Baltics’ largest private equity fund makes first investment in Estonia

We advised INVL Private Equity Fund II, the largest private equity fund in the Baltics and part of the Invalda INVL group, on their first ever private equity investment in Estonia. INVL signed an agreement to acquire a 75% stake in Eesti Keskkonnateenused (EKT), Estonia’s largest waste management group.

Opening up more opportunities to implement a growth strategy

“We have significant experience in the waste management business and in strengthening corporate leadership. We believe that together with EKT’s current management team we can take the company to the next level,” commented INVL Private Equity Fund II partner Vytautas Plunksnis.

“This deal continues one of the fund’s fundamental investment themes – investing in leading Baltic region companies with further growth potential. It will be the first investment in Estonia by our private equity funds. We believe that investing in and developing the circular economy is important for the sustainable growth of the entire Baltic region,” added Deimantė Korsakaitė, managing partner of the INVL Private Equity Fund II and the INVL Baltic Sea Growth Fund.

EKT Group offers comprehensive waste management and municipal services, including street cleaning and the collection and processing of various types of waste. The group is currently working on a major project for incinerating hazardous waste which will boost the existing capacity from 2,000 to 15,000 tonnes a year. In 2024, the group generated EUR 77 million in revenue and employed around 800 people.

The transaction is subject to approval by the Estonian Competition Authority and fulfilling other conditions stipulated in the agreement. The transaction is expected to be completed by the end of 2025.

Our services and client team

We advised the client throughout the transaction process, including with legal due diligence, and drafting and negotiating transaction documents, and will continue supporting the client until the transaction is completed. Our support covered employment law matters, competition law issues, environmental law analysis and corporate law aspects.

Our team was led by partner Mantas Petkevičius and counsel Triin Ploomipuu, supported by partner Toomas Prangli, counsels Britta Retel and Pirkko-Liis Harkmaa, senior associate Liisa Maria Kuuskmaa and associate Karl Oskar Pungas.