Agilyx ASA has entered into a binding and fully financed agreement to acquire 44% of GreenDot Global S.à r.l. (“GreenDot”). This transformative investment significantly strengthens Agilyx’s presence in the European market, creating a global platform for sourcing and supplying feedstock to the advanced recycling industry.
GreenDot is the leading circular plastic recycling platform in Europe and the third-largest recycling company in Germany. Licensed across 29 countries, it is the most recognized recycling brand in Europe. GreenDot processes more than 1 million tons of packaging waste annually, including over 400,000 tons of plastic. The company is expanding its advanced recycling feedstock supply capabilities by investing in sorting facilities in Austria and Italy. For 2025, GreenDot’s operations are expected to generate approximately EUR400 million in total sales and double-digit EBITDA.
Ranjeet Bhatia, CEO of Agilyx, commented:
“We are thrilled to expand Agilyx´s reach into Europe as we build a global platform to supply feedstock to the plastic recycling industry. GreenDot is the recognized industry leader in Europe, has tremendous momentum in the fast-developing advanced recycling market, and is a great complement to Agilyx’s existing activities. We´re looking forward to working closely with GreenDot´s talented management and world-class shareholders on this transformative opportunity.”
Laurent Auguste: CEO of GreenDot, commented:
“We very much welcome Agilyx as a new GreenDot shareholder. 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 new capital injection will support expansion of facilities in Germany, Austria, and Italy and is additional evidence of GreenDot’s commitment to scaling the circular economy of plastic in Europe.”
The transaction values GreenDot at a post-money enterprise value of EUR197 million. Agilyx will acquire its 44% stake for a total consideration of EUR52 million consisting of approximately EUR32 million in newly issued Agilyx shares (“Consideration Shares”), priced at the 30-day-volume-weighted average price (VWAP) of 25.76 NOK per share, and approximately EUR20 million in cash in a combination of primary and secondary share purchases. The Consideration Shares will be subject to a lock-up period until 10 January 2026 followed by a 90-day window during which sales by the sellers will be capped at 20% of the prior 30-day average daily trading volume.
The transaction is fully financed by certain existing investors through a EUR20 million subordinated loan facility. The loan facility will rank subordinated to Agilyx’s outstanding bonds issued under “Agilyx ASA 13.50% senior secured USD 50,000,000 bonds 2024/2027” and is subject to a subordinated loan agreement to be entered into with the bond trustee, as set out in the bond terms. The transaction is expected to close in late Q3 2025, subject to customary conditions including, inter alia: regulatory approval under German foreign direct investment laws, lender consent for change of control at GreenDot, and Agilyx shareholder approval for the issuance of the Consideration Shares at an Extraordinary General Meeting (EGM), for which sufficient voting undertakings have been received.
Further information can be found in the file attached to this announcement and on the Agilyx website.
In connection with this transaction, Tor Svelland will step down from Agilyx’s Nomination Committee. The Company intends to nominate Tom Lileng as his replacement, subject to approval at the upcoming EGM. Mr. Lileng brings extensive investment and governance experience. He served most recently as Managing Director of General Oriental Investments and Cavamont Holdings, where he managed both liquid and private investment portfolios, achieving strong absolute and risk-adjusted returns. He currently serves as a Non-Executive Director and Nomination Committee Member for two other publicly listed Norwegian companies.
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