Next Generation Partners

Firms To Watch: Commercial, corporate and M&A

Rödl & Partner is a promising name in the market to look out for in terms of its work on market entrance, restructuring and general commercial advice.
Magnusson  set up its Latvia office in 2019 and since then has made significant strides, particualrly in commercial agreements and restructuring.

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Commercial, corporate and M&A in Latvia


Cobalt is a leading pan-Baltic firm which is notably active in the private equity and venture capital spaces, counting BaltCap as a key client. Guntars Zile is a board member at Latvian Private Equity and Venture Capital Association and the key name of note within this field. He co-heads the practice with Gatis Flinters, who has a forté in M&A and restructurings in the financial services sector. Clients also turn to managing partner Dace Silava-Tomsone and Gatis Flinters for advice, both of whom are highly skilled in M&A and corporate governance matters. Senior associate Diāna Zepa, who focuses on commercial and real estate law, is also recommended.

Practice head(s):

Guntars Zile; Gatis Flinters

Other key lawyers:

Dace Silava-Tomsone

Key clients



SEB Bank


Luminor Bank

Marguerite Adviser S.A


Pindstrup Latvia



Work highlights

  • Advised Entain on its public takeover offer to the shareholders of the largest iGaming operator in the Baltics Enlabs AB.
  • Advised Mid Europa Partners on its acquisition of Pigu and Hobby Hall Group.
  • Advised BaltCap Private Equity Fund III (BPEF III) and its co-investor Sven Nuutmann on acquiring Baltic Ticket Holdings OÜ.


Ellex advises on some of the biggest deals in the Baltics, most recently advising Partners Group on the €800m acquisition of Fortum’s district heating business; senior partner Filips Klavins led the cross-practice team handling this mandate. He works with practice head Raimonds Slaidins, who is also skilled in cross-border M&A, and is a go-to adviser to foreign investors and institutional clients. Peteris Dalderis is another name to note in the team.

Practice head(s):

Raimonds Slaidiņ

Other key lawyers:

Filips Klavins; Peteris Dalderis


‘Understands their customer’s needs. Be able to offer solutions (professionalism). Suitability of business cooperation.’

‘Ellex is definitely a team full of knowledgeable professionals who can successfully assist with corporate as well as M&A matters. The company takes communication with its clients very seriously, using all of the available technological advancements and always keeping the needs of its client in mind. Ellex is always quick with its answers, which is very important during these ever-changing times.’

‘Filips Klavins and Raimonds Slaidins are excellent lawyers. They approach matters commercially and understand how to think creatively to facilitate cross-border deals, especially where all parties may not be fully familiar with the intricacies of Latvian practice.’

‘Excellent quality of English, more commercial than most, transparent on costs and excellent value for money.’

Key clients

IAC (Interactive corporation)


Coca-Cola HBC






Livonia Partners





Eesti Energia

Schwenk Zement



Work highlights

  • Advised Partners Group on the acquisition of Fortum district heating business in the Baltics for the total consideration on a debt- and cash-free basis of €800m.
  • Advising Duke I S.à r.l. on acquiring Valmiera Stikla Šķiedra.
  • Advising Quaero Capital on the acquisition of Digitalas Ekonomikas Attistibas Centrs (DEAC) in Latvia and Duomenų logistikos centras in Lithuania.


Sorainen is a key player in Latvia and the wider Baltic region, with it often advising on high-profile and landmark deals. Its recent work included assisting private equity house Bregal Sagemount with its latest funding of Printful, which is Latvia’s first unicorn company; country manager Eva Berlaus led on this mandate. She is supported by counsel Renāte Purvinska, who focuses on cross-border M&A and restructurings. The team is skilled in a number of different sectors, particularly in financial services, insurance and TMT. Nauris Grigals, who joined the firm in early 2022 from TGS Baltic, jointly heads the practice with Berlaus.

Practice head(s):

Eva Berlaus; Nauris Grigals

Other key lawyers:

Renāte Purvinska

Key clients

Bregal Sagemount

Benita Danilenko


Vienna Insurance Group

Nasdaq CSD SE

Isnaudas Forest Holding

AE Industrial Partners

Vista Equity Partners


Polhem Infratiny


Cēsu Alus

Lords LB Baltic Fund III


Fenner Dunlop

HexatronicInvalda INVL

YTo ad

Work highlights

  • Advised private equity firm Bregal Sagemount on its investmentin theprint-on-demand company Printful.
  • Advised Fortum on the sale of its district heating business in the Baltics.
  • Advised Vista Equity Partners in their majority investment in Pipedrive

TGS Baltic

TGS Baltic's Latvian team is well-equipped to handle M&A and private equity transactions, as well as commercial agreements and regulatory compliance. The group’s recent workload included cross-border mandates spanning the Baltic region and wider Europe, as well as the USA. It is notably active in sectors such as energy, retail and technology. Andra Rubene, who leads the team, has broad expertise in corporate and commercial law and also focuses on EU and competition law. Nauris Grigals left the firm in 2022.

Practice head(s):

Andra Rubene


‘Wide sector coverage, Deep industry knowledge, full set of covered legal areas. Professional, attentive, diligent!’

‘Dedication to your problem.’

Key clients

AB Ignitis grupė

Lagercrantz Group AB (publ)

AB Svenska Spel

Olympic Entertainment Group / OlyBet

Mailigen SIA

Sberbank Investments – Ultramar

AS “Rīgas Dzirnavnieks”

Overkill Ventures


Mars Inc., Royal Canin

Hepsor Latvia Investments OU

Utenos Trikotažas

Inchcape Motors Latvia SIA

Mighty Buildings

HAVI Logistics, SIA; HAVI Supply Chain SIA

Tet, SIA

Work highlights

  • Provided legal support to joint global co-ordinators and joint bookrunners with respect to the initial public offering of AB Ignitis grupė.
  • Assisted AKROPOLIS GROUP with a 300 million Eurobond issue.
  • Assisted limited partnership Overkill Ventures Fund I AIF with the Latvian law issues related to its investments into and exit from US company AXDRAFT Inc.

Eversheds Sutherland Bitāns

Eversheds Sutherland Bitāns demonstrates strong capabilities in corporate matters and M&A involving other jurisdictions across Europe and it is able to advise on both English contract law and local Latvian law issues. Senior partner Māris Vainovskis, who leads the team, is active in both corporate and commercial work, with additional strengths in ancillary areas such as banking, IT and EU law. He is supported by associate Elīna Vilde, who focuses on M&A and restructurings, and Elina Mucina.

Practice head(s):

Māris Vainovskis

Other key lawyers:

Elina Mucina


‘Eversheds works great as a team.’

‘Māris Vainovskis is a great partner, who has expectational communication skills.’

‘Deep knowledge and understanding in the field of corporate governance.’

‘Māris Vainovskis- one of the leading experts in the country. Allways supportive and readt to dive in the matter.’

‘ Eversheds Sutherland Bitans (ESB) is able to reason from our perspective and proves to be a good counterpart.’

‘Māris Vainovskis is an excellent lawyer with good communication skills and dedication for his duties.’

Key clients

AS Valmieras stikla šķiedra

Latvijas Mobilais Telefons SIA

IPAS “Indexo”

AS RB Rail

AS G4S Cash Services Latvia

SI Insurance (Europe) S.A. Spanish branch

AS MADARA Cosmetics

3VC Partners GmbH

EURONET 360 Finance Limited

Work highlights

  • Advised AS Valmieras stikla šķiedra on refinancing and restructuring proceedings as well as a majority share sale transaction.
  • Advised the licensed asset management company IPAS Indexo on matters related to a complex the share capital increase process.
  • Advised Industra Bank AS in dealing with regulatory and compliance matters involving the Financial and Capital Market Commission, the supervisor of capital market participants in Latvia, as well as in other matters.


VILGERTS has a significant presence in the retail and real estate sectors and excels in handling M&A and private equity transactions. Managing partner Gints Vilgerts, who leads the team, is particularly active in cross-border mandates across the Baltics and Belarus. He is is supported by experienced practitioners Aivars Lošmanis and Brigita Tērauda. The team’s client base includes major local investors such as INVL Baltic Sea Growth Fund and Summus Capital. Expert counsel Vairis Dmitrijevs is also recommended.

Practice head(s):

Gints Vilgerts

Key clients

A.P.N. Promise SIA

Air Baltic Corporation AS


Balcia Insurance SE


Bauroc SIA



paradīze SIA

Biļešu Serviss SIA

Binance Digital Limited

BPM Capital OÜ

Capital AS

Cido Grupa SIA

Citco Vilnius UAB

Confinn UAB

Cooley LLP

DAN Communications SIA


Biznesa Parks SIA

East Capital Real Estate AS

Egis Rail S.A.


Grupp AS






Ticaret A.S

Enfield Investments Holdings Corp.

Estera Development SIA

Executive Search Baltics SIA

FK Spartaks SIA


INVL Asset Management UAB

Manitou Group

Metsa Forest Latvia SIA






Baltfor SIA

Zenith Family Office


VK Tranzīts SIA

SIA “Baltic Dairy Board”


Delfi AS


Mikrotīkls SIA

ORLEN Baltics Retail AB

PolyLabs SIA

Summus Capital OÜ

Tehnika A SIA

Trelleborg Holding AB

Work highlights

  • Advised SUMMUS CAPITAL OÜ and Mr Ivar Vendelin, on the acquisition of one of the largest shopping malls in Latvia, “Riga Plaza”.
  • Advised INVL Baltic Sea Growth Fund on acquiring 52.81% stake in the largest environment management group in the Baltic, Eco Baltia
  • Advised SIA Baltic Dairy Board, on its acquisition by the Lithuanian dairy processor, VilviGroup.

WALLESS (former Primus Derling)

WALLESS (former Primus Derling) commands a steady stream of work, including M&A, joint ventures and spin off transactions. Sintija Radionova has a strong track record acting for private equity houses, as well as assisting clients with matters involving the financial services sector. She co-heads the practice with Zane Eglīte-Fogele, whose corporate and commercial law expertise is complemented by knowledge of real estate and competition law.

Key clients


Rizzani deEcher


Škoda Vagonka A.S.

BHM group

BTA Baltic Insurance Company

Luminor Bank AS

Citadele Banka AS


TAV Airport Group Companies


AJ Power Group

Graanul Invest

R&D apdrošināšanas brokers SIA

LSEZ Dan Store SIA

Sakret Holdings AS

Santa Monica Networks SIA

Sapiens International Corporation

Lumi Retail Property

Dentons Europe

Novira Capital OU

Pulsar Optics SIA

AmberStone Group


SIA KOOL Latvija

ESTO Holdings OU

OP Corporate Bank Plc

Maiden Life & General

Menard Polska sp. z o.o.

Mandatum Life Insurance Company Limited

Work highlights

  • Advised the shareholders of UAVFACTORY SIA on an aerospace-related M&A transaction.
  • Advised BERERIX on a public procurement contract and corporate restructuring contract with Rail Baltica.


BDO Law generates mandates from a broad client base, which includes listed companies, local and international investors and state institutions. In addition to handling M&A, its workload also includes advice on public procurements and PPP procedures, capital markets transactions and regulatory compliance.  Vita Liberte co-chairs the practice with Janis Zelmenis, who is experienced in the tax aspects of corporate and commercial matters and previously worked for a Big Four consultancy.

Practice head(s):

Vita Liberte; Janis Zelmenis

Key clients

Getliņi EKO




Baltic International Bank

Data Visualisations Software Lab



Innovative IT Solutions


Valērija Lieģe (minor shareholder of LIDO)

Work highlights

  • Advised Baltic International Bank on the  establishment of a European Company or Societas Europaea (SE) by means of conversion of an existing local joint-stock company.
  • Advised Belaruscapital on establishing a fintech company in Latvia.
  • Advises Data Visualisations Software Lab on various corporate and commercial matters.

drill. Law Firm

drill. Law Firm, which was established at the end of 2020, has a team comprising of practitioners who arrived from FORT. Its practice is led by Ieva Judinska-Bandeniece, who has expertise in both corporate transactions and day-to-day matters, with particular strengths in issues concerning the IT sector. Another arrival from FORT is Ramona Miglane, who has a particular strength in the financial services industry.

Practice head(s):

Ieva Judinska-Bandeniece

Other key lawyers:

Ramona Miglane; Edgars Turlajs

Key clients

Digital Mind AS

Hilton Garden Inn

L’Oreal Baltic SIA


Mediafon Carrier Services UAB

Nordigen Solutions SIA

DelfinGroup AS

Aioo Holding AS

AK Family Investments SIA

ZGI Capital SIA

Work highlights

  • Advised ZGI Capital on its acquisition of GoWood.
  • Advised L’Oreal Baltic SIA on corporate changes across the Batlic region.
  • Provided AK Family Investments with day-to-day legal assistance.


FORT acts for clients on company establishments, corporate governance matters, restructurings, share transfers and M&A. Janis Likops leads the team, which advises local and international clients such as corporates, investment funds and not-for-profit organisations. Former practice head Ieva Judinska-Bandeniece joined drill. Law Firm.

Practice head(s):

Janis Likops


‘FORT not only has exceptional lawyers, but they also provide very valuable business advice. Other strengths include very fast reaction times and efficiency. Also, communication is very pleasant and easy. We love working with them and feel safe. If something can not be done, they will tell you it in advance.’

‘FORT is a team – they work together seamlessly.’

‘The level of service provided by FORT is highly professional and business minded, and the speed of service is very good. FORT and its lawyers fully understand our needs and specifics of our organization. They are very professional, proactive, and come up with the right solutions.’

‘Outstanding law firm with the best team on the market. They provide full-scope corporate and commercial support. They have the ability to find the most effective and customised solutions that fit our needs even before we know it. They are also hard-working and very detail-oriented.’

‘They are very responsible, business minded and deeply involved in all our processes. The legal advice is accurate, full and based on experience Fort has. Always pleasant to communicate, emails and requests are fast and always on time.’

‘ Janis and his colleagues are lawyers who can work in large teams, and deliver good quality advice in tough time frames.’

Key clients

Latvian Red Cross

Capital Mill


LNK Group







Work highlights

  • Advised the major forestry company SIA Sodra mežs on various day-to-day matters.
  • Advised SIA Star FM on its acquisition of SIA Radio Enterprise.
  • Advised SIA Latraps on acquiring majority of shares inSIA Alpha Osta, a major port terminal operator in Riga port.

KPMG Latvia

KPMG Law Firm is highly skilled in M&A, restructurings and regulatory matters, and has the added advantage of being tied to an international consultancy. The team is overseen by Ieva Tillere-Tilnere and Uģis Ludiņš, with Tillere-Tilnere focusing on the corporate side and Ludiņš specialising in commercial work.

Practice head(s):

Ieva Tillere-Tilnere; Uģis Ludiņš


‘Appreciated the professional and wide enough expertise available (legal, tax, audit) in our M&A and liquidation process. Excellent knowledge of local legislation. Persistently providing alternatives and delivering solutions. Professional yet pleasant co-operation.’

‘KPMG team consists of experienced legal professionals with business oriented mindset and ability to understand client needs. The team is ready to innovate and adjust the service offering to new types of business models which for us as client was a valuable experience.’

‘Very professional, very quick and professional service. Effective and professional collaboration.’

Key clients


Sabiedrība ar ierobežotu atbildību

Sabiedrība ar ierobežotu atbildību


AS “Augstspriegumu tīkls”

BPW Kraatz Finance Oy

Klasmann deilmann GmBH

Sabiedrība ar ierobežotu atbildību”CrossChem”

lndra Sistemas, S.A.

TSG Solutions Holding

Cramo Oy

Accord Healthcare AB filiāle Latvijā

Sabiedrība ar ierobežotu atbildību”DANONE”

SIA PAF Latvija

Pepco Latvia SIA (Pepkor Europe)

T-systems International

Sabiedrība ar ierobežotu atbildību “The Pier”

Sabiedrība ar ierobežotu atbildību “LATERLTD”

Sabiedrība ar ierobežotu atbildību “RUUKKILATVIJA”

Work highlights

  • Advised state owned AS Augstsprieguma tīkls on acquisition of shares of gas transmission andstorage operator – AS Conexus Baltic Grid from PAS Gazprom.
  • Assisted OÜ Baltic Sea Bunkering with the sale of its subsidiary in Latvia, an entity operating a terminal facility inthe territory of Free Port of Riga.
  • Advised King Coffee Service SIA on its restructuring and share option scheme.

Kronbergs Cukste Levin

Kronbergs Cukste Levin, which counts Microsoft and DHL as key clients, advises on M&A, restructurings, corporate governance, commercial agreements and regulatory compliance. Valters Kronbergs, who is licensed to practise in both Ontario and Latvia, is particularly strong in assisting international investors. He co-heads the practice with Vineta Cukste-Jurjeva, who focuses on commercial contracts, shareholder agreements and restructurings.

Practice head(s):

Valters Kronbergs

Key clients


DHL Logistics

Gulfstream Oil

Intertrust Technologies Inc.

RoboEatz Limited

Moller Group

GEMKOM Steel Company


Private Shareholder and ex-CEO of SIA Arkolat

Ministry of Transportation, Republic of Latvia

Bridgestone Baltics


DHL Global Forwarding & Supply Chain

Microsoft Latvia SIA and Microsoft Corporation

OTCF Latvia (4 F shops)

Electrolux Latvia

Panasonic Marketing Europe GmbH

Suncrisp SIA

Avon Cosmetics SIA

ABLV bank, AS in liquidation

VAS Latvijas dzelzceļš

Johnson & Johnson


Ezis Technologies SIA

Reckitt Benckiser

Work highlights

  • Advised Sun Finance on setting up a cross border corporate structure with a holding company in Malta.
  • Advised 4Finance Latvia on day-to-day matters, including amendments to customer agreements.
  • Advised Moller Auto Baltic on cross-border restructuring.

NJORD Law Firm

NJORD Law Firm’s practice covers the full range of corporate and commercial work, with a particular emphasis on matters involving the TMT, hospitality and logistics sectors.  The firm's international platform makes it a strong choice for advice on cross-border matters, with it being able to draw upon the expertise of practitioners in offices in Denmark, Lithuania and Estonia. Dmitri Kolesnikov leads the team and is a generalist in both corporate and commercial law.

Practice head(s):

Dmitri Kolesnikov

Key clients

Train Factory Holding, SIA

X Infotech,

Europ Assistance


Marine Trans Logistic SIA


Park Hotel Kemeri


3S Money Club


0G Baltics SIA

SmartVision SRL


LV Property SIA

Httpool Latvia SIA

NH Marine Power B.V.

Work highlights

  • Advised the shareholders of Eterna Elect SIA on corporate restructuring, entering new investor and formation of a holding company
  • Advised a subsidiary of Gaming Innovation Group on its acquisition of SIA YSG INTERNATIONAL
  • Advised the shareholders of Train Factory Holding SIA on corporate matters and security documents.

PricewaterhouseCoopers Legal

PricewaterhouseCoopers Legal‘s recent work included advice to clients on market exit strategies, as well as M&A, venture capital transactions and regulatory compliance. Its client base includes several promising start-ups in the Latvian market, as well as investors in start-ups. The team also benefits from the firm’s association with the consultancy arm. The team features practice head Janis Lagzdinš and associate Jānis Gavars, who delivers ‘seamless support‘.

Practice head(s):

Janis Lagzdinš

Other key lawyers:

Jānis Gavars


‘We were truly impressed by the swift, personalised attitude and communication by the team members throughout the process.’

‘Jānis Gavars was not only on top of all things his direct responsibilities and tasks, but also went out of his way to ensure swift and seamless support from other teams within PwC – namely finance and accounting people.’

‘We were pleased to witness remarkable attitude of “beyond 9-to-5” service, just days before Christmas.’

Work highlights

  • Advised Jeff App on seed investments which allowed the start-up expand into Asia.
  • Advised subsidiary of Agrolats Group (LU Invest) on exit from Ukraine’s Golden SunriseAgro.
  • Provided legal support to the founders of Cintamani Baltics (operator of Bioteka) with regard to the exit from the company.

ZAB Deloitte Legal

Tied to a Big Four consultancy, Deloitte Legal in Latvia’s work includes M&A, restructurings and commercial matters, among other areas. The team is led by Ivita Samlaja, who has particular strengths in the financial services sector, and Maris Liguts, who is experienced in M&A and real estate deals.


‘Deloitte Legal advised us on company restructuring, negotiations with State Revenue Service etc. Process was very fast and response time to our questions was pretty quick’

Key clients

Valmiera Glass



Rīgas laku un krāsu rūpnīca


Sabiedrība Mārupe


Baltic International Bank SE

DnB ASA branch in Latvia

Expobank AS

Payoma Limited

Work highlights

  • Provided a full scope vendor due diligence for Valmiera Glass on the acquisition of another company.
  • Advised Kreiss group companies on restructuring into a holding company and distribution of dividends to the newly established holding
  • Provided legal advise to Baltic International Bank on the establishment of a stock option system.