INVL Baltic Sea Growth Fund–managed Eco Baltia redeems EUR 18 million in bonds
The INVL Baltic Sea Growth Fund, the leading private equity fund in the Baltics, has announced that its portfolio company Eco Baltia, the region’s the largest environmental resource management and recycling group, has redeemed all of its EUR 18 million worth of bonds, fulfilling its commitments to investors.
On February 17, Eco Baltia redeemed EUR 8 million in bonds upon maturity, while another EUR 10 million in bonds were redeemed early almost nine months ahead of schedule.
For the early redemption, the company paid bondholders a 1% premium over the nominal value, along with accrued interest.
“We invested in Eco Baltia in 2020, and during our management period the company has expanded from being a business operating solely in Latvia to entering Lithuania, Poland, and the Czech Republic. Access to the capital markets was an important part of the strategy that enabled sustainable growth, so we do not rule out returning to the capital market with new projects,” says Partner at INVL Baltic Sea Growth Fund and Chairman of Eco Baltia’s Supervisory Board Vytautas Plunksnis.
The first bond issue, valued at EUR 8 million, with a three‑year term and 8% annual interest rate, was launched on February 17, 2023.
The second issue, amounting to EUR 10 million with 9% annual interest, was placed on November 2, 2023, originally due for repayment on November 2, 2026, but redeemed early.
Following the full redemption, Eco Baltia’s bonds were delisted from Nasdaq Riga’s First North market.
In November 2025, the EUR 410 million INVL Private Equity Fund II, continuing the investment strategy of the INVL Baltic Sea Growth Fund, completed the acquisition of a 75% stake in Estonian waste management group Eesti Keskkonnateenused (EKT).
About the INVL Baltic Sea Growth Fund
With a fund size of EUR 165 million, the INVL Baltic Sea Growth Fund is one of the leading private equity funds in the Baltics. Its anchor investor is the European Investment Fund (EIF), which is a part of the European Investment Bank and committed EUR 30 million with the support of the European Fund for Strategic Investments (a key element of the Investment Plan for Europe, or the Junker Plan) while also allocating resources from the Baltic Innovation Fund (a “fund of funds” initiative developed in cooperation with the governments of Lithuania, Latvia and Estonia, to increase capital investment in high-growth potential small and medium-sized enterprises in the Baltics). 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 more than 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 Eco Baltia
The Eco Baltia group is the largest environmental and waste management group in the Baltics, providing the full-cycle waste management solutions from waste collection and sorting to secondary raw material logistics, wholesale and raw material processing as well as PET, PE/PP and PVC plastics recycling.
The Eco Baltia group concluded 2024 with its highest ever consolidated turnover, reaching 262 million euros — a 20% increase compared to 2023.
The group’s companies in Latvia, Lithuania, Poland and Czech Republic have more than 2,600 employees. The largest of the companies the group owns are Eco Baltia vide, Latvijas Zaļais punkts, Nordic Plast, Oil Recovery, and ITERUM in Latvia, Metal-Plast in Poland, TESIL Fibres in Czech Republic, and Ecoservice in Lithuania.
The shareholders of Eco Baltia are the INVL Baltic Sea Growth Fund (52.81% through UAB BSGF Salvus), the European Bank for the Reconstruction and Development (30.51%) and Māris Simanovičs (15.93% through SIA Enrial Holdings and 0.75% through Penvi Investment Ltd).
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