EY Ukraine advised Sarantis on acquisition of Ergopack
EY, Kyiv, Ukraine,
Fri, May 18, 2018
KYIV, 18 MAY 2018. EY Ukraine advised Sarantis Group in connection with its acquisition of 90% of shares in Ergopack Group from Horizon Capital and the founders of the business.
EY's multidisciplinary team conducted legal, tax and financial due diligence on the target companies. EY also acted as a legal counsel to the buyer, participated in preparation of the transaction documents and in negotiations, advised on tax aspects of the transaction, and provided legal support in the course of its completion. Furthermore, EY provided support to the client in connection with obtaining the relevant clearances from the antitrust authorities.
Sarantis is one of the leading European consumer product companies headquartered in Athens, Greece and listed on the Athens Stock Exchange. It offers a wide range of products in such categories as fragrances & cosmetics, personal care, health & care and everyday household products.
Ergopack is a leading player in the growing Ukrainian household goods market that produces plastic bags, food packaging and cleaning items, with approximately US$29 million in sales in 2017.
Horizon Capital is a leading private equity firm in Ukraine backed by over 40 institutional investors, managing four funds with assets under management of over US$750 million.
According to Sarantis, the acquisition was in line with Sarantis Group's strategic growth plan and marks the group's entrance in the Ukrainian market, which Sarantis considers a "new promising territory".
EY Ukraine’s legal team was led by Bogdan Malnev, Senior Associate under the supervision of Albert Sych, Partner, Law Leader for Ukraine, and with support from Vitalii Pustovyi, Senior Associate, and associates Daria Tkachenko and Andrii Moskaliuk.
EY Ukraine’s financial due diligence team was led by Larysa Marchenko, Partner, Transaction Support Leader, with support from Tetyana Voytovych, Manager.
Vladimir Kotenko, Partner, Head of Tax & Law, and Sergiy Apolonov, Senior Manager, handled the tax aspects of the transaction.
EY Russia also provided support in connection with the Russian aspects of the transaction.
“We are extremely happy to have acted as legal counsel, as well as financial and tax advisor to Sarantis in this landmark transaction. This is one of the first large-scale foreign origin investments into Ukrainian production business after the most recent economic crisis”, commented Albert Sych, Partner, Law Leader for Ukraine.
“We believe the integrated approach offered by our legal, financial and tax teams in several jurisdictions is the perfect match for such sophisticated transactions”, added Bogdan Malnev, Senior Associate, Law, EY Ukraine.
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