Eco Baltia, the largest environmental resource management and recycling company in the Baltics, managed by INVL Baltic Sea Growth Fund, the leading private equity fund in the Baltic States, has acquired a 40.4% stake in the Latvian road maintenance company (JSC) Daugavpils specializētais autotransporta uzņēmums (Daugavpils Spec. ATU).
The shares owned by Daugavpils City Council and the Latvian state were acquired by Eco Baltia vide, a wholly owned subsidiary of Eco Baltia group, as part of the privatisation. The remaining 59.6% of the shares are held by private individuals.
Jānis Aizbalts, Chairman of the Board, Eco Baltia vide: “Following the acquisition of a minority stake, we will apply for permission to acquire up to 100 per cent of Daugavpils Spec. ATU shares. This is an important step to expand Eco Baltia vide’s services regionally, as Daugavpils is the second largest city in Latvia. This is the second acquisition of Eco Baltia vide in the street and road maintenance business – in 2023 it acquired Pilsētas Eko Serviss, which provides urban environment management in the Latvian capital Riga.”
In 2023, Daugavpils Spec. ATU had an unaudited revenues of EUR 5.5 million and employed 110 people.
About Eco Baltia vide
Eco Baltia vide is an environmental management company providing a wide range of environmental management services – municipal and sorted waste collection, packaging waste management, construction and bulky waste management, area cleaning and road management, as well as various seasonal services. In 2023, Eco Baltia vide closed the year with a unaudited turnover of almost EUR 54 million.
About JSC Daugavpils specializētais autotransporta uzņēmums
Daugavpils specializētais autotransporta uzņēmums was founded in January 1973. The company provides waste management in Daugavpils, cleaning and maintenance of city streets, as well as transportation services.
About INVL Baltic Sea Growth Fund
With a size of EUR 165 million, the INVL Baltic Sea Growth Fund is one of the largest private equity funds 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 is focused on the Baltic countries and neighbouring regions including Poland, the Nordics, and Central Europe. INVL Baltic Sea Growth Fund has already built a diversified portfolio of nine investments. The fund has invested in companies, focusing on sectors including food processing, 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 Asset Management, a leading alternative asset manager in the Baltic States, part of the Invalda INVL Group, which has been operating for more than 30 years. The Group’s assets under management of more than EUR 1 billion include investments in private equity, forest and agricultural land, renewable energy, real estate and private debt. Our activities also include family office services in Lithuania and Latvia, pension fund management in Latvia and investments in global third country funds.
INVL and Šiaulių bankas merged their retail services as of 1 December 2023.
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INVL and Šiaulių bankas merged their retail services as of 1 December 2023.