Vladas Korsakovas, a minority shareholder of UAB Sportland LT, the largest sporting goods retail chain operating in Lithuania, has exited the company by selling his shares to Sportland International Group (SIG). Mr. Korsakovas held a 15% stake in the company, which will now be owned by SIG.
Mr. Korsakovas served as the head of the Lithuanian company from 1998 to 2017 and had been a shareholder since 1997.
During almost three decades of cooperation between SIG and Vladas Korsakovas, Sportland strengthened its presence in Lithuania and established itself as one of the country’s leading sports and leisure brands.
“It has been a pleasure to work alongside the founders of Sportland, and I wish them continued success in developing the leading sports and leisure goods retail network in the Baltics. I am confident that the group will continue to grow successfully and contribute to the promotion of physical activity and sport. Sportland LT is in good hands and remains an important part of the group’s future development,” said Mr. Korsakovas.
“Sportland is deeply grateful to Vladas for his contribution to the development of the Sportland Group across the Baltic States. Our cooperation, which began in 1997, has been highly successful. Beyond strengthening the Sportland brand, it is important to acknowledge Vladas’ role in supporting the development of culture and sport in Lithuania,” said Are Altraja, Member of the Management Board of Sportland International Group AS.
In this transaction, the seller, V. Korsakovas, was advised on all legal aspects by the TEGOS team: Agnius Pilipavičius, Ramūnas Kontrauskas, Gailė Juozapaitytė-Gudžiūnė, Lukas Stankevičius, and Paulius Žalnieraitis.
