Private equity firms INVL Baltic Sea Growth

Lithuania’s INVL Baltic Sea Growth to acquire Polish PVC recycler Metal-Plast

INVL Baltic Sea Growth Fund and its portfolio company Eco Baltia have agreed to acquire a 70% stake in Metal-Plast, the largest Polish PVC windows recycler.

The transaction is expected to close in Q4 2023, subject to approval from the Polish Office of Competition and Consumer Protection and other conditions precedent.

Private Equity News Poland

Metal-Plast founder Sebastian Fedorowicz will retain a 30% stake in the business. After the acquisition, Eco Baltia will own 42%, Fedorowicz will own 30%, and INVL Baltic Sea Growth Fund will own 28% of Metal-Plast.

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INVL Baltic Sea Growth Fund and Eco Baltia seek to acquire largest Polish PVC recycler Metal-Plast

INVL Baltic Sea Growth Fund is a leading private equity fund in the Baltic States, while Eco Baltia is the largest waste management and recycling group in the Baltics. The acquisition of Metal-Plast is part of the companies’ strategy to expand their recycling capabilities and contribute to a circular economy model. Metal-Plast is located in Świebodzice, Poland and has current annual recycling capacities of 29,000 tonnes. The company has around €34 million in annual revenues and employs around 200 people.

Janis Aizbalts, Head of Eco Baltia’s Environmental Services division, stated that the acquisition of Metal-Plast fits the company’s strategy very well. Eco Baltia plans to expand Metal-Plast’s recycling capacities by 1.5 times to 45,000 tonnes per year, furthering its contribution to circular economy. Vytautas Plunksnis, Partner at INVL Baltic Sea Growth Fund and Chairman of the Eco Baltia Supervisory Board, added that “Metal-Plast” will be the 8th portfolio investment of INVL Baltic Sea Growth Fund, and circular economy remains one of their core investing pillars.

Metal-Plast’s CEO, Grzegorz Jasinski, expressed his satisfaction with the acquisition and said that Metal-Plast managed to attract strong investors who will support their growth in the PVC recycling market. He noted that a new wave of window replacement in Poland and Germany is coming, and the European Commission estimates that building renovation will be necessary for over 35 million residential buildings in the EU by 2030. One ton of recycled PVC saves two tons of CO2 emissions.

INVL Baltic Sea Growth Fund’s investment period ends in 2024, and the team has already started the fundraising of the successor fund, INVL Private Equity Fund II, which will seek to attract €300 million from investors. Metal-Plast was advised by investment bank mBank and law firm Ożóg Tomczykwoski. Eco Baltia and INVL Baltic Sea Growth Fund were advised by Wolf Theiss, Sorainen, and Deloitte.

Sustainability and Environmental Sustainability

The acquisition of Metal-Plast is part of Eco Baltia and INVL Baltic Sea Growth Fund’s commitment to environmental sustainability and circular economy. Eco Baltia group is the largest environmental and waste management group in the Baltics, providing full-cycle waste management solutions from waste collection and sorting to secondary raw material logistics, wholesale and raw material processing, as well as PET and PE/PP plastics recycling. The group companies employ around 2,300 employees in Latvia, Lithuania, and the Czech Republic. Eco Baltia group has closed 2022 with its historically highest consolidated turnover of €210 million, representing a 75% increase compared to 2021.

Metal-Plast’s acquisition will further strengthen Eco Baltia’s position in the waste recycling industry and contribute to reducing the carbon footprint. One ton of recycled PVC saves two tons of CO2 emissions. INVL Baltic Sea Growth Fund’s investment in circular economy and environmental management, including plastic recycling and waste management, has resulted in the successful growth of its portfolio companies.

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