ZGI Capital exits Echoo Group

Exit announcement: ZGI Capital Fund IV portfolio company Echoo Group has been acquired by Nordomatic — the world’s largest independent building management systems (BMS) provider.

ZGI Capital has completed a full exit from Echoo Group, selling its stake alongside all other shareholders. We are pleased that CEO Glebs Kiselovs will continue to lead the company under Nordomatic’s ownership, ensuring continuity and further development of the business.

Nordomatic is the world’s largest independent building automation systems integrator, providing smart building and energy efficiency solutions. Headquartered in Stockholm, it operates in eight countries, including Scandinavia, the UK, the US, and India, and employs over 1,200 professionals. Its expertise and international experience are expected to strengthen the BMS offering in the Latvian market and support Echoo Group’s continued growth.

We would like to extend our gratitude to all partners and advisors who supported this transaction:

Swedbank Latvija and particularly Mairita Udre, who trusted and continuously supported the company’s growth vision,

M&A advisors – EY-Parthenon: Deniss Zlotnikovs, Julija Kondratjeva

Legal advisors – Ellex Legal: Sarmis Spilbergs, Evija Ābele

Financial and tax advisors – BDO Latvia: Viesturs Briezkalns, Forvis Mazars in Latvia: Agris Nurža, Dmitrijs Gavrilovs, Roberts Ikaunieks.

ZGI Capital is proud to have supported Echoo Group’s growth and transformation and is certain of company's continued success as part of Nordomatic.

BISS remains part of the ZGI Capital Fund IV portfolio, co-owned with Glebs Kiselovs, and we look forward to a new chapter with the company’s new CEO Aleksandrs Pereverzevs.