SIA SLFNMD signed a binding agreement to acquire SIA Cosmetics NORD from AS MADARA Cosmetics (RISE:MDARA) for approximately ?1.2 million on July 1, 2024. As part of consideration, ?0.19 million is paid towards common equity and ?1 million includes the repayment of the outstanding debt and has a total consideration of ?1.19 million. The transaction is structured as a management buyout and is deemed to have been undertaken with a related party, SIA SLFNMD, whereby the existing management team, Anete Vabule and Kristaps Birmanis, owns 30% of the acquiring entity, while the balance of SIA SLFNMD will be held by SIA KALVI Capital. The rationale for the transaction includes the consideration that a key element for the future success of the SELFNAMED.com platform is additional investment in team expansion, product development (the product is the online platform), and launches in other markets.

ZAB Eversheds Sutherland Bitans SIA acted as legal advisor for AS MADARA Cosmetics. KPMG was engaged by the MADARA Cosmetics for the purposes of evaluating the situation.