TGS Baltic advised on the sale of shares in Bauhof Group AS and My Fitness AS

TGS Baltic advised Askembla Growth Fund on the sale of its entire shareholding in Bauhof Group AS and My Fitness AS to MyInvest Estonia OÜ.

The Stockholm-based private equity fund Askembla Growth Fund decided to sell its holdings in different companies in the Baltic States. The shares were bought by MyInvest Estonia OÜ, a company founded by the current shareholders and managers of Bauhof and MyFitness as well as advisors to the transaction. The deal was financed by SEB Estonia.

Askembla Growth Fund advised by senior associates Tanel Tark and Allar Aru. Finance advisor of seller was Redgate Capital.

Martti Talgre, Head of Corporate Clients Department at SEB, said to the business daily Äripäev that the transaction shows the confidence of Estonian businesses in the positive outlook for Estonian economy.

The sales of the Bauhof group amounted to €98m in 2012. The retail chain sells construction materials and gardening goods in twelve stores in Estonia and employs more than 400 people. In addition, Bauhof has five stores in Lithuania.

My Fitness AS owns a chain of eight fitness clubs in Estonia with more than 11,000 active members.