Cobalt has advised Apollo Group's Estonian subsidiary Treeland on increasing its ownership in the Latvian restaurant chain Lido AS to 96% via share acquisition from KE Projekti.
The Apollo Group is a hospitality management company.
KE Projekti is fully owned by Gunars Kirsons, the founder of Lido.
According to Cobalt, the acquisition of an additional 21% of shares solidifies Treeland Group’s position as the majority shareholder. "Lido founder Gunars Kirsons will retain a 4% stake in the company but has withdrawn from the supervisory board."
The Cobalt team included Senior Associate Diana Zepa.
