Abris Capital Partners-backed GreenGroup has acquired Lithuanian waste management firm UAB Zalvaris as part of a plan to expand in Central Europe.

GreenGroup, which has invested an undisclosed amount to buy Zalvaris, said the transaction is part of a strategy to invest up to €200m to grow its business organically and through bolt-on acquisitions.

Zalvaris operates across 10 waste purchasing sites and more than 4,000 customers in Lithuania and is also developing a strategy to expand internationally.

Constantin Damov, chairman of the board of GreenGroup, said: “With this latest acquisition, we are able to build GreenGroup Lithuania from a local recycler into a circular economy hub.

“Our group is emerging as the complete solution for waste management in the Baltics, achieving closed loops for municipal and industrial streams. Industrial waste recycling generates valuable resources, 100% of which can be capitalised through the circular model implemented by GreenGroup.”

GreenGroup entered the industrial waste management sector in 2020 with an investment in Eltex in Romania.

Adrian Stănculescu, partner and head of Abris in Romania, said: “Zalvaris is the latest significant acquisition completed by GreenGroup as part of its ambitious strategy to become the leading player in the industrial waste management sector in Central Europe.

“We are delighted to partner with Vitoldas Sapožnikovas [CEO of Zalvaris] and his team, and we are committed to continue building on our existing know-how and expand the company’s presence further in the Baltics and across the Central Europe region.”

Sapožnikovas said: “Zalvaris has been expanding beyond Lithuania for some time. The company is active in markets including the Baltic States, Poland, Germany, Switzerland, France and others as an industrial waste manager and recycling partner.

“Being the largest industrial waste management company in Lithuania, and one of the largest in the Baltic region, we aim to make the management of all waste comprehensive, effective and socially beneficial, reducing the environmental footprint of organisations. This move to join forces with GreenGroup will help support our sustainability commitments and business development for our clients and partners.”

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