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2021-08-17 08:30:00 CEST 2021-08-17 08:30:00 CEST Invalda INVL - Other informationINVL Baltic Sea Growth Fund’s Eco Baltia completes acquisition for majority stake in EcoserviceThe Baltics’ biggest environmental and waste management group Eco Baltia, backed by a private capital investor, INVL Baltic Sea Growth Fund, and the European Bank for Reconstruction and Development (EBRD), has bought 85% of the shares of Ecoservice, a leading environmental management company in Lithuania, thus strengthening its position in the Baltic States and Eastern Europe. Stake was acquired from BaltCap Private Equity Fund II. Financing for the transaction in the amount of above €20mn was provided by Luminor, the third-largest provider of financial services in the Baltics. This deal further strengthens Eco Baltia’s market-leading position in the region more broadly with combined annual revenues of Eco Baltia and Ecoservice anticipated to reach €124mn with an EBITDA of €24mn for 2021. Māris Simanovičs, Board Chairman of Eco Baltia, commented: Vytautas Plunksnis, INVL Baltic Sea Growth Fund Partner and Eco Baltia Supervisory Board Chairman, commented: “The merger of these companies creates real momentum in the development of the environmental management and recycling sector for the Baltic region. It will facilitate the creation of powerful regional champions that are attractive to both strategic partners and financial investors. The long-term goal of Eco Baltia is to expand its recycling capacity, and this deal is a way of achieving this aim in a shorter timeframe. We look forward to updating the market with new developments and deal flow in the environmental management and recycling spaces in due course.” Andrius Načajus, Head of Corporate Banking of Luminor, added: Saulius Budrevičius, Executive Director and Co-Owner of Ecoservice, commented: The Ecoservice group consists of several companies operating in sectors including household waste management, recycling and construction waste collection as well as other environmental services. The company employs around 900 employees in Lithuania and last year had revenues of €35mn. In 2020, Eco Baltia‘s revenues grew by 6% to €75mn. The group offers a full range of waste management services from collection and sorting to logistics, wholesale, and recycling of secondary raw materials, employing around 900 people in Latvia. Eco Baltia‘s leading companies in the existing portfolio include PET Baltija (the largest PET bottles recycler in the Baltics), Eco Baltia vide (waste manager), Latvijas Zalais punkts (producers‘ responsibility organization - Green Dot) and Nordic Plast (PE/PP recycler). Following the purchase of Ecoservice, Eco Baltia intends to increase the volume of recyclable materials it manages, and to expand the processing of construction waste, which is already being actioned by Ecoservice in Lithuania. As it develops this offering into Latvia, Eco Baltia will be able to provide a full range of these services, from collecting and transporting construction waste to processing it. There are also plans to expand portable toilet rental operations in Latvia and the waste collection services associated. Shareholders of Eco Baltia are INVL Baltic Sea Growth Fund (52.81%), the European Bank for the Reconstruction and Development (30.51%) and management of the company (16.68%). INVL Baltic Sea Growth Fund The EIF has committed €30mn with the support of the European Fund for Strategic Investments, a key element of the Investment Plan for Europe (or the ‘Junker Plan’), as well as allocating resources from the Baltic Innovation Fund, the "fund of funds" initiative developed in cooperation with the governments of Lithuania, Latvia and Estonia. This aims to increase capital investment in high growth potential small and medium-sized enterprises in the Baltic States. The Fund seeks to assemble a diversified portfolio of companies, targeting majority or significant minority stake deals and writing tickets of €10mn to €30mn, that showcase high growth potential and the ability to compete on a truly global basis. The Fund is focused on the Baltic States and the neighbouring regions of Poland, Scandinavia and Central Europe specifically. The Fund so far has invested in four companies within the healthcare and civil engineering sectors. The Fund is managed by one of Lithuania’s leading asset management companies INVL Asset Management, which is part of the Invalda INVL group. INVL Asset Management Over 240,000 clients in Lithuania and Latvia and international investors at the end of 2020 have entrusted the group with more than €1.2bn of assets under management. Active since 1991 and with a solid track record, Invalda INVL boasts 30 years’ worth of experience in managing private equity assets in the Baltic countries and CEE landscape while developing companies into best-in-class market leaders. Contact person for further information:
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