in the share acquisition by Treeland. |
| KE Projekti | Selling Company | Companies | KE Projekti, owned by Lido founder Gunars Kirsons, is the entity from which shares were acquired. |
| Gunars Kirsons | Founder of Lido | People | Founder of Lido AS, selling shares to Apollo Group's Treeland while retaining a minority stake. |
| Cobalt | Legal Advisor | Companies | Cobalt provided legal advisory services for the acquisition, represented by Senior Associate Diana Zepa. |
| Diana Zepa | Senior Associate at Cobalt | People | Senior Associate at Cobalt who was part of the legal team advising on the deal. |