RIGA, March 2 (LETA) - After receiving permission from the Competition Council, waste management company CleanR has concluded acquisition of Kilupe, becoming its sole owner, according to CleanR statement to Nasdaq Riga stock exchange.

Effective February 28, 2026, two members were appointed to the company's management board - Valerijs Stankevics and Kristofers Ekis.

Kilupe will continue to operate as a subsidiary of CleanR, maintaining the local management model, and nothing will change for current customers regarding service delivery.

"Becoming the sole owners of Kilupe will allow us to further invest in the company to strengthen the quality of services, introduce new technologies, expand the range of services, and develop customer service in Ogre and Aizkraukle regions and other local territories where Kilupe has provided services so far. At the same time, we want to maintain all the company’s existing strengths - the local team and regional experience," emphasizes CleanR Chairman of the Management Board Valerijs Stankevics.

As reported, on January 26 of this year, the Competition Council allowed CleanR to acquire the remaining 58.75 percent of Kilupe shares, thus making CleanR the sole owner of Kilupe.

CleanR is one of the largest waste management companies in Latvia, providing full-cycle services and actively implementing circular economy solutions.

Kilupe has been operating since 1988 and provides management of household, bulky, construction, and hazardous (asbestos-containing) waste, as well as collection and re-sorting of sorted waste. Kilupe mainly operates in the municipalities of Ogre and Aizkraukle and provides services to a lesser extent in other cities and municipalities in the waste management regions of Central Latvia and Latgale.

Until now, Clean R owned 41.25 percent of Kilupe's shares. The shares were acquired in two stages: in February last year, Clean R acquired 10 percent, and in May, Clean R acquired another 31.25 percent of Kilupe's shares.

In 2024, Kilupe had a turnover of EUR 6.247 million, which is 32.8 percent more than the previous year, while the company's profit increased several times and reached EUR 208,462. Kilupe was registered in 1998 and has a share capital of EUR 56,880. Clean R was registered in 2004 and has a share capital of EUR 1.2 million. In 2024, Clean R had a turnover of EUR 52.752 million, which is 23.5 percent more than in 2023, while the company's profit almost doubled to EUR 8.698 million.

In 2024, the CleanR Group concern had an audited turnover of EUR 121.101 million, which is 18.7 percent more than in 2023, while the concern's profit increased by 31.5 percent to EUR 13.47 million.

CleanR Group was registered in 2014 and has a share capital of EUR 13.58 million. 87.63 percent of Clean R Group's capital is owned by Guntars Kokorevics' TAK Capital, 10.31 percent by Harijs Krongorns, and 2.06 percent by Juris Gulbis. Clean R Group bonds are listed on the Nasdaq Riga alternative market First North.