Case study

Military vehicle maintenance company was sold to the Finns

In October, a Finnish company acquired the majority shareholding in the Milrem LCM OÜ, a company that provides maintenance and repair work for Estonian Defence Forces armoured vehicles and other military vehicles.Grant Thornton Baltic provided advisory services to the seller Mootor Grupp AS, a long-time client, in a complex transaction conducted over a short period of time.

In the course of restructuring this autumn, a division was carried out in Mootor Grupp AS’s subsidiary Milrem AS where its division specialising in repair and maintenance of armoured vehicles and other mobile military equipment was transferred to Milrem LCM OÜ and thereafter the majority shareholding in the Milrem LMC OÜ was sold to the Finnish company Patria Oyj.

Majority shareholdings in both Milrem AS and Milrem LCM OÜ are owned by the flagship of the Estonian bus business Mootor Grupp AS, which also owns the well-known companies Lux Express, SEBE and Cargobus. Grant Thornton Baltic provided advisory services to Mootor Grupp in the restructuring of Milrem AS and executing the Milrem LCM sales transaction.

Among other things, Grant Thornton Baltic provided consultations on the terms and conditions of the transaction and the price negotiations. Documentation related to the transaction was retained and made available to the parties over Grant Thornton Baltic’s cloud-based database. The main challenge was simultaneously carrying out restructuring and the transaction over two months.

Additional information:

Grant Thornton Baltic OÜ
Telephone: 626 0500


Grant Thornton Baltic is a business advisory company operating in the Baltic states, supplying financial, legal, tax and business risk advisory services, audit, IT audit and outsourcing services. The company is a member of the Grant Thornton international network. The network has 50,000 experts in more than 135 countries.


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