September 29, 2022

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Abris-backed GreenGroup buys UAB Ecso

Central European round economic system chief GreenGroup enters the polyolefin recycling market with Lithuanian funding...

Central European round economic system chief GreenGroup enters the polyolefin recycling market with Lithuanian funding

August 2022, Vilnius – Abris Capital Companions (“Abris”), the ESG transformation specialist personal fairness investor, has supported GreenGroup, the round economic system chief in Central Europe, in buying UAB Ecso, a Lithuanian LDPE (Low Density Polyethylene) recycling firm.

A part of an formidable M&A technique, this acquisition marks GreenGroup’s entry into the polyolefin recycling market and creates the platform for additional enlargement on this sector throughout the CEE area. Over the subsequent few years, GreenGroup will make investments EUR 150 million to EUR 200 million to additional consolidate its place as the biggest built-in recycling group in CEE by means of capex investments and bolt-on acquisitions.

UAB Ecso is GreenGroup’s second add-on in current weeks, following the acquisition of SIGAD, a Romanian developer of environmental reporting software program, in July.

Adrian Stănculescu, Associate and Head of Abris Romania, commented:
“This newest acquisition consolidates GreenGroup’s recycling actions over the previous 20 years and is a decisive step within the Group’s technique to grow to be a key participant in polyolefins recycling within the area. Moreover, it’s a strategic funding that reinforces the Group’s dedication to sustainability and to tackling essentially the most urgent environmental points, resembling plastic air pollution and lowering carbon footprints.”

Central European investor Abris first invested in GreenGroup in 2016 and has since partnered with the agency’s administration group to develop the enterprise organically and thru acquisition, and to construct the main round economic system participant in CEE.

UAB Ecso was created in 2009 and developed into the main polyethylene recycler in Lithuania. At present, the corporate has an annual capability to course of 20,000 tons of movie waste per 12 months from family and industrial post-consumption, reworking it into recycled LDPE granules, thus addressing the wants of European producers for good-quality recycled enter. Polyethylene is among the commonest kinds of plastics, amounting to 40% of whole plastics consumption in Europe.

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Vladas Venskutonis, UAB Ecso Founder, acknowledged:
“Such supplies have a low assortment fee, and so they require important investments in superior recycling applied sciences. Due to this fact, they’re the almost definitely to succeed in incineration or landfills. By integrating UAB Ecso inside GreenGroup’s ecosystem, we’re sure to speed up the round economic system of plastics, enjoying an vital function in lowering air pollution and in recovering a useful useful resource for the economic system.”

Recycled polyethylene granules have a number of functions, particularly within the packaging trade, whereas demand for LDPE packaging functions is hovering throughout the retail and industrial sectors.

Constantin Damov, GreenGroup Chairmen of the Board, commented:
“The Lithuanian mannequin proved to be an area success for closed-loop resourcing of plastic waste, aligned with the round economic system goals. With this funding, we’re positioning the Group as the primary line of protection for limiting the environmental impression of single-use plastics – a gaggle becoming each PET and polyolefins. Our goal is to scale this mannequin within the area and different international locations as nicely.”

Abris will proceed constructing GreenGroup into the main round economic system participant in CEE. The Group is able to deal with the rising demand from people and industries for sustainable merchandise utilizing recycled inputs, thus contributing to lowering the carbon footprint within the manufacturing chain by at the least 50% in contrast with virgin enter.