Apollo is buying the stake in Lido from Mirrow Institute OU, a holding of Ivar Vendelin. The parties will not disclose the price of the deal, which is also subject to the approval of the Estonian and Latvian competition authorities.
Vendelin, who is also a shareholder in Apollo Group, described the acquisition as strategic and said that it is altogether logical to combine Lido as a strong brand with Apollo's existing businesses.
"The Lido chain of 17 restaurants and 15 shops is known by every Latvian and also very many Estonians, and this kind of recognition is hard currency," Vendelin said, adding that the Lido buffet concept can definitely be made better still and this is a worthy challenge for Apollo.
The remaining 49 percent holding in Lido will continue to be owned by the company's founder, Gunars Kirsons.
Apollo Group is a holding company that has emerged as the largest entertainment company in Estonia. The group owns six KFC fast food restaurants, four Vapiano restaurants, 18 Apollo bookstores, 10 multiplex movie theaters, three O'Leary's entertainment centers, nine Blender juice bars and three IceCafe ice cream cafes in Estonia.