The respective shares will be purchased by Apollo Group from the Mirrow Institute, a company of Estonian businessman Ivars Vendelin.
The parties do not disclose the amount of the transaction.
The planned transaction still requires the permission of the Latvian and Estonian competition supervisors.
Wendelin, who is also a co-owner of the Apollo Group, called the acquisition of a 51% stake in Lido strategic.
He said it was logical to combine the strong Lido brand with the current Apollo Group business. “Every Latvian and a lot of Estonians know the Lido’s network of 17 restaurants and 15 stores, and such recognition is a hard currency,” said Vendelin, adding that the concept of the Lido buffet could be further improved and it would be a worthy challenge. ” Apollo Group “.
The remaining 49% of Lido shares will continue to belong to Gunārs Ķirsons.
It has already been reported that the Estonian company Treeland, owned by the Mirrow Institute, became the largest shareholder of Lido in June this year.
Vendelin is a minority shareholder in the Apollo Group, which owns Apollo bookstores, Apollo cinemas, Baltic Film Distribution, Blender juice bars, IceCafe ice cream parlors and O’Learys restaurants. KFC “and” Valpiano “. The majority shareholder of Apollo Group is the holding company MM Grupp, which is owned by Estonian businessman Margus Linnamäe.
At the same time, Vendelin is a minority shareholder in MM Grupp, which includes pharmaceutical retailer Magnum, media group Postimees Grupp, electrical appliance retailer IM Arvutid, and the group has a stake in ultracapacitor manufacturer Skeleton Technologies Group. The information agency LETA is part of an international media group, the shareholder of which is “MM Grupp”.
It is also reported that the Lido Group had a turnover of 56.123 million euros in 2019, which is 4.4% more than a year earlier, but the group suffered a loss of 102,778 euros compared to the profit a year earlier. The financial results of the company and its group for 2020 have not been published yet.
The company “Lido” was registered in September 1991 and its share capital is 1.292 million euros. The group consists of subsidiaries SIA “Lido Domina”, SIA “Lido nekustamie īpašumi”, companies registered in Estonia “Lido Eesti”, “Lido Mustamae” and “Odil Eesti”, as well as the company “Kirsons” registered in Germany.