One of the largest private equity funds in CEE, INVL Private Equity Fund II, has completed the acquisition of a 75% stake in Eesti Keskkonnateenused (EKT), the largest waste management group in Estonia.
While this is the fund’s first investment in Estonia, the acquisition builds on its team’s strong experience in the sector. Back in 2020, the predecessor fund, INVL Baltic Sea Growth Fund, acquired a controlling stake in Eco Baltia, which during the investment period was developed into the largest environmental resource management and recycling group in the Baltics.
“With this transaction, we are backing a strong Estonian market leader with consistent performance. Drawing on our experience with Eco Baltia, we aim to assist EKT in growing and thriving in Estonia’s circular economy. Having more than EUR 400 million to invest, we plan to further support the expansion of EKT and seek other investment opportunities in Estonia and abroad,” said Vytautas Plunksnis, Partner at INVL Private Equity Fund II and INVL Baltic Sea Growth Fund.
The current management team of EKT retains a 25% stake in the company.
Argo Luude, Chairman of the Management Board of EKT, said that partnering with a strong investor will provide the company with new opportunities. “The successful completion of the transaction marks a new stage of growth for us. We sought a partner with competence and capital to implement ambitious development plans more quickly and efficiently. We believe that together we will strengthen our leadership in the Estonian market and successfully deliver strategic circular economy projects,” said A. Luude.
According to Deimantė Korsakaitė, Managing Partner at INVL Private Equity Fund II and INVL Baltic Sea Growth Fund, the fund’s team will actively engage in the company’s operations and in delivering its strategic objectives.
“Our goal is to be an active, value-creating partner that supports the company in achieving its long-term growth ambitions. We look forward to working closely with the existing strong EKT management team to build on their achievements to date and unlock new opportunities for long-term success, strengthening EKT’s market leadership. This investment reflects our conviction in the growth potential of the Baltic circular economy and our commitment to building stronger, more competitive regional champions,” said D. Korsakaitė.
To ensure the smooth development of the company and the implementation of its strategic directions, a new supervisory board of EKT has been formed. It includes V. Plunksnis, D. Korsakaitė, Taavi Rõivas a professional board member and former Prime Minister of Estonia, and Maigi Reintal.
EKT Group provides a wide range of waste management and municipal services, including the collection and processing of household waste, secondary raw materials, construction waste, hazardous waste, and bio-waste, as well as street cleaning. The group had consolidated revenue of EUR 77 million in 2024 and approximately 800 employees.
About INVL Private Equity Fund II
With EUR 410 million of commitments, it is the largest private equity fund in the Baltics and one of the largest in CEE. The fund is sector-agnostic and is looking to build a diversified portfolio investing in companies with the potential to become regional leaders in their respective industries. Equity ticket ranges between EUR 10 million to EUR 60 million with larger ticket available with co-investors, and the fund is looking into majority or significant minority stakes where it could drive long-term value creation. The focus is on businesses with strong potential to grow and compete amid intensifying global competition. Geographically the fund is targeting opportunities in the Baltic countries, Poland, and the broader Europe Union.
The fund is managed by INVL Asset Management, the leading Baltic alternative asset manager, which is a part of the Invalda INVL Group with over 30 years of experience. The group’s companies manage or have under supervision EUR 2 billion in assets across various investment strategies, including private equity, forests and agricultural land, renewable energy, real estate, and private debt. Additionally, the group provides family office services in Lithuania, Latvia and Estonia, manages pension funds in Latvia and invests in global third-party funds.
About Eesti Keskkonnateenused
The EKT group provides a wide range of waste management and municipal services, including the collection and processing of household waste, secondary raw materials, construction waste, hazardous waste and bio-waste, as well as street cleaning. The group had consolidated revenue of EUR 77 million in 2024 and approximately 800 employees.
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