INVL Baltic Sea Growth Fund and Eco Baltia sign agreement to
acquire largest Polish PVC recycler Metal-Plast
INVL Baltic Sea Growth Fund, the leading private
equity fund in the Baltic States, together with its portfolio
company Eco Baltia, the largest waste management and recycling
group in the Baltics, announces the signing of an agreement to
acquire a 70% stake in the largest Polish PVC windows recycler,
Metal-Plast.
The transaction is expected to close in Q4 2023,
subject to receiving permission from the Polish Office of
Competition and Consumer Protection as well as fulfilling other
conditions precedent.
Metal-Plast has about EUR 34 million in annual
revenues and employs about 200 people. The company is located in
Świebodzice in the Lower Silesia province of Poland. It has current
annual recycling capacities of 29,000 tonnes. From an environmental
reporting perspective, 1 ton of recycled PVC saves 2 tons of CO2
emissions.
As part of the transaction. Mr. Sebastian
Fedorowicz, Founder at Metal-Plast, will retain a 30% stake in the
business. He added:
“Following 30 years of successful operations,
Metal-Plast has become the leader of the Polish PVC recycling
market. This strategic partnership with Eco Baltia and INVL Baltic
Sea Growth Fund will now enable the company to pursue further
growth opportunities.”
Janis Aizbalts, Head of Eco Baltia’s
Environmental Services division, commented:
“Eco Baltia continues to grow and expand, not
only in the Baltics but also internationally and Metal-Plast fits
our internationalisation strategy very well. We now plan to develop
Metal-Plast's recycling capacities by 1.5x to 45,000 tonnes in a
year, furthering our contribution to the evolution of circular
economies.”
Vytautas Plunksnis, Partner at INVL Baltic Sea
Growth Fund and Chairman of the Eco Baltia Supervisory Board,
added:
“Metal-Plast represents the 8th portfolio
investment of INVL Baltic Sea Growth Fund. The circular economy
remains one of our core investment pillars and we are delighted to
again partner with one of the most successful portfolio companies
to date in Eco Baltia and Mr. Fedorowicz to further drive
Metal-Plast’s exciting growth journey.”
The company will continue to be led by current
CEO Mr. Grzegorz Jasinski. He concluded:
“I’m happy that Metal-Plast’s impressive recent
track record attracted such strong investors who are well equipped
with both capital and expertise to further support our growth in
the PVC recycling market. A new wave of window replacement in both
Poland and Germany is anticipated and the European Commission
estimates that building renovation will be necessary for over 35
million residential buildings in the EU by 2030.”
Post transaction, Eco Baltia will own 42%, S.
Fedorowicz 30% and INVL Baltic Sea Growth Fund 28% of the shares in
Metal-Plast. INVL Baltic Sea Growth Fund owns a 52.8% stake in Eco
Baltia, while 30.5% is owned by the European Bank for
Reconstruction and Development. The remaining shares are owned by
the management of the company.
Metal-Plast was advised by M&A advisor
mInvestment Banking S.A. (part of mBank group) and law firm Ożóg
Tomczykowski. Eco Baltia and the INVL Baltic Sea Growth Fund were
advised by Wolf Theiss, Sorainen, and Deloitte.
In addition, INVL Baltic Sea Growth Fund’s
investment period will end in 2024. As a result, the team has
already launched a fundraising programme for its successor fund –
INVL Private Equity Fund II. This will seek to attract EUR300
million as a target from investors. For full information, please
visit: https://bsgf.invl.com/.
INVL Baltic Sea Growth Fund
With a size of EUR 165 million, the INVL Baltic
Sea Growth Fund is a leading equity fund in the Baltics. The
European Investment Fund (“EIF”) is its anchor investor.
The EIF, which is a part of the European
Investment Bank, has committed EUR 30 million with the support of
the European Fund for Strategic Investments (a key element of the
Investment Plan for Europe, or ‘Junker Plan’) whilst also
allocating resources from the Baltic Innovation Fund, a “fund of
funds” initiative developed in cooperation with the governments of
Lithuania, Latvia and Estonia. The initiative aims to increase
capital investment in high-growth potential small and medium-sized
enterprises in the Baltics.
The fund seeks to assemble a diversified
portfolio of companies, targeting majority or significant minority
stakes through investments ranging from of EUR 10 million to EUR 30
million. These companies must demonstrate high growth potential and
an ability to succeed in conditions of increasing global
competition and market volatility.
The fund is focused on the Baltic countries and
neighbouring regions including Poland, the Nordics, and Central
Europe. The fund has invested in seven companies to date, focusing
on sectors including healthcare, medical rehabilitation, civil
engineering, environmental management (plastic recycling and waste
management), veterinary services, and the manufacturing of
cosmetics and hygiene products.
The fund is managed by INVL, the leading Baltic
investment management and life insurance group. The group’s
companies manage pension and mutual funds, life insurance
directions, individual portfolios, private equity as well as other
alternative investments. More than 300,000 clients in Lithuania,
Latvia and Estonia plus international investors have entrusted the
group with the management of over EUR 2 billion of assets. With a
track record spanning 30 years, the group has strong expertise and
experience in managing private equity assets and building true
market players that are leaders in their respective fields in the
Baltic countries and across Central and Eastern Europe.
Eco Baltia
Eco Baltia group is the largest environmental
and waste management group in the Baltics, providing the full-cycle
waste management solutions from waste collection and sorting to
secondary raw material logistics, wholesale and raw material
processing as well as PET and PE/PP plastics recycling.
Eco Baltia group has closed 2022 with its
historically highest consolidated turnover of EUR 210 million,
representing a 75% increase compared to 2021. Total combined sales
revenue (pro-forma) in 2022 amounted to 240.5 million euro.
The group companies employ around 2,300
employees in Latvia, Lithuania, and Czech Republic. Its leading
companies are PET Baltija, Eco Baltia vide, Latvijas Zaļais punkts,
Nordic Plast, JUMIS, Pilsētas Eko Serviss, Czech TESIL Fibres and
Lithuania-based Ecoservice.
Shareholders of Eco Baltia are private equity
fund INVL Baltic Sea Growth Fund (52.81%), the European Bank for
the Reconstruction and Development (30.51%) and management of the
company (16.68%).
Contact person for further information: Vytautas Plunksnis, Head
of Private Equity at INVL group, E-mail:
vytautas.plunksnis@invl.com
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