The Latvian competition authority (KP) has decided to initiate a further investigation into the merger case involving INVL Private Equity Fund II, Nordian Group, Norvelita, and Saldoga, which was reported on September 15, 2026.

INVL Private Equity Fund II is a private equity investment fund managed by INVL Asset Management, investing in various companies across the Baltic region and the European Economic Area. Its operations in Latvia include waste management, cosmetics production, food products, and metal manufacturing.

Norvelita and Saldoga are engaged in fish processing and production of fish products, including smoked, salted, and marinated fish products under their own brands and private labels.

Nordian Group is a wholesale holding company for fish and seafood, owning UAB Gonas and UAB Baltijos Delikatesai. Gonas specializes in wholesale and processing of fresh and chilled fish, while Baltijos Delikatesai produces and sells processed and canned fish products.

The merger is expected to impact the market for secondary processed salmon products in Latvia and the vertically related primary processing market for salmon in the European Economic Area. The exact geographical market definition remains open.

To assess the merger's impact on competition, the KP has decided to conduct a detailed investigation, inviting market participants and interested parties to provide their opinions by October 22, 2026.