INVL Private Equity Fund II has completed the acquisition of a 75% stake in Eesti Keskkonnateenused (EKT), Estonia’s largest waste management and environmental services group, marking the fund’s first investment in the country.

EKT’s management team will retain a 25% stake in the company. The acquisition expands INVL’s presence in the circular economy sector and builds on its earlier investment in Eco Baltia, which it developed into the Baltics’ largest recycling and resource management group.

“With this transaction, we are backing a strong Estonian market leader with consistent performance,” said Vytautas Plunksnis, Partner at INVL Private Equity Fund II. “Drawing on our experience with Eco Baltia, we aim to assist EKT in growing and thriving in Estonia’s circular economy.”

Argo Luude, Chairman of EKT, said the partnership marks “a new stage of growth” for the company. “We sought a partner with competence and capital to implement ambitious development plans more quickly and efficiently,” he said.

Deimantė Korsakaitė, Managing Partner at INVL, said the firm will take an active role in supporting EKT’s strategic goals. “Our goal is to be an active, value-creating partner that supports the company in achieving its long-term growth ambitions,” she said.

A new supervisory board has been formed to guide EKT’s next phase of growth, including Vytautas Plunksnis, Deimantė Korsakaitė, former Estonian Prime Minister Taavi Rõivas, and Maigi Reintal.

EKT employs approximately 800 people and generated €77m in revenue in 2024. The group provides a wide range of environmental services, including waste collection, recycling, hazardous waste management, and street cleaning.

INVL Private Equity Fund II, managed by INVL Asset Management, is the largest private equity fund in the Baltics with €410m in commitments. The fund invests in businesses with strong regional growth potential across the Baltics, Poland, and the wider EU.

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