One of Northern Europe’s largest PET recyclers supported

PET Baltija, one of the largest recyclers of polyethylene terephthalate (PET) in Northern Europe, today announces an agreement to acquire leading Czech fiber producer Tesil Fibers sro, a spin-off of SILON sro Once completed, this transaction will become one of the largest investments by a Latvian company in the Czech Republic to date.

This vertical integration operation will subsequently increase PET Baltija’s current revenues by more than 50% while making it an international company. For SILON, the transaction will allow it to focus entirely on the production and development of the highest quality polyolefin-based performance compounds.

Fiber production has been a traditional operation in Planá, Czech Republic, since 1966, and is an integral part of SILON sro 150 employees.

Tesil Fibers is one of the leading suppliers to the European market, covering industries and sectors such as automotive, hygiene, textiles and furniture. It is also well known for its high quality standards and last year its fiber division recorded a turnover of 27 million euros.

Salvis LapisChairman of the Board of PET Baltija, said:
This deal will really put PET Baltija on the map as a key international player in the sector. We recognize and are excited by the impressive high growth potential of Tesil Fibers and its team of dedicated professionals. Working closely with the team and other key stakeholders, we plan to further develop the business, accelerate its growth and create real value for everyone involved. By ensuring the supply of the best recycled PET materials, we will seek to contribute significantly to the growth of the Tesil Fibers business and add greater product differentiation to it. It is also important to mention that thanks to these developments, the overall volume of recycled PET will also increase. »

Deimantė Korsakaitė, Executive Partner at INVL Baltic Sea Growth Fund and Chairman of the Supervisory Board of PET Baltija, added:

“This acquisition agreement reinforces INVL Baltic Sea Growth Fund’s objective to significantly expand PET Baltija through organic growth strategies and complementary acquisitions. Since our initial investment, PET Baltija alone has more than doubled its turnover and is on track to finalize an organic growth expansion project that will more than triple its food grade PET production capacity. This agreement will cement the company as a truly global, vertically integrated market player committed to sustainability and addressing environmental issues. This represents a significant development and leads to becoming a company with more than 100 million euros in turnover.

Šuchrat Saidov, CEO of SILON sro concluded:
Following a series of consultations and extensive market research, we decided that the best path to success for the fiber division would be to identify a respected strategic partner capable of growing and developing it. We are delighted to announce that we have found a solution that we believe will be the best possible outcome for fiber production in Planá. The SILON group will henceforth concentrate all its growth and development efforts on the compounding activity.

Both SILON and PET Batlija point out that part of this agreement is a detailed transfer plan, primarily targeting and ensuring that there will be no changes to the current service offering that partners, customers, suppliers, employees or other key stakeholders receive.

PET Baltija
PET Baltija is one of the largest PET recyclers in Northern Europe and the largest PET recycler in the Baltic region operating in Latvia. It belongs to Eco Baltia, the largest environmental and waste management group in the Baltic countries. Eco Baltia provides full-cycle waste management solutions, from waste collection and sorting to secondary raw material logistics, wholesale and raw material processing. PET Baltija implements the recycling of used polyethylene terephthalate (PET) bottles and is the Baltic-wide industry leader. The recycled product portfolio includes high quality PET flakes and pellets (including food packaging), almost 100% of which is exported.

In 2021, the pro forma turnover of Eco Baltia Group reached c. €150 million, compared to €75 million in 2020, reinforced in part by the acquisition of one of the main Lithuanian waste managers Ecoservice in August 2021. The Group employs more than 2,000 people in Latvia and Lithuania with leading companies in the existing portfolio, including PET Baltija, Eco Baltia Vide, Ecoservice, Latvijas Zalais punkts and Nordic Plast.

The shareholders of Eco Baltia are the private equity fund INVL Baltic Sea Growth Fund (52.81%), the European Bank for Reconstruction and Development (30.51%) and the management of the company (16. 68%).

INVL Baltic Sea Growth Fund

INVL Baltic Sea Growth Fund, with a total size of €165 million, is the leading private equity fund in the Baltics, with the European Investment Fund (“EIF”) acting as lead investor.

The EIF has committed €30 million with support from the European Fund for Strategic Investments, a key part of the Investment Plan for Europe (or “Junker Plan”), as well as allocation of resources from Baltic Innovation Fund, the “Fund of Funds” developed in cooperation with the governments of Lithuania, Latvia and Estonia. The aim is to increase capital investment in small and medium-sized enterprises with high growth potential in the Baltic States.

The Fund seeks to build a diversified portfolio of companies, targeting transactions with significant majority or minority shareholdings and writing tickets of €10-30 million, which exhibit high growth potential and the ability to compete on a truly global.

The Fund focuses on the Baltic States and neighboring regions of Poland, Scandinavia and Central Europe in particular. The Fund has so far invested in six companies in healthcare, civil engineering, environmental management (plastic recycling and waste management), veterinary services and the manufacturing of cosmetics and medical products. ‘hygiene.

The fund is managed by Invalda INVL, the Baltic region’s leading investment management and life insurance group. Group companies manage pension, UCITS and life insurance commitments as well as individual portfolios, private equity and other alternative investment products. More than 290,000 clients across Lithuania, Latvia and Estonia as well as international investors have entrusted the companies of the Group with the management of more than 1.7 billion euros in assets. The Group has a strong track record in managing private equity assets and building leading players in the Baltics and the Central and Eastern European region for over 30 years.


SILON started its activities in the 1950s with the production of polyamide filament yarn and has constantly oriented its business model towards innovation and customers. After extending the product portfolio to technical compounds, reorienting the fiber business towards technical application, and introducing short-spun fiber technology using post-consumer PET flakes as feedstock, the name SILON has always been synonymous with quality, safety and reliability.

SILON sro achieved a total turnover of 150 million euros in 2021 and currently employs more than 400 people in Plana nad Luznici, Czech Republic. Today, SILON designs, produces and sells polyolefin-based performance compounds for applications in the construction, energy, hygiene and automotive sectors, as well as for general industrial applications. .

Person authorized to provide additional information:
Deimante Korsakaite
the executive partner of the Baltic Sea Growth Fund INVL

Mary I. Bruner