Abris-backed GreenGroup buys UAB Zalvaris

Abris Capital Partners the ESG transformation specialist private equity investor, has supported GreenGroup, the circular economy leader in Central Europe, in signing the acquisition of UAB Zalvaris, the largest industrial waste management company in Lithuania. 

Part of an ambitious M&A strategy, this acquisition will further consolidate GreenGroup’s position in industrial waste management, following its entry into the sector in 2020 through the acquisition of Eltex in Romania. The acquisition of Zalvaris is part of GreenGroup’s new investment plan, totaling up to EUR 200 million, focused on consolidating its position as the largest integrated recycling group in Central Europe, through capex investments and bolt-on acquisitions. 

Zalvaris is GreenGroup’s seventh bolt-on acquisition since Abris' initial investment in the company, and the third add-on in the past nine months. It follows the acquisitions of SIGAD, a Romanian developer of environmental reporting software, and UAB Ecso, a Lithuanian polyethylene recycler, marking its entry into the polyolefin market.

Adrian Stănculescu, Partner and Head of Abris Romania, commented: “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 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.”

Zalvaris is one of the largest and longest established industrial waste management companies in Lithuania. It has grown its market coverage across 10 waste purchasing sites and more than 4,000 customers nationally, as well as developing a strategy to expand internationally. Zalvaris provides a one-stop shop for processing all types of waste produced by industrial companies. Aside from handling waste and developing unique recycling solutions for it, the company also offers waste management consulting and audit services. 

Vitoldas Sapožnikovas, CEO of Zalvaris, added:  “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 organizations. This move to join forces with GreenGroup will help support our sustainability commitments and business development for our clients and partners.” 

Abris will facilitate the company’s integration within the GreenGroup ecosystem, generating significant opportunities for growth. In particular, the combined business will be well placed to act as a trusted recycling partner for producers and waste generators that are investing more in carbon footprint reduction. In addition, the acquisition will bring significant synergies with other GreenGroup divisions, including those who manage polyolefins.

Constantin Damov, Chairman of the Board of GreenGroup, commented: “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 capitalized through the circular model implemented by GreenGroup.”