Cobalt Lithuania has advised KJK Sports on its acquisition of 100% of the shares of Baltic Bicycle Trade UAB from Denmark's Asgaard A/S and Lithuania's Litcapital I. TGS Baltic advised Asgaard and Litcapital I on the sale, which remains contingent on competition clearance and is expected to close in the third quarter of 2019.
KJK Sports is a Luxembourg-based sporting goods holding company focused on the active outdoor sporting goods segment with existing investments in Elan d.o.o., Tahe Outdoors, and Leader 96.
KJK Sports is supported by KJK Management, an independent partner-owned asset manager focused on servicing the needs of institutional investors. KJK’s network covers eight offices across Europe.
Baltic Bicycle Trade, founded in 2002, is in a parent company of Baltik Vairas, which is based in Siauliai, Lithuania. Baltic Bicycle Trade develops, manufactures, sells, and distributes electric bicycles. The company also offers wholesale and retail sales of Panther-branded bicycles.
Earlier this year, Cobalt advised KJK Sports on the acquisition of a 50% stake in Tahe Outdoors (as reported by CEE Legal Matters on January 21, 2019).
The Cobalt team was led by Partner Irmantas Norkus and included Associate Julija Timoscenko.
The TGS Baltic team was led by Partner Aurimas Pauliukevicius.
