INVL fund has signed agreements to acquire Nordian Group and Norvelita

INVL Private Equity Fund II, one of the funds managed by INVL Asset Management, has signed agreements to acquire two Lithuanian companies operating in the fish processing sector – Nordian Group and Norvelita. The combination of the two companies will create one of the largest fish processing groups in the region, with combined annual revenues of approximately EUR 200 million.

INVL was advised on both transactions by experts from Ellex, who advised on all legal matters related to the transactions, drafted the transaction agreements and prepared the merger notification to the Lithuanian Competition Council.

The transaction team included Ellex Lithuania Partner Rūta Armonė, Expert Arvydas Grušeckas, Senior Associate Jomilė Žabolė, and the M&A team. The merger control aspects were handled by Associate Paulina Gričenė, Partner Dr Šarūnas Keserauskas, Legal Assistant Ugnė Lazauskaitė, Associate Deimantė Lina Paškevičiūtė, and Senior Associate Mykolas Tamulionis.

The acquisitions are expected to be completed in the coming months, subject to approval from the Lithuanian Competition Council.

The private limited company Norvelita is one of Lithuania’s largest fish processing companies, specialising in the production of smoked and salted salmon. It 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, Norvelita Group’s consolidated revenues 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 amounted to EUR 46.3 million. The group’s companies currently employ 176 people.

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.