Duke I S.à r.l. acquires a major stake in Valmieras Stikla Skiedra

On February 18th, 2021, the sale and purchase of 83.14% in share capital of AS VALMIERAS STIKLA SKIEDRA (VSS) was completed between the company’s controlling shareholder group and Duke I S.à r.l.


In addition to the equity transaction, VSS debt was restructured with Duke I S.à r.l becoming the second largest secured creditor in place of Danske Bank A/S. The transaction was carried out subject to the terms of a court approved legal protection plan applicable to VSS.

This transaction will provide the opportunity to further expand the business model of VSS and make necessary investments in the company which have not been possible during the past years.

Ellex in Latvia advised Duke I S.à r.l., on the equity transaction and debt restructuring process. The team included senior partner Raimonds Slaidins, foreign counsel Zinta Jansons, senior associate Marta Cera and associate partner Maris Brizgo.

Duke I S. à r.l. is a Luxembourg subsidiary of Warwick European Opportunities Fund III LP which is an alternative investment fund managed by Warwick Capital Partners LLP (Warwick). Warwick is a London based investment manager which focuses on European special situations and manages funds with aggregate assets under management in excess of USD 2 billion.

AS VALMIERAS STIKLA SKIEDRA and its subsidiaries is one of the leading glass fibre manufacturers in Europe, with more than 55 years of experience in the production of glass fibre.

Linked Experts

Person Item Background
Māris Brizgo
Associate Partner / Latvia
Person Item Background
Marta Cera
Associate Partner / Latvia
Person Item Background
Raimonds Slaidiņš
Senior Partner / Latvia