Integral Venture Partners (Integral), an investment firm, has entered into a definitive legal agreement and recently completed the transaction with the owners of EsoTron doo, a leading used cooking oil (“UCO”), animal fats and organic waste collection & processing operator in the Adriatic region, for an acquisition of a 50% stake in the business.

Integral manages institutional private equity and growth capital and is focused on investments in the countries of central and south-eastern Europe. Integral’s fund is backed by leading international institutional investors including the EIF, the EBRD, and the IFC. Integral covers its pan-regional target market out of hubs in London, Budapest, and Belgrade.

EsoTron, founded in 2011 by two Slovenian and one Serbian equal stakes Founders, is a leading circular economy company in Adria, operating from its HQ in Rumenka, Serbia, with most of its products – sold through its Slovenian subsidiary – used as inputs for biodiesel and biogas production by EU based refineries. Eso Tron’s concept is anchored on its primary UCO business, with more than 4,500 HoReCa collection point locations, and a nationwide market coverage, making it the largest UCO system in ex-Yu with more than 50% market share.

Integral looks to use EsoTron as a platform for wider bio-waste management “Buy & Build” consolidation across the Adriatic region and particularly its largest markets: Slovenia, Serbia, Croatia, and Bosnia, using primary capital investment, untapped leverage potential, and EsoTron’s own cash generation. In parallel, Integral will work with the Founders and the wider management team to elevate EsoTron’s operations, processes, and corporate infrastructure in line with industry’s best standards and to promote general ESG standards and values across the wider region where the EsoTron Group operates.

This acquisition marks Integral’s twelfth and final investment from its Evolving Europe Principal Investments Fund I, launched approximately four years ago, and underscores Integral’s continued commitment to the circular economy investment theme.

The transaction was closed in the second half of June 2024, while the terms of the investment were not disclosed.