KJK Sports on Monday announced that it has signed a definitive agreement with Asgaard A/S from Denmark and Litcapital I of Lithuania to acquire e-bike maker Baltic Bicycle Trade UAB, the parent company of Baltik Vairas, based in Šiauliai, Lithuania. Terms of the deal weren’t disclosed.
The purchase was made by KJK Fund III S.C.A. SICAV-RAIF, as advised by KJK Management SA, and acting through KJK Sports, its wholly owned Luxembourg-based sporting goods investment company.
KJK Sports recently bought snow sports brand Elan.
COBALT Law Firm and EY, both based in Vilnius, acted as legal and financial advisors for KJK. TGS Baltic and Swedbank Investment Banking, both based in Vilnius, acted as legal and financial advisors for the Sellers. The transaction is expected to close in the third quarter of 2019, pending competition clearance.
