2021
2018
2014
Fenestra produces quality, energy conserving wood-aluminium windows and balcony doors. Fenestra Estonia was a subsidiary of Fenestra Finland, a leading window and door manufacturers in Scandinavia before its bankruptcy in 2014.
NCFA provided a business valuation of the Estonian entity for the local management to support the planned MBO transaction of Fenestra Estonia business operations.
NCFA role: Business valuation
Activity: Manufacture of doors and windows
Hyde & Associates is a law firm specialized in telecommunications law and practice. The company’s core business services consist of regulatory assessment service (RAS) and audit and licensing, which is divided into licensing work and licensing management. Its clients are global corporationsand NGOs like Visa, Transocean, UltiSat, UN, diplomatic missions etc.
NCFA provided a business valuation for the shareholders.
NCFA role: Business valuation
Activity: Legal advisory services for telecom sector
2013
NCFA role: Business valuation
Activity: Real estate agency services
2012
NCFA role: Business valuation
Activity: Corrugated paper and paperboard container manufacturing
Marsalis Metall, headquartered in Estonia, manufactures structural steelwork and metal structures for various construction purposes. The company’s steel girders, trusses, pillars and welded girders can be found in several office, storage, industrial and commercial buildings as well in residentail buildings and different public facilities in Scandinavia.
Marsalis Metall’s revenues exceed EUR 25 million and it employs ca 100 people.
NCFA provided a business valuation for the shareholders.
NCFA role: Business valuation
Activity: Manufacture of steel structures and machinery
Ehitustehnika, headquartered in Estonia, operates a mobile and tower crane and other heavy construction machinery rental business in Scandinavia and the Baltics. The company operates more than 50 cranes with lifting capacity ranging from 4-40 tonnes.
Ehitustehnika’s revenues exceed EUR 15 million and it employs ca 50 people.
NCFA provided a business valuation for the shareholders.
NCFA role: Business valuation
Activity: Tower and crawler crane rental services
2011
Silvano Fashion Group is involved in design, manufacture, wholesale, franchise and retail of women’s lingerie. The group developes six lingerie, beachwear and underwear brands: Milavitsa, Lauma Lingerie, Alisee, Avelin and Laumelle for ladies and Hidalgo underwear for men.
The company has ca 700 branded own retail and franchise stores in 23 different countries. Silvano Fashion Group has more than 2000 employees in 5 countries and it generates revenue of ca EUR 60 million. The company is listed in Nasdaq OMX Tallinn and Warsaw Stock Exchange.
The private equity house, owning majority of Silvano Fashion Group, became distressed and unable to service its debts. NCFA provided a fairness opinion for the shareholders in relation to foreclosure of pledged shares by the debtors.
NCFA role: Fairness opinion
Activity: Manufacture of women lingerie
Rigas Piensaimnieks is one of the leading Latvian dairy companies. Darby Overseas Investments had provided a convertible mezzanine loan to the company, which it failed to service. As a result, Darby Overseas Investments converted its mezzanine loan and became the majority shareholder in Rigas Piensaimnieks.
NCFA provided a business valuation of Rigas Piensaimnieks for Darby Overseas Investments in relation to the conversion of debt to equity.
Darby Overseas Investments, focusing on emerging markets, is part of US investment management company Franklin Templeton Investments. Franklin Templeton Investments is listed in NYSE, its shares are included in Standards & Poor’s 500® index and its assets under management exceed 5 billion dollars.
NCFA role: Business valuation
Activity: Manufacture of dairy products