Kovanen, Finland’s largest full service passenger transportation service provider, sold their operations to Cabonline, which is ultimately controlled by H.I.G. Capital.

The transaction was the market defining transaction in Finland driven by the deregulation of the taxi market entering into force in July 2018 enabling free competition in the market. Prior to the transaction, Kovanen was Finland’s largest full service passenger transportation service provider and it will continue to grow under the Kovanen brand in the new ownership structure.

We were in charge of the legal due diligence and assisted in the complicated transaction negotiations, involving questions concerning the changing regulatory situation, trademark co-existence and assignments and the seller’s reinvestment into the purchasing entity group.