Askembla Growth Fund has successfully disposed 100% shares in Coral Arendus OÜ, owner of Rocca al Mare Sports Centre, one of the largest tennis and fitness centers in Estonia.

Spordikeskuse OÜ, backed by Indrek Prants, Sven Mansberg and Armin Kõomägi, has acquired 100% share of Coral Arendus from a Swedish private equity investor Askembla Growth Fund (“Askembla”). The parties have agreed not to disclose the transaction price.

Askembla’s Founding Partner Christoffer Kurpatow: “We were positively surprised that there were many interested buyers for the sports and fitness center in Rocca al Mare area. We are pleased that Spordikeskuse OÜ, who offered the highest price and best terms, became the new owner of Coral Arendus”.

For Askembla this was the last company exit from its Growth Fund in Estonia. Christoffer Kurpatow commented: “We have been active as investors in Estonia for a long time now. Our first fund was established in 1996 and the Growth Fund in 2003. Over the years we have invested some EUR 100 mln into 25 companies. The last 10-year investment period has been particularly exciting and we are ready to continue to support medium sized Estonian companies needing expansion capital”.

New owners of Coral Arendus are planning further expanding the sporting activities in the center. Indrek Prants, a part owner of Spordikeskuse OÜ commented: “For years we have been looking for the right target in the real estate sector where the location and the profile would successfully survive various economic cycles. We think that Coral Arendus is one of the best tennis centres in terms of its location and services offered. We plan to invest in the coming years to modernize the whole sports centre. Rocca al Mare Tennis Centre and the largest chain of fitness clubs in Estonia MyFitness have proven to be a fruitful combination and our goal is to provide everybody wider sporting opportunities under one roof in the future”. Erkki Torn, management board member of Coral Arendus OÜ believes that the new enthusiastic owners can develop the sports center further.

Askembla Growth Fund’s financial advisor in the transaction was Redgate Capital and legal advisor TARK GRUNTE SUTKIENE. The transaction was financed by Nordea Bank Finland Plc Estonia branch.

Coral Arendus OÜ is the owner of Rocca al Mare Sports Center, with the total tennis and fitness area of 9,800 m2.  Coral Arendus largest tenants are MyFitness, Rocca al Mare Tennisekeskus, Sportland and AMPS.

Askembla Growth Fund has exited its last holdings in the Baltic countries. Within the last 12 months the fund has divested its interests from Bauhof Group AS (one of the largest DIY retailers in the Baltic countries); Starman AS (major player in Estonian telecom market); MyFitness AS (the largest chain of fitness clubs in Estonia), TD Baltics AS (one of the largest distributor of IT products in the Baltic countries); Eesti Eine AS (the largest Estonian industrial catering company); Klick Eesti AS (one of the largest retailers of digital consumer products in Estonia).

Additional Information:

Christoffer Kurpatow, Founding Partner, Askembla Growth Fund, CK@askembla.se
Erkki Torn, CEO, Coral Arendus, erkkitorn@hotmail.com
Indrek Prants, co-owner, Spordikeskuse OÜ, indrek@aconto.ee