Latvian-based Eco Baltia, managed by the private equity fund INVL Baltic Sea Growth Fund and the European Bank for Reconstruction and Development (EBRD), signed an agreement with Baltcap Private Equity Fund II to acquire an 85% stake in Ecoservice. The transaction will be completed after clearance by the Lithuanian Competition Council.
New player in the waste management market in Lithuania
Māris Simanovičs, Chairman of the Board at Eco Baltia, commented: “This deal strengthens Eco Baltia’s market position as the largest environmental management group in the Baltics while also entering new geography in the form of the Lithuanian market. With this acquisition, our combined revenues will grow by over 50% to more than EUR 100 million. Combining with Ecoservice will enable us to offer new product lines and services for clients both in Latvia and Lithuania. As the circular economy continues to grow in the Baltics, Eco Baltia is well-positioned for the next chapter of growth for the group.”
The Ecoservice Group consists of several companies engaged in waste collection, recycling and other environmental management services. The group employs about 900 people and had a turnover of EUR 35 million last year.
Our services and project team
We advised the client on all legal matters related to the acquisition of the shares, including carrying out legal due diligence, assistance with negotiations and preparation of transaction documents. We are continuing to advise our client on matters related to the completion of the transaction and the process of merger clearance with the Lithuanian Competition Council.
Our team, led by partner Mantas Petkevičius and associate Laura Matuizaitė, consisted of partner Asta Augutytė-Rapkevičienė; senior associates Žilvinas Briedis, Julija Kirkilienė, Aurelija Daubaraitė, Edita Daukšienė and Agnė Sovaitė; and associates Gabrielė Raižytė, Lukas Vaišvila, Sidas Sokolovas, Simona Vaicekauskaitė, Jurgita Tekorienė, Juliana Pavilovska and Akvilė Jurkaitytė; as well as legal assistant Goda Jakubauskaitė.