Estonian wood pellet producer Graanul Invest has sold a majority stake in its business to US hedge fund Apollo Global Management.
Graanul Invest operates 12 wood pellet production plants across Estonia, Latvia, Lithuania and the US, with a combined production capacity of 2.7mn t/yr. It is the largest producer of sustainable wood pellets in Europe and one of the largest producers globally, Apollo Global Management said.
Graanul Invest has six combined heat and power plants in Estonia and Latvia, with five at European pellet plants.
The acquisition is subject to antitrust and regulatory approvals, as well as outstanding customer agreements. It is expected to conclude by the end of 2021.
