INVL Private Equity Fund II, one of the leading private equity funds in Central and Eastern Europe, has signed agreements to acquire two Lithuanian fish processing companies - Nordian Group and Norvelita. The combination of these two companies will create one of the largest fish processing groups in the region, with combined annual revenues of approximately EUR 200 million. By investing in these companies, the fund aims to grow them into regional leaders, competing with other major European processors.
The EUR 410 million fund expects to complete the transaction in the upcoming months, subject to approval from the Lithuanian Competition Council.
"With this transaction, we aim to create a strong, internationally competitive fish processing group where Norvelita's experience and stable export business will complement Nordian Group's growth ambitions. We see clear synergies between the two companies - from joint raw material procurement to the development and expansion of new, higher value-added product categories in the EU. This is an investment in a sector where demand for quality products keeps growing, and it puts us in a position to give the end consumer a clearly better choice," says Nerijus Drobavicius, a Partner at INVL Private Equity Fund II.
Following the completion of the transaction, the founders of both companies will remain minority shareholders and will continue to help build value in the group.
"Over the past 30 years, Norvelita has become a trusted partner to Western European retail chains, and our team demonstrates every day that products made in Lithuania meet the highest international standards. The partnership with INVL Private Equity Fund II provides the opportunity to further invest in production capacity and people, while ensuring that the company continues to grow by maintaining quality and customer trust," says Jordanas Kenstavicius, founder and main shareholder of Norvelita.
"This transaction is an important recognition of all the work our team has done over many years. We have built one of the strongest fresh fish supply businesses in the Baltic States. Now, we are entering the next stage of growth. Together with our partners, we will be able to implement our ambitious expansion plans much more rapidly, strengthen our position in export markets, expand into new fish and seafood segments, and create even greater value for our customers, employees, and shareholders," says Ramunas Gaižauskas, founder and main shareholder of Nordian Group.
The private limited company "Norvelita" is one of Lithuania's largest fish processing companies, specialising in the production of smoked and salted salmon, and exports approximately 85% of its production to Western European markets. The company operates a fish processing complex of approximately 25,000 sq. m. and processes around 18,000 tonnes of fish products annually. In 2025, consolidated revenues of Norvelita amounted to EUR 152.7 million. The group employs approximately 650 people.
Nordian Group is a fish processing and wholesale trade group that supplies fresh fish to major Lithuanian retail chains and is poised for expansion into new product segments. In 2025, Nordian Group's consolidated revenues reached EUR 46.3 million. The group's companies currently employ approximately 176 people.
INVL Private Equity Fund II has completed two investments to date. In 2025, the fund invested in Estonia's largest waste management group, Eesti Keskkonnateenused, and, together with consortium partners, in Poland's leading private healthcare services group, POLMED. Last week, together with its partner technology group Tesonet, the fund also announced the planned acquisition of the private school and kindergarten network Šiaures licejus. The fund is in an active investment stage, seeking to invest in 10-12 businesses with high growth potential.
About INVL Private Equity Fund II
The EUR 410 million INVL Private Equity Fund II is one of the leading private equity funds in Central and Eastern Europe. The fund is sector-agnostic and aims to build a diversified portfolio by investing in companies with the potential to become regional leaders in their respective industries. Equity tickets range between EUR 10 million and EUR 60 million, though larger tickets are possible with co-investors. The fund is seeking majority or significant minority stakes so that it can drive long-term value creation. The focus is on businesses with strong potential to grow and compete amid intensifying global competition. Geographically, the fund is targeting opportunities in the Baltic countries, Poland, and the broader European Union.
The fund is managed by INVL Asset Management, the leading Baltic alternative asset manager, which is part of the Invalda INVL Group with over 30 years of experience. The group's companies manage or have under supervision EUR 2.1 billion in assets across various investment strategies, including private equity, forests and agricultural land, renewable energy, real estate, and private debt. Additionally, the group provides family office services in Lithuania, Latvia, and Estonia, manages pension funds in Latvia, and invests in global third-party funds.
Further information:
Nerijus Drobavicius, Partner at INVL Private Equity Fund II
nerijus.drobavicius@invl.com
