We assisted Pet Baltija, one of the largest polyethylene terephthalate (PET) recyclers in Northern Europe, in signing an agreement to acquire the leading Czech fibre producer Tesil Fibres, a spin-off of SILON.
PET Baltija operates in Latvia and is managed by INVL Baltic Sea Growth Fund. It belongs to Eco Baltia, the largest environmental and waste management group in the Baltics. Once closed, this transaction will become one of the largest investments by a Latvian company in the Czech Republic to date.
Deimantė Korsakaitė, executive partner at INVL Baltic Sea Growth Fund and chairman of the supervisory board at PET Baltija, comments: “This agreement to acquire reinforces INVL Baltic Sea Growth Fund’s goal of significantly expanding PET Baltija through both organic growth and bolt-on acquisition strategies. Since our initial investment, PET Baltija alone has more than doubled its revenue and is on track to finalise an organic growth expansion project that will more than triple its food-grade PET production capabilities. This deal will cement the company as a truly international vertically integrated market player that is committed to sustainability and tackling environmental issues. This represents a significant development and leads to become EUR 100 million+ revenue company.”
Tesil Fibres is a primary supplier to the European market, covering industries and sectors that include automotives, hygiene, textiles and furniture. It is also well known for its high quality standards and last year its fibre division recorded sales of EUR 27 million.
Our services and project team
Our team, consisting of partner Mantas Petkevičius, and senior associates Mindaugas Dominykas Baniulis and Laura Matuizaitė, advised the client on all legal matters related to the transaction, including transaction structuring and negotiations.