BUCHAREST (Romania), July 20 (SeeNews) – Private equity investor Abris Capital Partners said on Tuesday it has supported Romania-based regional integrated recycling group GreenGroup in acquiring SIGAD, a Romanian developer of environmental reporting software.
“The acquisition marks the launch of GreenGroup’s ‘Circular Innovations’ division, which will invest in start-up and scale-up companies with a significant contribution to developing the circular economy in Europe,” Abris said in a press release.
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The value of the deal was not disclosed.
SIGAD is expected to become one of the largest providers of environmental software, non-financial reporting and ESG reporting solutions for large companies and SMEs in Romania and the Central Europe region. SIGAD will be integrated into the consolidated operations of GreenGroup.
“At a time when environmental protection has become a priority for governments and European institutions, this partnership with GreenGroup grants us access to the necessary investments and the experience of the largest recycling group in the region, backed by Abris, allowing us to benefit from rapid growth in the Romanian market and beyond,” SIGAD founder Andrei Dobrin said in the press release.
GreenGroup claims to be the European market leader in PET recycling and production of polyester staple fiber and a key player in electronics recycling, glass waste recycling and industrial waste management. The company has been majority owned by Abris Capital Partners since 2016. Currently, the GreenGroup comprises five major business divisions: PET recycling, electric and electronic waste recycling, glass waste packaging recycling, industrial waste management and extended producer responsibly for packaging waste.
The Abris advisory business operates using teams based in Warsaw and Bucharest.