EXIT: BaltCap sells Ecoservice to Eco Baltia, the largest environment management group in the Baltics

18 May 2021
Photo: BaltCap

EstVCA member BaltCap has just announced that BaltCap Private Equity Fund II (BPEF II) sells Ecoservice, the leading player in the 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 the 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 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 twofold 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 growth chapter for the Group.”

Superia, PwC and TGS Baltic were advisors to BPEF II in the transaction.

Ecoservice is the leading waste management company in Lithuania engaged in the collection, transportation and processing of secondary raw materials and household waste. Modern management, implementation of advanced technologies, extension of the range of services, and loyal team of professionals have provided conditions for the company’s spectacular growth. – More about Ecoservice

Eco Baltia
Eco Baltia is the largest environment management group in the Baltics in terms of net sales, the company provides full cycle of waste management starting with collection and sorting up to logistics, wholesale and processing of recycled materials. Eco Baltia environment management companies are successful household waste, construction waste and separated household waste, as well as other environment service providers to private individuals and companies. The Group includes environment management, collection of recycled materials and used packaging processing companies. – More about Eco Baltia

BaltCap is the largest private equity firm in the Baltics focusing on buy-out, growth capital, venture capital and infrastructure investments. BaltCap has a strong presence in all three Baltic countries, Finland, Sweden and Poland with local offices and an experienced team. Since 1995, BaltCap has been managing several generations of private equity funds with total capital of over EUR 700 million and has completed about 100 platform investments.

Additional information:

Šarunas Alekna
Partner, BaltCap Private Equity Fund I
Phone: +370 6868 9242

Front page photo credit: Daniel Frank/Unsplash

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