Agilyx ASA announces that GreenDot, its majority-owned holding, has entered into an agreement to acquire 50% of Valorie SAS, a fast-growing state-approved extended producer responsibility (EPR) recycling company in France owning 100% of Léko and Léko Pro. GreenDot will share joint ownership and control of Valorie with German environmental services company Reclay International. The transaction is funded from cash within the GreenDot Group and involves no cash outlay and no share issuance by Agilyx.
A fast-growing challenger in French recycling
Léko is one of two state-approved, non-profit household packaging EPR organizations in France, which receives (EPR) fees brands pay to fund municipal collection, sorting and recycling. Since its start in 2020, revenue has grown to EUR 42 million in 2025, with nearly 80% annual growth in the past two years. France generates approximately 4.5 million tonnes of plastic waste each year. In 2024, the French recycling rate for plastic packaging was only 27%, the third lowest in the EU, which averages 42%. France pays approximately EUR 1.6 billion per year to the EU related to its non-recycled plastic packaging waste and is working proactively to transform its plastic recycling sector.
Strategic rationale
The strategic expansion of GreenDot’s European recycling platform is expected to create value through three channels:
– Enhanced access to more and higher-quality mechanical recycling feedstock: Léko provides GreenDot’s mechanical recycling operations with preferred access to more, higher-quality material, enhancing the platform’s EU Packaging and Packaging Waste Regulation (PPWR)-driven growth.
– One-stop-shop for Pan-European EPR compliance: Together, Léko and GreenDot can offer brands a one-stop shop for EPR compliance in Germany and France, access to GreenDot’s Authorized Representative service, and access to the AI software solution GreenDot is developing with osapiens.
– Cost savings with German EPR: Léko will leverage GreenDot’s existing IT, digital tools and account teams, lowering costs in both France and Germany, particularly as Léko grows.
GreenDot’s ambition is to grow Léko toward a 10% share of the French household packaging recycling market, increasing the value of each of the above.
Laurent Auguste, CEO of GreenDot, said: “Léko’s presence in the French waste plastic supply chain provides GreenDot a strategic opportunity to expand our access to waste plastic supply and advance our circular plastics offering to pan-European brands and retailers. Our teams have been working together for some time now, and I am excited about building Leko into a central player in the French recycling segment.”
Transaction terms
GreenDot will pay an initial consideration of EUR 4 million at closing. The agreement also provides for two potential milestone payments, dependent on Leko’s revenue growth. Milestone payments are voided if the anticipated synergies are not achievable due to regulatory constraints. Total consideration, including milestone payments, is approximately 2-3 times GreenDot’s projected annual EBITDA improvement and is capped at three times the initial consideration.
The acquisition is funded from cash within the GreenDot Group. There is no cash outlay and no share issuance by Agilyx. Léko will not be consolidated in GreenDot’s accounts.
As part of the new ownership structure, GreenDot CEO Laurent Auguste will assume the role of Chairman of Valorie. The transaction was completed on November 5th 2026.
Photo/Agilyx
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