On 30 October 2026, the Latvian competition authority approved INVL Private Equity Fund II’s acquisition of sole decisive influence over UAB Nordian Group, Norvelita and Saldoga.

INVL Private Equity Fund II is a private equity fund managed by UAB INVL Asset Management. It invests in businesses in the Baltic region and elsewhere in the European Economic Area. Its affiliated companies have activities in Latvia including waste management and recycling, cosmetics, food, and metal products.

Norvelita and Saldoga process fish and produce smoked, salted and marinated fish products, including salmon, herring and mackerel, sold under their own brands and as private-label products. Nordian Group is a fish and seafood wholesale holding company that owns Gonas and Baltijos Delikatesai. Gonas wholesales and processes fresh and chilled fish, and also produces marinated Atlantic salmon and frozen salmon portions. Baltijos Delikatesai makes and sells processed and preserved fish products, including canned salmon and pâtés.

The authority assessed the transaction’s effects in Latvia in the production and wholesale of secondary-processed salmon products. It also considered vertical links with the production and wholesale of primary-processed salmon products in at least the European Economic Area. It left the precise product-market definitions, possible product segmentation and geographic-market definition open.

The authority concluded that the transaction would not significantly change market structure, lessen competition, or create or strengthen a dominant position in any market where the parties operate. It therefore cleared the acquisition without remedies.