CRIDO's team of experts has advised iSpot on the acquisition of 100% of Cortland chain. The transaction got signed in mid-February and closed on March 31. It means that the largest premium reseller of Apple in Poland (iSpot) has just acquired no. 2 largest player.As a result of the acquisition, iSpot's and Cortland’s joint revenues are expected to exceed PLN 1 billion in 2023, and the chain will in total have 47 stores across Poland (iSpot had 31 so far, and Cortland 16) with round 600 employees. Cortland stores will be re-branded to iSpot within the next 12 months.
- Our team has had the pleasure to have supported iSpot and its parent company - 1923 Investments, from the very beginning of the transaction to its closing - from the letter of intent stage, through legal due diligence, negotiations of the transaction documentation, up to the signing of the preliminary share purchase agreement, verification of the fulfilment of CPs, such as the approval of the OCCP President (UOKiK), and finally the transaction closing - says Przemysław Furmaga, partner and head of the legal M&A team at CRIDO. The acquisition of Cortland was a strategic step for our client and a pretty complicated transaction at the same time. We are really happy about our client's success for it is also our success as a trusted advisor - Przemyslaw Furmaga added.
- The Crido team demonstrated utmost professionalism and support throughout the process leading to the finalisation of the transaction that brought Cortland into the iSpot fold. The partnership and collaboration we enjoyed at Crido were fundamental to the successful outcome of this ambitious project. Both iSpot and Cortland are enjoying strong sales growth, and this is an exciting opportunity to maximise our commercial potential. Together, iSpot and Cortland will bring to market an unmatched portfolio of Apple and third party products, backed by an extensive inventory and marketing support - 1923 Investments Chief Executive Officer Keith Busuttil said.
The project involved Przemysław Furmaga, Partner, Aleksandra Czarnecka, Senior Associate, and Filip Sobociński, Associate from the M&A team, Jakub Ziółek, Managing Partner, Tomasz Artaszewicz-Zawisza, Senior Associate, Alex Węklar, Associate, and Julia Dziubińska, Junior Associate from the Real Estate team, as well as Edyta Defańska Czujko, Partner, Aneta Brągiel, Associate, Aleksandra Foksińska-Pawlik, Junior Associate, and Kacper Królikowski, Junior Associate from the Labour Law team.