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INVL Baltic Sea Growth Fund acquires 52.8% stake in Eco Baltia
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    INVL Baltic Sea Growth Fund acquires 52.8% stake in Eco Baltia

    RIGA, June 30 (LETA) - Private investment fund INVL Baltic Sea Growth Fund has acquired 52.81 percent of the shares in the environmental management company Eco Baltia, as the company informed LETA.

    More information about the deal will be released at a remote press conference later on Tuesday. INVL Baltic Sea Growth Fund Partner Vytautas Plunksnis and Eco Baltia Group CEO Maris Simanovics will participate in the press conference.

    The deal sees the European Bank for Reconstruction and Development (EBRD) retain their 30.51 percent stake in Eco Baltia and Simanovics retain a 16.68 percent stake (via Penvi Investment), Invalda INVL told the Nasdaq stock exchange. Both parties have subsequently entered into a shareholders’ agreement with the fund.

    Two Partners at the INVL Baltic Sea Growth Fund, Plunksnis and Deimante Korsakaite will join Eco Baltia's supervisory board together with an independent member and waste management expert, Jurgita Petrauskiene. The EBRD will be represented by Peter Hjelt and Maris Simanovics by Gints Pucens.

    "Investing in proven, leading Baltic companies which clearly demonstrate further growth potential is one of the fund's core investment themes. Eco Baltia sits at the forefront of the circular economy for the Baltic region and therefore meets this criterion. This deal represents the third company to join our portfolio and will allow us to capitalize on the growing importance of environmental concerns by focusing on both recycling and lifestyle sustainability enhancement measures." said Korskaite.

    INVL Baltic Sea Growth Fund with its total size of EUR 165 million is the largest private equity fund in the Baltics with the European Investment Fund (EIF) acting as its anchor investor. The fund seeks to assemble a diversified portfolio of companies, targeting majority or significant minority stake deals and writing tickets of EUR 10 million to EUR 30 million, that showcase high growth potential and the ability to compete on a truly global basis.

    The fund is focused on the Baltic States and the neighboring regions of Poland, Scandinavia and Central Europe specifically. The fund so far has invested in two companies within the healthcare and civil engineering sectors.

    • Published: 30.06.2020 10:59
    • LETA
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