In December 2024, AS Kodupaber signed a purchase agreement to acquire the long-established wholesale company Ristart AS. The transaction marked an important milestone in Kodupaber’s growth strategy, supported throughout by Grant Thornton Baltic – from the first negotiations to the successful merger of the two companies in June 2025.
With more than 30 years of experience, Kodupaber is one of Estonia’s largest wholesalers of everyday goods and over-the-counter medicines, operating under the well-known AREN brand. The company serves retail chains, business clients, and pharmaceutical wholesalers across the country.
A strategic move toward a stronger portfolio
![Valdek Kamp, CEO at Kodupaber]()
According to Valdek Kamp (in the photo on the right), Member of the Management Board of Kodupaber AS, the acquisition of Ristart was a natural step in the company’s growth journey.
“Our goal is to offer clients strong brands and greater product variety. Ristart’s portfolio included several high-quality brands that complemented our existing range and opened up opportunities to serve new customer segments. For instance, they supplied cleaning products and bathroom accessories for hotels,” explained Kamp.
The merger allowed Kodupaber to strengthen its market position, create synergies, and enhance brand recognition.
Comprehensive support from Grant Thornton Baltic
Grant Thornton Baltic advised Kodupaber throughout every stage of the process – from price negotiations and drafting the letter of intent to conducting due diligence and preparing the sales agreement. Following the transaction, the firm also assisted with the merger of the two companies.
Kristel Tiits, Partner and Head of Legal at Grant Thornton Baltic, highlighted the importance of early collaboration: “Our partnership with Kodupaber is a great example of how trust and open communication create the foundation for success. Valdek Kamp stands out as a client who involves us from the very beginning of a project – that’s where the real value lies. Early collaboration allows us to develop creative and effective solutions, anticipate challenges, and shape the process to best meet the client’s needs,” said Tiits.
Client experience: speed, expertise, and true partnership
Reflecting on the collaboration, Valdek Kamp pointed out three qualities that make working with Grant Thornton Baltic exceptional: “First – speed. Whenever I have an idea or a question, I get an answer almost immediately, whether by phone or Teams. Second – expertise. Kristel Tiits sees details others might miss and helps us consider things from new perspectives. And third – client focus. My questions are never treated as secondary; I always feel truly heard and supported.”
He added that the advisory team’s thoroughness gave him full confidence in the transaction.
“Grant Thornton Baltic carried out a very detailed pre-analysis to ensure we knew exactly what we were buying. They reviewed everything – from taxation to inventory and fixed assets. They were so meticulous that even a sewing machine listed among the assets was located and is now in our warehouse,” Kamp recalled.
“It was a team we could always rely on. I’m confident our partnership will continue in future projects as well,” he concluded.
The advisory team
The Kodupaber project was led by Kristel Tiits, Partner and Head of Legal. The team also included Artur Suits, Partner and Head of Advisory Services; Eve Lille-Tõns, Financial and Tax Manager; and Uljana Feldman, Legal Manager.
According to Valdek Kamp (in the photo on the right), Member of the Management Board of Kodupaber AS, the acquisition of Ristart was a natural step in the company’s growth journey.
