INVL Private Equity Fund II has signed an agreement to acquire a 75% stake in Eesti Keskkonnateenused (EKT), Estonia’s largest waste management company, in a deal that marks the fund’s first investment in the country. 

The remaining 25% will be retained by EKT’s management team.

EKT reported revenues of €77m in 2024 and employs about 800 staff across its operations. The group provides a broad range of municipal and environmental services, including household waste collection, hazardous and construction waste management, bio-waste processing, recycling, and street cleaning. It is also advancing a major hazardous waste incineration project to boost capacity from 2,000 to 15,000 tonnes annually.

Argo Luude, CEO of EKT, said: “Having the largest private equity fund in the Baltics become a shareholder opens more opportunities to successfully implement our growth strategy. The group is currently working on a major hazardous waste incineration project which will boost the existing capacity from 2,000 to 15,000 tonnes a year. We also see potential opportunities to expand our sorting and recycling capabilities to contribute even more substantially to Estonia’s circular economy goals.”

Vytautas Plunksnis, Partner at INVL Private Equity Fund II, added: “We have significant experience in the waste management business and in strengthening corporate leadership. We believe that together with EKT’s current management team we can take the company to the next level.”

Deimantė Korsakaitė, Managing Partner of INVL Private Equity Fund II, noted that the transaction reflects the fund’s strategy of backing market leaders across the Baltics, Poland, and Romania: “This deal continues one of the fund’s fundamental investment themes – investing in leading Baltic region companies with further growth potential. It will be the first investment in Estonia by our private equity funds. We believe that investing in and developing the circular economy is important for the sustainable growth of the entire Baltic region.”

The deal is expected to close by the end of 2025, subject to approval by the Estonian Competition Authority. Advisers included EY, EY-Parthenon, Sorainen, and Nomine Consult for INVL, with Eversheds Sutherland advising the sellers.

If finalised, the transaction will further strengthen INVL’s presence in the environmental services sector, building on its investment in Eco Baltia, the Baltics’ largest environmental management group.

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