OÜ Selteret to acquire Schetelig Baltic Operations
OÜ Selteret (Estonia) announced today the signing of an agreement to acquire 100% shares of AS Schetelig EV (Estonia). SIA Schetelig LV (Latvia) and UAB Schetelig LIT (Lithuania), the two subsidiaries of AS Schetelig EV are also part of the transaction. The closing of the transaction is expected to occur in May 2015. The seller is Schetelig Oy (Finland). The parties have agreed not to disclose the transaction price.
„By acquiring AS Schetelig EV group we are making an important step in our development – solidifying our presence in Estonia as well as expanding to Latvia and Lithuania. We believe that the transaction shall result in a number of synergies, improving the value offering to our clients, suppliers and cooperation partners,“ said Karol Kõrm, CEO of OÜ Selteret.
AS Schetelig EV is a part of the Schetelig Group, active in the professional and hobby gardening fields in Finland, Baltics, Slovakia, Hungary, Czech Republic, Russia, Ukraine and Kazakhstan.
„We have been present in the Baltics since 1991, developing the operations from scratch to one of the major players in wholesale gardening. Our current growth ambitions are in other regions. We are happy to see that Selteret has solid plans for post-transaction growth of the companies,“ Paul Kauste, CEO of Schetelig Oy, commented on the transaction.
OÜ Selteret is a family-owned company, operating in Estonian gardening wholesale since 1995. The company is involved in wholesale and retail of gardening products for professionals as well as home users.
The buyer’s financial advisor in the transaction is Redgate Capital and legal advisor Tark Grunte Sutkiene.
Karol Kõrm, CEO of OÜ Selteret, firstname.lastname@example.org, +372 68 11 704
Paul Kauste, CEO of Schetelig Oy, email@example.com