The investment was made from BaltCap’s second fund, which held a first close of just over €50m in February this year.
The firm noted that Lithuania’s waste generation per capita currently stands at 400kg compared with the EU average of 500kg.
Around 75 per cent of the country’s waste is put into landfill, which is many times higher than in other European countries such as Sweden and Germany, which recycle or incinerate most of their waste.
Lithuania aims to reduce the amount of landfilled waste to 35 per cent by 2020.
It also said that there will be opportunities for market consolidation as there are more than 100 municipal waste management companies currently operating in Lithuania.
BaltCap investment director Šarūnas Alekna said, “BaltCap’s strategy is to invest in attractive, leading companies with growth potential in the Baltic States. As one of the leaders in the growing recycling services market, Ecoservice meets these criteria.
“The company has an experienced and ambitious management, as well as clear opportunities for expansion.”
Copyright © 2014 AltAssets