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Lidings supports Turkish Boydak Holding in EUR12 mln factory acquisition from Fabryki Mebli Forte

Leading independent Russian law firm Lidings has further strengthened its Turkish credentials, advising Turkish manufacturer Boydak Holding in its acquisition of a Vladimir furniture factory from Fabryki Mebli Forte SA (Forte SA), Poland.

An initial Memorandum of Understanding for the acquisition of 100 percent of shares (EUR12 million in value) in Forte Rus has been signed in late October 2010. Lidings’ lawyers were responsible for all legal analysis, for structuring the transaction, and for securing all regulatory approvals.

Due diligence was complex, requiring the disclosure of information on more than 30 entities and individuals in various jurisdictions, and revealing a number of anomalies – including disparities between the target company’s Charter and Russian legislation, as well as various risks pertaining to labor relations, intellectual property, and financing. Lidings was also responsible for the submission of all necessary documentation to antimonopoly regulators.

Thanks to Lidings’ support in securing the necessary approvals, the transaction was completed in February 2011 and duly registered in March. Lidings continues to support Boydak Holding’s activities in the Russian Federation.

The Lidings team was led by Partner Andrey Zelenin, supported by Senior Associate of the Mergers and Acquisitions, Corporate and Commercial Law Practice Group Zakhar Polezhaev and Associates Ilya Goryachev and Ilya Terekhin.

Andrey Zelenin commented: “A detailed study of the business processes of the companies involved in the transaction allowed us to obtain a unique insight into the specific issues of regulation in this sector. As a result, we were able to offer the client the optimum structure to allow the further development of its business in the Russian Federation. This experience will be invaluable to any other organization active in this industry, and keen to invest in the very dynamic Russian market.”

About Boydak Holding

Boydak Holding was established in Turkey in 1957. With operations in more than 100 countries, it currently manages 27 companies in the furniture, textile, chemistry, marketing, iron and steel, logistics, and energy sectors. Its leading brands include İstikbal, Bellona, Mondi, İstikbal Regina Mutfak & Banyo, Hes Kablo, Boyteks, and Form Sünger.

About Forte SA

Forte SA is a Poland-based company principally engaged in the production and trade of furniture. Forte SA operates four production units in Ostrow Mazowiecka, Suwalki, Bialystok, and Hajnowka, Poland, as well as several wholly owned subsidiaries in Germany, Ukraine, Russia, Slovakia, Romania, the United Kingdom, Lithuania, France, and Spain.

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