Sorainen advised Audimas and its major shareholders on selling 60% of the company’s shares to investment management company LitCapital Asset Management (LitCapital).

LitCapital will manage 92% of the company’s shares jointly with Rimvydas Povilaitis, Arvydas Povilaitis and Ona Balžekienė according to the shareholders’ agreement.

Audimas, the largest manufacturer of active leisure and sports clothing in Lithuania, has been operating for over 80 years. For decades Audimas has been the main supply partner of team-wear for Lithuanian and other countries’ Olympic teams. The company operates 14 retail stores in Lithuania and Latvia. In 2017 company revenue reached EUR 25.8 million with EBT of EUR 1.9 million. This year the company expects revenue of EUR 27.5 million.

LitCapital manages private equity funds and alternative investment structures that invest in companies in Lithuania. Operating since 2004, LitCapital has invested in companies such as Baltik Vairas, Endemik (MPG), Putokšnis, NNL Logistics, Brolis Semiconductors, Eldes, Altechna and others.

Sorainen advised the client on all transaction-related issues. The client was advised by partner Mantas Petkevičius and senior associate Deimantė Pagirienė.