Agilyx has signed a binding agreement to acquire a 44% stake in GreenDot Global, a European waste plastic recycling entity.
The deal values GreenDot at a post-money enterprise value of €197m ($228.9m).
Agilyx will invest €52m for its 44% stake, which comprises around €32m in newly issued shares and approximately €20m in cash through a combination of primary and secondary share purchases.
The transaction is being fully financed by existing investors through a €20m subordinated loan facility.
This acquisition aims to bolster Agilyx’s operations in Europe, creating a platform for sourcing and supplying feedstock to the recycling industry.
Agilyx CEO Ranjeet Bhatia said: “GreenDot is the recognised industry leader in Europe, has tremendous momentum in the fast-developing advanced recycling market, and is a great complement to Agilyx’s existing activities.”
GreenDot is claimed to be the largest circular plastic recycling platform in Europe and the third-largest recycling company in Germany.
Operating in 29 countries, it processes more than one million tonnes of packaging waste annually, including over 400,000 tons of plastic.
GreenDot is currently enhancing its advanced recycling capabilities by investing in sorting facilities in Austria and Italy.
Projections for 2025 suggest that GreenDot’s operations could generate approximately €400m in total sales, alongside double-digit earnings before interest, taxes, depreciation, and amortisation.
GreenDot CEO Laurent Auguste said: “Agilyx’s investment and the business synergies we will develop between two market leaders across the Atlantic will strengthen our ability to act as a preferred partner of brands and actors in the plastic packaging value chain.”
The deal’s closing is anticipated in the third quarter (Q3) of this year, pending customary conditions such as regulatory approval under German foreign direct investment laws, lender consent for a change of control at GreenDot, and Agilyx shareholder approval for the issuance of new shares.
Additionally, Tor Svelland will resign from Agilyx’s nomination committee, with Tom Lileng proposed as his successor.
Last month, Agilyx signed a memorandum of understanding with DerGrunePunkt to enhance the procurement of waste polystyrene feedstock for advanced recycling.
