Tomasz Rycak has become the new CEO of Metal-Plast
Tomasz Rycak has become the new CEO of Metal-Plast, Poland’s largest recycler of PVC door and window frames, which is owned by the INVL Baltic Sea Growth Fund, the leading private equity fund in the Baltics, together with its portfolio company Eco Baltia. The new CEO brings many years of international experience in a range of industries. He will replace Grzegorz Jasinski as head of the company.
“The changes to strengthen the management team reflect a desire for even greater focus in implementing the company’s strategy. Ambitious goals have been set for the new CEO: to improve operating efficiency, increase the return on investment, and ensure sustainable growth. We are grateful to Grzegorz Jasinski for his contribution to the company's development and wish him every success in his professional future,” says Jānis Aizbalts, the Chairman of the Supervisory Board of Metal–Plast.
“In joining the leader in Poland's PVC recycling sector, I see great potential for creating long-term value with a clear strategy, operational efficiency, and a highly professional team. I believe that my experience in a variety of sectors and my work with private equity funds will enable me to quickly identify growth opportunities and implement transformations that deliver tangible results,” says Tomasz Rycak, the new CEO of Metal–Plast.
Rycak comes to the role at Metal-Plast with more than 20 years of experience shaping and implementing business change strategies, operational restructurings and international expansion. His recent activities have focused on consulting work for businesses and private equity funds.
In 2024, Metal-Plast had unaudited revenue of 130.4 million Polish zloty. The company has nearly 200 employees. Its recycling capacity at present is about 30,000 tonnes per year. To contextualise, one tonne of recycled PVC saves two tonnes of CO2 emissions, representing a significant positive contribution towards the European Union's climate neutrality targets.
Eco Baltia and the INVL Baltic Sea Growth Fund acquired a 70% stake in Metal-Plast in November 2023. The remaining 30% of the Polish company’s shares belong to the SIDN Family Foundation. The INVL Baltic Sea Growth Fund owns a 52.81% stake in Eco Baltia, while 30.51% is owned by the European Bank for Reconstruction and Development. The remaining shares are owned by Māris Simanovičs.
About the INVL Baltic Sea Growth Fund
With a size of EUR 165 million, the INVL Baltic Sea Growth Fund is the leading private equity fund in the Baltics. Its anchor investor is the European Investment Fund (EIF).
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 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. The initiative aims to increase capital investment in high-growth potential small and medium-sized enterprises in the Baltics.
The fund focused on investments in the Baltic countries and neighbouring regions such as Poland, the Nordics, and Central Europe. The INVL Baltic Sea Growth Fund has invested in a diversified portfolio of eight companies. That includes companies operating in the food processing, healthcare, medical rehabilitation, civil engineering, plastic recycling, environmental management, and veterinary services sectors, as well as in the manufacturing of cosmetics and hygiene products.
The fund is managed by INVL Asset Management, the leading alternative asset manager in the Baltics and part of the Invalda INVL group, which has been in the investment management business for more than 30 years. The group’s companies manage or have under supervision more than EUR 1.9 billion of assets under management across multiple asset classes including private equity, forests and agricultural land, renewable energy, real estate, and private debt. The group’s activities also include family office services in Lithuania, Latvia, and Estonia, management of pension funds in Latvia, and investments 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 Baltic group ended 2024 with its largest ever consolidated turnover of 262 million euros, an increase of 20% 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 Zalais 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%), the European Bank for the Reconstruction and Development (30.51%) and Māris Simanovičs (16.6%).
