INVL Baltic Sea Growth Fund acquires majority stake in Eco Baltia

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INVL Baltic Sea Growth Fund
("the Fund"), the largest private equity investment fund in the Baltic region, has completed the acquisition of a controlling stake (52.81%) in Eco Baltia, the largest environmental management group for plastic recycling and waste collection in the Baltics.

The deal sees the European Bank for Reconstruction and Development ("EBRD") retain their 30.51% stake in Eco Baltia and Maris Simanovičs, Chairman of the Management board of SIA Eco Baltia grupa, retain a 16.68% stake (via Penvi Investment Ltd). Both parties have subsequently entered into a shareholders' agreement with the Fund.

Vytautas Plunksnis, Partner at the Fund, commented:
"We plan to invest significant capital into Eco Baltia's recycling
capabilities and establish it as a clear market leader of the circular economy in the Baltic region, through the delivery of high quality and sustainable recycling services. The world we live in is now using more resources than the planet can produce and so reusing what we have in a sustainable manner is of critical importance. We intend to focus on food grade recycled plastics (rPET) capacities expansion that will ultimately contribute to a reduction in carbon footprint and promote environmental sustainability."   

In 2019, Eco Baltia's group revenues increased by 9% to €70.62 million, with more than 60% of its revenues coming from the recycling sector alone. The group employs more than 800 people and its largest subsidiaries are PET Baltia, Eco Baltia Vide, Nordic Plast and Latvijas Zalais Punkts respectively.

Two Partners at the INVL Baltic Sea Growth Fund, Vytautas Plunksnis and Deimantė Korsakaitė will join Eco Baltia's supervisory board together with an independent member and waste management expert, Jurgita Petrauskienė. The EBRD will be represented by Peter Hjelt and Maris Simanovičs by Gints Pucens.

Deimantė Korsakaitė, Executive Partner at the Fund, commented:

"Investing in proven, leading Baltic companies which clearly demonstrate further growth potential is one of the Fund's core investment themes. Eco Baltia sits at the forefront of the circular economy for the Baltic region and therefore meets this criterion. This deal represents the third company to join our portfolio and will allow us to capitalise on the growing importance of environmental concerns by focusing on both recycling and lifestyle sustainability enhancement measures."

Ian Brown, Head of Baltics at the EBRD, commented:
"We are excited to support a leading private equity fund in the Baltics and growing Eco Baltia as we seek to create real value in an ever more important circular economy model."

Maris Simanovičs, Chairman of the Management board of SIA Eco Baltia grupa, commented:

"We are pleased to attract such a major Baltic investor like the INVL Baltic Sea Growth Fund. With this new direction for the company, we look forward to a growth phase that will doubtless open up fresh opportunities and key markets globally for the group. This internationalisation is particularly important for the waste recycling industry in order to partner and work with major international companies and to further expand our Eco Baltia network worldwide."

*The transaction was formally closed on 29th June 2020.

Source INVL


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