Latgran Biofuels sells shares in leading Latvian-based pellets producer Latgran

29.05.2015

SORAINEN Latvia together with Swedish law firm Cederquist assisted Latgran Biofuels, a company owned by BillerudKorsnäs and Baltic Resources, in the sale of its shares in LATGRAN. With an annual sales volume of 497,000 tonnes and sales of EUR 73 million in 2014, LATGRAN is a leading Latvian-based pellets producer. SORAINEN performed the vendor’s legal due diligence and assisted Cederquist throughout the share acquisition by providing advice on Latvian law.

Per Lindberg, CEO of BillerudKorsnäs, commented on the transaction: “LATGRAN has shown strong sales and earnings development during our ownership and it has been a great investment for BillerudKorsnäs. However, BillerudKorsnäs has increasingly evolved towards a more focused company, and working with renewable packaging material and solutions has become our core business. The sale of Latgran is in line with our strategy and will enable us to continue to develop our core business. At the same time, the transaction strengthens Latgran’s ability to develop its pellets business further with Graanul.”

The transaction is expected to close during July 2015, provided that certain closing conditions are fulfilled.

The client was advised by SORAINEN Latvia managing partner Eva Berlaus and senior associate Renāte Purvinska.

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