Agilyx’s GreenDot acquires 50% of Valorie (Léko) to expand European recycling platform
- GreenDot, majority-owned by Agilyx, acquired 50% of Valorie SAS (owner of Léko and Léko Pro) and will share control with Reclay International.
- Initial consideration of EUR 4 million was paid at closing, with two revenue‑linked milestone payments; total consideration is capped at three times the initial consideration.
- Léko reported EUR 42 million revenue in 2025 following nearly 80% annual growth over the prior two years; the transaction completed on 5 November 2026.
- The acquisition secures preferred access to higher‑quality mechanical recycling feedstock, supports pan‑European EPR compliance offerings, and targets growing Léko to ~10% of the French household packaging market.
Deal overview
GreenDot, majority-owned by Agilyx, acquired 50% of Valorie SAS, which owns Léko and Léko Pro, sharing joint ownership and control with Reclay International. The transaction completed on 5 November 2026. Laurent Auguste, CEO of GreenDot, will assume the role of Chairman of Valorie.
Strategic rationale
The acquisition is intended to provide GreenDot's mechanical recycling operations preferred access to more and higher‑quality feedstock and to create a one‑stop shop for EPR compliance in Germany and France, including access to GreenDot's Authorized Representative service and an AI software solution being developed with osapiens. GreenDot expects cost savings by leveraging existing IT, digital tools and account teams across both countries and aims to grow Léko toward a 10% share of the French household packaging recycling market.
Financial and contractual terms
GreenDot paid an initial consideration of EUR 4 million at closing, with two potential milestone payments dependent on Léko's revenue growth; milestone payments are voided if anticipated synergies are not achievable due to regulatory constraints. Total consideration is described as approximately 2–3 times GreenDot's projected annual EBITDA improvement and is capped at three times the initial consideration. The acquisition was funded from cash within the GreenDot Group; there is no cash outlay and no share issuance by Agilyx, and Léko will not be consolidated in GreenDot's accounts.
French market context
Léko is one of two state‑approved, non‑profit household packaging EPR organisations in France. Since its start in 2020, Léko's revenue reached EUR 42 million in 2025 after nearly 80% annual growth over the prior two years. France generates about 4.5 million tonnes of plastic waste each year; its 2024 plastic packaging recycling rate was 27%, below the EU average of 42%, and France pays approximately EUR 1.6 billion per year to the EU related to its non‑recycled plastic packaging waste.
Source: Agilyx