Umgi
umgi is a private equity firm with an asset market valuation of USD 500 million. It was founded in 2006 by the international investment company System Capital Management. umgi invests in mid-sized businesses to support their growth and enhance enterprise value. As of December 2024, its portfolio comprises eight assets across seven countries, with a strategic focus on the green economy, mineral extraction, industrial goods manufacturing, and industrial services.
umgi has offices in Kyiv, Warsaw, Cyprus, and Spain. It explores new business opportunities across Ukraine, the EU, Turkey and India, focusing on sectors such as waste management, industrial minerals, B2B manufacturing, healthcare, energy transition, and AI-enabling hardware.
History
In 2006, the Ukrainian diversified group System Capital Management founded the industrial investment holding United Minerals Group to manage SCM’s clay mining enterprises.By 2012, UMG added the flux and dolomite enterprises PJSC “Dokuchaievsk Flux and Dolomite Plant” and PJSC “Novotroitskoye Ore Mining”. In the same year, UMG launched a new business line for the commercialization of coal combustion by-products from Ukrainian thermal power plants and invested in a greenfield project to establish a microsphere enrichment facility.
In 2013, UMG launched new business lines in mineral fertilizers and industrial logistics, founding INTECH.
In 2015, UMG expanded its operations by launching two new business lines: the wholesale and export of agricultural products, and the processing and sale of rare and technical gases. The following year, in 2016, the company established RTG, which now operates under the name ARNOX.
In 2016, UMG transitioned into a private equity firm, rebranding as UMG Investments. At the time, its portfolio included six assets based in Ukraine with a total business valuation of USD 400 million.
In 2017, the company invested in a greenfield project to build a mineral fertilizer plant. That same year, UMG Investments entered the metallurgical by-product processing and commercialization sector. In 2017, its portfolio company INTECH became the management entity for UMG Investments’ assets in industrial goods manufacturing and industrial services. During this period, the company lost control on its dolomite mining business due to the occupation of parts of the Donetsk and Luhansk regions by Russian forces.
In 2018, UMG Investments expanded its industrial portfolio by acquiring the Ukrainian blasting services company PJSC “PVP Kryvbasvybukhprom” . That year, UMG Investments consolidated its operations in thermal energy and metallurgical by-product processing into a new portfolio company, Recycling Solutions. It also made a strategic investment in a greenfield cogeneration project utilizing mine methane, known as REGEN.
In 2019, the value of assets managed by UMG Investments company exceeded USD 500 million.
In 2020, UMG Investments added one of Ukraine’s largest logistics operators, the Portinvest group of companies, to its portfolio. It also invested in a greenfield project to create the largest feed additives producer in Ukraine — Feednova. That same year, the metallurgy-related industrial goods business was separated into a new portfolio company called INWIRE.
In 2021, UMG Investments expanded its mining portfolio by acquiring a controlling stake in JSC “Chasiv Yar Refractory Plant”.
At the beginning of 2022, the value of assets under management reached USD 1 billion. The company held 12 assets in Ukraine, Spain, and Italy. Later, it lost control of its limestone business to due to the occupation of the territory by Russian forces.
In 2023, UMG Investments rebranded and changed its name to umgi.
As of 2025, umgi manages eight assets across seven countries: Ukraine, Poland, Spain, Italy, Turkey, Romania, and Serbia. Including its portfolio companies, umgi employs over 1,100 people. The group’s green economy portfolio has been placed under the operational management of INTECH.
Investment activity
umgi operates under a private equity model, investing in established mid-cap companies to drive growth through organic development or strategic consolidation. The firm maintains flexibility in its investment approach, taking either majority or minority equity positions. Typical investments range from $10 million to $30 million, though umgi is open to smaller commitments starting at $2 million and may exceed $30 million when appropriate. The primary objective is to enhance the value of portfolio companies and eventually exit through sales to larger investment funds or strategic buyers. umgi does not invest in startups, instead focusing on businesses that require additional equity capital and external expertise to scale.The investment team at umgi is actively engaged in sourcing new opportunities across Ukraine, the EU, Turkey and India. These opportunities span key sectors, including waste management, industrial minerals, B2B manufacturing, healthcare, energy transition, and AI-enabling hardware.
In addition to direct investments, umgi serves as an M&A advisor and minority co-investor for foreign investors entering the Ukrainian market. The company provides comprehensive support throughout the investment process, including market analysis, competitive landscape evaluation, negotiations, due diligence, asset valuation, and transaction execution.
umgi also assists Ukrainian investors seeking international expansion, leveraging its network of offices and strategic partnerships. Through local teams based in Poland, Romania, Spain, Italy, Turkey, and India, the company supports portfolio businesses in scaling their operations across these markets.
ESG investments
umgi supports the development of a circular and green economy in its markets and invests in ESG-related projects.The company established one of Ukraine’s largest recycling enterprises, Recycling Solutions, which manages by-products from thermal power generation and metallurgical processes. Another key portfolio company, REGEN, specializes in converting industrial gases into electric and thermal energy. It develops cogeneration projects that utilize mine methane, coke oven gas, blast furnace gas, converter gas, associated petroleum gas, and landfill gas, contributing to more sustainable and efficient energy use.
umgi also invested in the development of Feednova, one of Ukraine’s processors and producers of animal proteins. The company manufactures high-protein feed additives from animal by-products and is the first facility in Ukraine to collaborate with external raw material suppliers, including agricultural enterprises.
Arnox processes and distributes rare and technical gases, including argon, nitrogen, oxygen, xenon, krypton, and neon.
Ukrainian Mineral Fertilizers specializes in the production of granular ammonium sulfate, a by-product of the coke-chemical industry.
umgi’s portfolio companies follow ESG principles. Its investments target public utilities, social infrastructure development, healthcare support, preschool and educational facilities, and the implementation of environmental and educational projects.