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TGS Baltic advised AB City Service in the sale of UAB Ecoservice, the biggest waste management company in Lithuania. Ecoservice is engaged in the collection, transportation and processing of secondary raw materials and household waste. Ecoservice was acquired by the private equity and venture capital fund Baltcap through an investment company, UAB AWT Holding. As part of the transaction, City Service reinvested part of the purchase price and will hold 25% of shares in UAB AWT Holding.
City Service is a holding company which manages one of the largest corporate groups engaged in facility management and integrated utility services in Lithuania and neighbouring countries. The shares of City Service have been quoted on the Official List of the Nasdaq OMX Vilnius stock exchange since 2007.
The Ecoservice deal was one of the biggest transactions in the utilities sector in recent years and is the first private equity fund investment in the sector in the Baltics.
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