BaltCap Private Equity Fund II (BPEF II) has agreed to sell Ecoservice, the leading player in waste management industry in Lithuania, to Eco Baltia Group, the largest environment management group in the Baltics backed by private equity fund INVL Baltic Sea Growth Fund and European Bank for the Reconstruction and Development. Saulius Budrevičius, CEO and co-owner of Ecoservice will continue in his current role.
BaltCap acquired Ecoservice in 2014. During the seven-year holding period the company modernized its vehicle fleet, strongly extended the range and geography of services through 5 add-on acquisitions and strengthened its position as the leading waste management company in Lithuania.
Currently, Ecoservice is servicing more than 40% of the country’s territory. The company engages in collection, transportation, sorting and processing of different types of waste, city cleaning and street maintenance, and providing a wide range of other environmental services across Lithuania.
Šarunas Alekna, Partner at BPEF II says he is content that during BaltCap’s ownership Ecoservice solidified its position as the leading and most modern provider of environmental services in Lithuania. “It has been a privilege to partner with Ecoservice´s management team and contribute to its growth journey. It is important for us that the new owner has a vast experience in the sector – we are excited to witness the further growth of the company,” Alekna comments.
Saulius Budrevičius, the CEO and co-owner of Ecoservice emphasized BaltCap’s essential role in the company’s growth. “The strategic backing of BaltCap enabled us to expand activities of Ecoservice from 14 to 25 municipalities and volume wise almost double the scope of environmental services. We also grew the family of Ecoservice employees almost 2-fold during the last 7 years. We look forward to further expanding the range of our services and contributing to the creation of circular economy in Lithuania in partnership with Eco Baltia,” Budrevičius said.
Maris 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 a new geography in the form of the Lithuanian market. With this acquisition, our combined revenues will grow by over 50% to more than €100m. 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.”
Superia, PWC and TGS Baltic were advisors to BPEF II in the transaction.