Porta Finance advises Citadele Group on sale of CBL Cash Logistics to Eurocash1
Eurocash1 Group, a cash handling and security service provider operating in Latvia and Lithuania, expands its business in Latvia by acquiring 100% of shares in SIA CBL Cash Logistics.
CBL Cash Logistics is a newly formed subsidiary of Citadele Group providing cash handling services and operating the widest cash handling network in Latvia. The sale of CBL Cash Logistics allows Citadele to focus on the core business operations – providing banking services and financing to private individuals and SMEs.
Citadele Group is a full-service financial group for both private individuals and companies offering complete portfolio of banking, financial and private capital management services in Latvia and abroad. In Latvia, Citadele is the 3rd largest universal bank. Total assets of the Group amounted to €3.4bn as of December 2016.
Eurocash1 Group, founded in 2000, is a security services and cash handling service provider in Lithuania and Latvia (since 2011), providing a full spectrum of security services. In 2016 the Group had €4.2m revenues in Latvia and €9.3m revenues in Lithuania and over 1,000 employees.
Porta Finance acted as an exclusive financial adviser to Citadele Group, assisting the vendor throughout all stages of an internal department carve-out into a new legal entity and its divestment process through a several stage competitive auction process.
Further information:
Adomas Navickas
Partner, Porta Finance
Tel: +371 2254 2206
adomas.navickas@portafinance.com
