Taipalsaaren Lämpö Oy secured a successful acquisition through Lindblad & Co

The acquisition process of a bio thermal power plant, which required a lot of settling and
solving, was concluded on time because the Lindblad & Co Attorneys Ltd helped in arrangements.

Expert assistance for the whole acquisition process

Taipalsaaren Lämpö Oy, owned by the municipality of Taipalsaari, turned to Lindblad & Co Attorneys Ltd in the autumn of 2016 when it needed legal aid for its M & A process. The company was planning to buy Biowin Saimaa Oy, which generates district heating at the bio thermal power plant in the Taipalsaari urban area.

The company was aware of the need for a legal expertise in the project. Lindblad & Co Attorneys Ltd was already familiar because of previous co-operation.

“We knew that drafting a contract requires the assistance of a legal expert, as the company we were about to buy, had some challenges and we discovered them more and more along the way,” says Hannu Pitkänen, Managing Director of Taipalsaaren Lämpö Oy.”

Lindblad & Co Attorneys Ltd assisted the whole acquisition process from preliminary clarification until signing the contract. The due diligence procedure was used to investigate the opportunities and risks associated with the business of the company to be acquired. At the same time as legal experts in Lindblad & Co Attorneys Ltd went through contracts, decisions and minutes, the audit firm carried out an economic audit, including company figures and tax matters.

“The benefit of Lindblad & Co Attorneys Ltd is a broad knowledge base and a network of partners that supports the whole. That’s why we got the help of accounting professionals, “says Pitkänen.

In addition and separately charged, Lindblad & Co Attorneys Ltd took care of the service contracts between parties involved in the operation of the biomass power plant.

Smooth overall service clarified proceedings

Due to careful analysis, Taipalsaaren Lämpö Oy was as a buying party aware of what it was acquiring. The more detailed everything has been done before the deal, the more likely it is to avoid future costs and other surprises.

“We had never been in a similar situation before, so we did not know what was to be expected beforehand. The number of things to be clarified was much bigger than we could have guessed and our own professional skills and our time would have not been enough to handle all the details,” Pitkänen admits.

“With the assistance of Lindblad & Co Attorneys Ltd we were able to negotiate the appropriate terms for the transaction and we could factually conclude the acquisition. Their help clarified the transaction process and the actual trade event. All the material was at hand, so that the process was clearly completed and the deadline for signing the deed was reached,” says Pitkänen.

“Lindblad & Co Attorneys Ltd’s service was a good overall package and the way forward was clear. After all, it took only a month to complete the case. Co-operation with them was seamless and we got help with everything we needed. “

Pitkänen is pleased with Lindblad & Co Attorneys Ltd’s service and will continue to use their services in the future.

“On the basis of the prices, it is difficult to compare different legal offices, as the number of hours spent can vary and cannot be known in advance. On the basis of our experience, I can recommend Lindblad & Co Attorneys Ltd, in particular, in contractual disputes. They have enough information to handle the situation. If we have future projects requiring legal knowledge, we will contact them again.”