Case study
Cross-border acquisition of the Lithuanian company APG by Grupa Recykl S.A.
The Client
We advised Grupa Recykl S.A. – a leading Polish entity in the tyre recycling sector – on the acquisition of the Lithuanian company APG. The company holds a 60% share of the Lithuanian end‑of‑life tyre management market and for two decades has acted as a key operator in the Baltic states. Each year, it processes approximately 20,000 tonnes of end‑of‑life tyres. It is also worth noting that Grupa Recykl has a 13‑year history of commercial relations and ongoing cooperation with the acquired company. In 2024, Grupa Recykl was APG’s key business partner, with as much as 70% of the tyre volume collected by APG being transferred to Grupa Recykl’s facilities.
Specialisation:
The challenge
The transaction involved numerous challenges arising from its cross‑border nature, as it required navigating two legal systems simultaneously as well as an in‑depth understanding of local environmental and waste‑management regulations. The vertical acquisition model entailed the need to assess the impact of the transaction on both the Polish and Lithuanian markets and to identify potential integration risks. The process was complemented by an international due diligence review and the coordination of multilateral negotiations.
The Result
Comprehensive cross‑border transaction support – we provided full legal assistance at every stage of the process, from preliminary analyses through due diligence, transaction structuring and negotiations, to the execution of the transaction documentation and closing, including advisory services and process management, with the support of a law firm specialising in local law.
Effective conduct of international due diligence – in cooperation with Lithuanian partners, we carried out a thorough legal analysis of APG, identifying key risks and protecting the client through appropriate provisions included in the investment agreement.
Implementation of the expansion strategy – through this transaction, Grupa Recykl successfully entered the Baltic markets, securing additional volumes of end‑of‑life tyre waste, which translates into an increased scale of operations and the potential growth of the Group’s revenues and profits.
Effective international coordination – drawing on our experience in cross‑border transactions and our network of professional contacts, we ensured efficient communication and coordination of activities among all participants in the process in Poland and Lithuania.
