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Summa Equity adds Schulz & Berger to its waste equipment platform to accelerate growth and innovation in circular economy technologies

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-2 min read

July 21st, 2025, Stockholm: Schulz & Berger Luft- und Verfahrenstechnik GmbH (S&B), a leading German provider of air sorting and dedusting systems, will become part of Global Circular Solutions together with Bollegraaf Recycling Solutions and Lubo Recycling Solutions (Bollegraaf), a long-standing innovator in turnkey sorting solution systems.  

S&B is a German air sorting and dedusting equipment provider. It specializes in the design, manufacture, and service of air technology systems which are mainly used in waste sorting processes. In addition, S&B offers ventilation systems for industrial, commercial, and residential buildings. The company headquartered in Altenburg, Germany employs ~160 full-time staff across its sites and affiliated entities and generated EUR ~30 million in revenue in 2024.  

S&B and Bollegraaf have complementary capabilities that strengthen the group’s position in waste sorting and recycling innovation. S&B supplies advanced air technology systems and has a strong presence in the DACH region, supported by long-standing relationships with blue-chip customers. Bollegraaf holds a strong position in Europe and North America, with an offering that covers all major waste streams and sorting applications, supported by strong engineering capabilities and a high share of differentiated in-house manufactured products and technologies. Now that both companies are part of Global Circular Solutions,  they will expand their geographic reach, enhance their product offerings, and accelerate growth across key markets. Both companies are committed to innovation in sorting technology to help their customers achieve impact goals as well as realize economic benefits. 

S&B’s deep technical expertise and strong customer relationships make it a natural fit for our platform. Together with Bollegraaf, we are building a global leader in circular economy technologies – one that is capable of delivering both positive environmental impact and operational excellence

Bertrand Camus, Partner at Summa

About Schulz & Berger

Schulz & Berger Luft- und Verfahrenstechnik GmbH is the expert for air technology in plant engineering. Founded in 1960 in Reilingen, Baden-Württemberg, the company has been based in Altenburg, Thuringia, since 2002. Almost 100 employees plan, manufacture and install systems for waste separation (air classifiers), dust extraction systems, activated carbon filters, supply and exhaust air systems and air piping for composting plants.   

With its high-performance and innovative products, Schulz & Berger serves the recycling and waste disposal sector in particular, as well as industrial and trade companies. As a reliable partner and industry pioneer, Schulz & Berger assists its customers almost worldwide in processing and treating both waste material and contaminated air. This creates optimum conditions for people, processes and machines. 

www.schulz-berger.com  

About Summa

Founded in 2016, Summa is an investment firm focusing on the thematic areas of Circularity, Energy Transition, Sustainable Food, and Tech-Enabled Resilience. The mission of Summa is to invest in solving global challenges.  

Summa has raised c. EUR 4 billion and made over 30 platform investments across the three funds raised to date. The investments address the challenges we need to solve as a society, enabling the potential for long-term sustainable outperformance.  

The team is located globally, with offices in Stockholm, Oslo, Munich, and the U.S. Partnerships are part of Summa’s DNA, exemplified by being a certified B Corporation and collaborating with Harvard Business School and the International Foundation for Valuing Impacts (IFVI). 

www.summaequity.com   

For interviews or more information, please contact:  

Hannah Gunvor Jacobsen, COO and Head of IR at Summa Equity
+47 936 41 960 | hannah.jacobsen@summaequity.com 

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Summa Equity adds Schulz & Berger to its waste equipment platform to accelerate growth and innovation in circular economy technologies 

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The case for scalable regenerative agriculture 

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Investing in food and agriculture for health and planetary resilience

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NetGuardians and Intix unite to form Vyntra

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Planetary boundaries as a guiding framework for sustainable growth

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Summa Equity announces exit from Documaster

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  4. The case for scalable regenerative agriculture 

The case for scalable regenerative agriculture

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3 min read

The current trajectory of our global food and agriculture system presents unsustainable environmental and economic risks.   

Intensive production methods have led to environmental degradation, social inequities and declining nutritional value. This has caused societal harm estimated at over USD 15 trillion, surpassing the sector’s contribution to global GDP. 

Summa recognizes this critical juncture as both a challenge and a compelling investment opportunity. Investing in sustainable food and agriculture plays an important role in reducing pressure on the food system and finding new pathways for sustainable growth.  

Summa’s investment strategy aligns with these opportunities, targeting areas including alternative proteins, NextGen agriculture, food waste reduction and the organic foods market. One example of this is Summa’s investment in Nutris, a leading plant-based protein provider headquartered in Croatia. 

Nutris demonstrates how regenerative agriculture can be implemented on a large scale, offering a cost-neutral transition for farmers. In 2024, 15% of Nutris’ farmed land had implemented regenerative farming practices. By 2028, they aim to reach 40%.  

Nutris showcased the effectiveness of their methods in a 1,000-hectare project in Croatia involving 67 farmers. After just one year, the results were significant: a 30% reduction in synthetic fertilizer use while maintaining crop yields.  

Soil health improved, with increased organic matter and water retention. This project proves that regenerative agriculture can be adopted at a commercial scale, benefiting both the environment and farm profitability.

Nutris shows that regenerative agriculture can be implemented at scale without adding cost for farmers. We’re excited to support a company that’s turning sustainable practices into practical results

Jacob Frandsen, Partner at Summa

To learn more about Nutris and the investment opportunity in sustainable food and agriculture, read our latest report, ‘Investing in food and agriculture for health and planetary resilience’.

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Summa Equity adds Schulz & Berger to its waste equipment platform to accelerate growth and innovation in circular economy technologies 

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The case for scalable regenerative agriculture 

Read more

Investing in food and agriculture for health and planetary resilience

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NetGuardians and Intix unite to form Vyntra

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Planetary boundaries as a guiding framework for sustainable growth

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Summa Equity announces exit from Documaster

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  4. Investing in food and agriculture for health and planetary resilience

Investing in food and agriculture for health and planetary resilience

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3 min read

The global food system is at a tipping point and with it comes a multi-billion-dollar investment opportunity.

Regenerative agriculture alone could see a threefold market increase by 2035, yet current funding meets just 10% of what’s needed. That gap signals a huge opening for private capital to step in and scale transformative solutions. This is a pivotal decade to invest in systemic transformation.

By investing in regenerative and plant-based food systems, we can restore ecosystems, improve human health and reduce emissions. But time is short. Without bold investment and innovation today, we risk locking in an unsustainable status quo.

Martin Gjølme, Partner & Theme lead, Sustainable Food at Summa

Summa is committed to driving systems change in food and agriculture. Our strategy is built to seize this moment and invest in future-fit companies that will define the food system of tomorrow. This means we invest in industries supported by megatrends within four themes: Circularity, Sustainable Food, Energy Transition and Tech-Enabled Resilience. Within our Sustainable Food investment strategy, we target four high-impact areas within food and agriculture: alternative proteins, NextGen agriculture, food waste and the organic foods market.

By backing innovative companies such as Nutris and Holdbart, we aim to catalyze scalable solutions that are both commercially viable and environmentally responsible. Investing in sustainable technologies, regenerative practices and nutrition-focused solutions has the potential to unlock both long-term financial value and impact.

To learn more about this investment opportunity, read our latest report, Investing in food and agriculture for health and planetary resilience.

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Latest readings

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Summa Equity adds Schulz & Berger to its waste equipment platform to accelerate growth and innovation in circular economy technologies 

Read more

The case for scalable regenerative agriculture 

Read more

Investing in food and agriculture for health and planetary resilience

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NetGuardians and Intix unite to form Vyntra

Read more

Planetary boundaries as a guiding framework for sustainable growth

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Summa Equity announces exit from Documaster

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  4. NetGuardians and Intix unite to form Vyntra

NetGuardians and Intix unite to form Vyntra

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-2 min read

June 19th, 2025, Stockholm: Today marks the official launch of Vyntra, a new global leader in transaction intelligence, formed through the strategic uniting of NetGuardians and Intix. Following the acquisitions of Intix in 2022 and NetGuardians in 2024 by Summa Equity Fund III, Vyntra brings together deep expertise in financial crime prevention and transaction observability, delivering a unified vision for trust, transparency, and real-time intelligence in finance.

By combining NetGuardians’ AI-driven financial crime prevention with Intix’s mastery of transaction data visibility and analytics, Vyntra empowers financial institutions to meet the demands of a faster, more regulated, and more connected financial landscape. Serving more than 130 institutions in 60+ countries, Vyntra supports retail, private, and digital-native banks, Central Securities Depositories, and fintechs across the globe.

Vyntra represents a new chapter – not just for us, but for the financial institutions we serve. Whether it’s monitoring transaction payment flows, ensuring anti-money laundering (AML) compliance, or detecting fraud as it happens, Vyntra unifies transaction observability and financial crime prevention under one roof. Our mission is simple: to help financial institutions navigate complexity with clarity and protect the integrity of every transaction.

Joël Winteregg, CEO of Vyntra and former Group CEO of both Intix and NetGuardians

Vyntra’s launch responds to a clear market need: real-time, end-to-end oversight of financial transactions that enhances compliance, reduces risk, and strengthens operational resilience within financial institutions.

The merger of NetGuardians and Intix was designed to support a safer and more transparent financial system. Now, as Vyntra, this vision becomes a reality. We’re proud to support the team as they lead the way in transaction intelligence and financial crime prevention.

Gisle Glück Evensen, Partner at Summa Equity

Our clients rely on Vyntra to deliver operational resilience, regulatory confidence, and superior customer experiences. This united front directly addresses some of the most urgent challenges in financial services today.

Raffael Maio, Chief Strategy Officer at Vyntra

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Latest readings

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Summa Equity adds Schulz & Berger to its waste equipment platform to accelerate growth and innovation in circular economy technologies 

Read more

The case for scalable regenerative agriculture 

Read more

Investing in food and agriculture for health and planetary resilience

Read more

NetGuardians and Intix unite to form Vyntra

Read more

Planetary boundaries as a guiding framework for sustainable growth

Read more

Summa Equity announces exit from Documaster

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  4. Planetary boundaries as a guiding framework for sustainable growth

Planetary boundaries as a guiding framework for sustainable growth

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3 min read

2024 marked an unprecedented year of environmental disruption, with six of the nine planetary boundaries now breached. It also stood out as the hottest year ever recorded, with global temperatures exceeding the critical 1.5°C threshold.

These breaches signal increasing stress on Earth’s ecosystems and raise the risk of triggering irreversible tipping points. The planet’s resilience to human-made impacts is declining, and urgent action is required.

Despite these challenges, promising progress continues across sectors with high mitigation potential. Renewable energy adoption surpassed growth projections, and new investment opportunities are emerging in areas capable of pushing planetary boundaries back within safe operating zones.

The investment case is clear: the cost of inaction exceeds the investment needed by a factor of 4.1x. Between 2014 and 2023, climate-related damages cost the global economy USD 2 trillion. Under a 3°C warming scenario, annual losses could reach up to USD 38 trillion by 2049, more than twice the European Union’s GDP in 2023.

Yet, current investment levels are uneven and inadequate. Particularly in high-impact sectors such as agriculture, sustainable food and biodiversity restoration, which offer strong returns while directly contributing to a stable, low-carbon economy.

The planetary boundaries define the most pressing environmental issues facing our world. Targeted investments can help push us back within safe operating limits while unlocking long-term value

Manuel Klesse, Climate Impact Specialist at Summa.

At Summa, we view planetary boundaries as a guiding framework for sustainable growth. They are integral to how we assess risk, shape our portfolio and define long-term value creation. We are embedding planetary boundary assessments into our investment process, enabling portfolio-wide risk mitigation and impact alignment.

This approach helps us identify companies that can succeed in a future economy shaped by planetary boundaries. At a macro scale, the investment potential across our focus areas is substantial and can unlock economic value that extends well beyond individual transactions.

To learn more about how we work with our portfolio companies, including Nutris, Holdbart, Oda and NG Group – who have a combined 1.5 million tCO₂e (metric tons of CO₂ equivalent) in avoided emissions – read our latest report ‘Planetary boundaries’.

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Summa Equity adds Schulz & Berger to its waste equipment platform to accelerate growth and innovation in circular economy technologies 

Read more

The case for scalable regenerative agriculture 

Read more

Investing in food and agriculture for health and planetary resilience

Read more

NetGuardians and Intix unite to form Vyntra

Read more

Planetary boundaries as a guiding framework for sustainable growth

Read more

Summa Equity announces exit from Documaster

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  4. Summa Equity announces exit from Documaster

Summa Equity announces exit from Documaster

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-3 min read

May 26th, 2025, Stockholm: Summa Equity has fully exited its investment in the Norwegian digital records management company Documaster, selling to software investor Main Capital. Since Summa’s investment through its Fund I in 2017, Documaster’s revenue has grown more than 15x, transforming it into a leading SaaS provider in the Nordic and Dutch markets.

Insufficient data management leads to significant losses for both businesses and society. That’s why Summa invested in Documaster early on alongside Norselab, and we’ve been a part of its entire growth journey since then. The company’s scaling reflects the potential we saw back in 2017, and we look forward to seeing what comes next.

Gisle Glück Evensen, Partner at Summa.

Founded in 2014, Documaster is a Norwegian company specializing in digitization, compliant document management and cloud-based archiving. With nearly 100 full-time employees, it has become the leading SaaS partner for public sector and highly regulated private entities in the Nordics and Dutch markets and is expanding across the BeNeLux region. Summa’s investment has been instrumental in scaling Documaster’s operations and enhancing its market leadership, leading to profitability in 2024.

With the support of Summa and our other shareholders, we have transformed Documaster into a scalable and profitable business, reinforcing our position as a key player in the digital records management sector. We will now focus on continuing our growth journey and driving our mission to provide secure, compliant digital infrastructures that ensure adherence to both EU- and local regulations.

Svein Henning Kirkeng, CEO, Documaster

We are excited to embark on this new chapter with Main Capital. Their extensive experience in scaling SaaS companies and fostering long-term growth aligns perfectly with Documaster’s ambitions. Together, we will continue to deliver value to our customers while expanding our reach and capabilities. I am proud of what the team has achieved so far and look forward to what lies ahead.

Adam Berg, CFO, Documaster

About Documaster

Founded in 2014 in Oslo, Documaster is a cloud-native provider of document management and e-archiving solutions. The company’s technology streamlines the capture, storage, organization, and retrieval of documentation, helping organizations reduce inefficiencies and maintain compliance. Its core product, Documaster Archive, is primarily targeted at public sector entities and is designed to meet strict regulatory and operational requirements. Documaster currently serves approximately 750 customers, primarily in the public sector across Norway, Sweden, and the Netherlands.

www.documaster.com

About Summa

Founded in 2016, Summa Equity is an investment firm focusing on the thematic areas of Circularity, Energy Transition, Sustainable Food, and Tech-Enabled Resilience. The mission of Summa is to invest in solving global challenges.

Summa has raised c. EUR 4 billion and made over 30 platform investments across the three funds raised to date. The investments address the challenges we need to solve as a society, enabling the potential for long-term sustainable outperformance.

The team is located globally, with offices in Stockholm, Oslo, Munich, and the U.S. Partnerships are part of Summa’s DNA, exemplified by being a certified B Corporation and collaborating with Harvard Business School and the International Foundation for Valuing Impacts (IFVI).

www.summaequity.com  

 

For interviews or more information, please contact:

Hannah Gunvor Jacobsen, COO and Head of IR at Summa Equity
+47 936 41 960 | hannah.jacobsen@summaequity.com

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Latest readings

News

Summa Equity adds Schulz & Berger to its waste equipment platform to accelerate growth and innovation in circular economy technologies 

Read more

The case for scalable regenerative agriculture 

Read more

Investing in food and agriculture for health and planetary resilience

Read more

NetGuardians and Intix unite to form Vyntra

Read more

Planetary boundaries as a guiding framework for sustainable growth

Read more

Summa Equity announces exit from Documaster

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  4. Inspiring leadership for impact: Summa Equity’s CEO Learning Journey at Harvard Business School

Inspiring leadership for impact: Summa Equity’s CEO Learning Journey at Harvard Business School

Summa convened its portfolio CEOs for a CEO Learning Journey at Harvard in Cambridge. The event aimed to offer insightful content, strengthen community and peer learning, and provide practical tools for effective leadership.

  • News

2 min read

At Summa, we believe that great leadership and future-proof strategies are essential for solving global challenges. That is why we invest in initiatives like this—equipping leaders with insights and tools to create meaningful change.

Read further to learn the key takeaways from the lineup of experts joining the event:

Professor Hitendra Wadhwa

Professor Hitendra Wadhwa (The Mentora Institute & Columbia Business School) led an engaging session on changemaking leadership, where CEOs practiced actionable techniques in real time.

  • Storytelling is powerful—everyone has impactful stories to share.
  • Leaders should strive for commitment, not compliance.
  • Leadership behaviors can be trained—and AI may soon play a role!

George Serafeim

Professor George Serafeim (Harvard Business School) challenged the group to rethink opportunities and unlock new markets.

  • What some see as risks, others see as opportunities.
  • A strong purpose helps leaders navigate and overcome failures.
  • Think “market development” rather than just product development or sales.

Professor Linda Hill

Professor Linda Hill (Harvard Business School) wrapped up the event with an insightful discussion on executing innovation at scale.

  • She shared stories of transformational leadership from MasterCard, Pfizer, and others.
  • Leadership behaviors that drive successful change can be cultivated.

Held at the Harvard Faculty Club, experienced coaches supported the CEOs—many of them successful operators—who will continue to guide them beyond the event. Summa Partners also joined, reinforcing our commitment to leadership, value creation, and purpose—all at the heart of Summa’s mission.

Thank you to:

  • Our CEOs for their engagement
  • The professors for their inspiring expertise
  • The coaches for their invaluable guidance
  • The Summa leadership team for making this journey possible

This event provided a meaningful peer-learning opportunity that will continue to support the development of our leaders and their impact.

Best,
Stephanie Caspar, Partner, Head of Portfolio & Via Summa &
Carine Beer, Chief People Officer to Via Summa

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Latest readings

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Summa Equity adds Schulz & Berger to its waste equipment platform to accelerate growth and innovation in circular economy technologies 

Read more

The case for scalable regenerative agriculture 

Read more

Investing in food and agriculture for health and planetary resilience

Read more

NetGuardians and Intix unite to form Vyntra

Read more

Planetary boundaries as a guiding framework for sustainable growth

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Summa Equity announces exit from Documaster

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  4. Summa Equity owned myneva Group continues its growth journey with the acquisition of DM EDV

Summa Equity owned myneva Group continues its growth journey with the acquisition of DM EDV

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-3 min read

January 2nd, 2025, Stockholm: The myneva Group, a leading European software provider in the social sector aquired by Summa Equity in 2021, announces the successful acquisition of DM EDV GmbH from ARZ Haan AG.

With this acquisition, the Germany-based myneva Group continues its successful series of ten acquisitions. It will acquire the entire DM EDV GmbH, including all 65 employees and over 1,500 customers who will now become part of the myneva family.

This acquisition marks another milestone in myneva Group’s growth strategy, further solidifying its position as the leading European provider of software solutions for the social sector. DM EDV complements myneva Group’s existing product portfolio with its proven DM7 software solution. DM7 is known for its strong focus on telematics infrastructure integration and supports small and medium-sized organizations in both residential and ambulatory care.

I am impressed by the strong development of myneva under the leadership of CEO Dieter Weisshaar. With this strategic acquisition, the company further strengthens its market position as a leading software provider in the European social care sector, therewith helping to address the many pressing challenges the care sector faces.

Matthias Fink, Partner at Summa

The integration of DM7 into the myneva Care Platform is expected to be completed by 2025. DM EDV customers can look forward to an expanded product offering and state-of-the-art technologies, including AI-driven applications and mobile solutions, while continuing to use their familiar software.

The acquisition of DM EDV represents a pivotal milestone in myneva Group’s growth strategy, increasing the number of supported institutions to approximately 6,000.

myneva and DM EDV are an excellent match in every aspect – from customer base to technology and culture. By integrating DM EDV, we not only expand our portfolio but also enhance our ability to drive digital innovations that transform the social sector sustainably. Our goal is to provide the best technological solutions to our customers, regardless of their size, and significantly improve the daily routines in care

Dieter Weisshaar, CEO, myneva Group

For DM EDV customers, this integration brings significant value. In addition to an expanded product range and enhanced features, they will benefit from myneva’s comprehensive expertise in digitalization, cybersecurity and artificial intelligence. The approximately 65 DM EDV employees will also be fully integrated into the growth-oriented organization.

Sascha Platen, who will take on the role of Head of DM Care within myneva Group, comments:

The integration into the myneva Group opens new opportunities for us and our customers to leverage innovative technologies and sustainably improve care processes. We are especially proud that DM7, with its focus on telematics infrastructure, will become part of a comprehensive European platform.

Stephan Pleye, former Managing Director of DM EDV, will remain with ARZ Haan AG at his own request.

The myneva Group is distinguished by its ability to quickly transfer innovations from various European countries to new markets. By integrating the best digital technologies and collaborating closely with its customers, the Group continues to drive the digitalization of the social sector.

Our platform strategy allows us to seamlessly integrate the products and solutions of DM EDV, creating real value for both myneva and DM EDV customers. We are excited to welcome the DM EDV community to the myneva family and to shape the future of the social sector together.

Dieter Weisshaar, CEO, myneva Group

About the myneva Group

The myneva Group is one of the leading European software providers in the social sector with a clear focus on digitalization and innovation. Headquartered in Essen and with over 300 employees at 16 locations, myneva serves a broad customer base of more than 4,800 institutions and 1.5 million clients in eight European countries.

Driven by strong values such as trust, appreciation and responsibility, myneva covers all areas of social services – from elderly care and integration assistance to child and youth welfare and social assistance – and reflects its commitment to improving care and opening up new perspectives in social services through user-friendly software solutions and the close involvement of its stakeholders.

www.myneva.eu 

About Summa

Founded in 2016, Summa is an impact investor focusing on three thematic areas: Resource Efficiency, Changing Demographics, and Tech-Enabled Transformation. The purpose of Summa is to invest in solving our global challenges.

Summa has raised c. EUR 4 billion and made over 30 platform investments across the three funds raised to date. Investments have the potential for long-term sustainable outperformance because they address some of the social, environmental, and governmental challenges we need to solve as a society.

The team is located in Northern Europe, with offices in Stockholm, Oslo, and Munich. Summa earned its certified B Corporation status in 2021, joining a growing group of companies reinventing business by pursuing purpose and profit.

www.summaequity.com    

 

For interviews or more information, please contact:

Hannah Gunvor Jacobsen, COO and Head of IR at Summa Equity
+47 936 41 960 | hannah.jacobsen@summaequity.com

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Latest readings

News

Summa Equity adds Schulz & Berger to its waste equipment platform to accelerate growth and innovation in circular economy technologies 

Read more

The case for scalable regenerative agriculture 

Read more

Investing in food and agriculture for health and planetary resilience

Read more

NetGuardians and Intix unite to form Vyntra

Read more

Planetary boundaries as a guiding framework for sustainable growth

Read more

Summa Equity announces exit from Documaster

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  4. Measuring what matters: How impact accounting redefines sustainability measurement

Measuring what matters: How impact accounting redefines sustainability measurement

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  • Impact

Key concepts of impact accounting

Summa’s journey on impact accounting

At Summa, we believe investments can provide new and innovative solutions for a more future-proof world. We invest to solve global challenges. To further align our portfolio with this mission, we started applying impact accounting in our annual reporting process in 2019. This approach ensures we continue to look at investments based on risk, return and impact.

Our journey began with the Impact-Weighted Accounts (IWA) project at Harvard Business School in 2019. We started with a pilot project to demonstrate the usefulness of measuring climate and employment impacts in monetary terms for a select number of companies in our portfolio. Building on this foundation, we now use impact accounting to measure climate and employment impacts for all our portfolio companies. The below is an example of climate and employment IWA for Summa’s portfolio company NG Group for 2023.

 

 

We also did two pilots on consumer impact for portfolio companies Milarex and Pagero together with researchers from Harvard Business School.

When the IWA research project at Harvard Business School came to an end in 2021, the International Foundation for Valuing Impact (IFVI) was established as an independent non-profit organization to further advance standardization of impact accounting. Since its launch in 2022, IFVI continues to build on the results of the IWA project and lead the development of standardized impact accounting practices. Summa has partnered with them to advance the field of impact accounting and pilot methodology updates as they become available, recognizing the importance of standardization when it comes to impact accounting.

We were interested in continuing our work on impact accounting and expanded the practice further across our portfolio in 2024. To support this effort, Summa engaged the consultant Valuing Impact to apply impact valuation across more aspects of our portfolio companies, recognizing their expertise in implementing these practices. We also employed Valuing Impact’s methodologies where specific impact methodologies have not yet been developed by IFVI. Valuing Impact remains a valuable partner in helping us make our impact data actionable both for us as investors and for our portfolio companies. They support us in applying impact valuation more widely across our portfolio, which means we can drive better outcomes for all stakeholders. So far, we have done pilots for portfolio companies Oda, Axion and Logpoint, one from each thematic investment area resource efficiency, changing demographics and tech-enabled transformation.

This journey reflects our commitment to transparency and sustainability, ensuring that both financial and impact performance are key to assessing the value of our investments. Through impact accounting, we can more effectively measure and manage what truly matters and address the world’s challenges to make it a better place.

Taking a step back, let us bring some clarity on the different terms that are key in impact accounting, such as impact valuation, reference scenarios and impact pathways.

What is impact accounting vs impact-weighted accounts?

Impact-weighted accounts was the term previously used for impact accounting during the proof-of-concept testing at the IWA project at Harvard Business School. During its existence IWA made groundbreaking strides in advancing the idea of financial accounts that reflect a company’s financial, social and environmental performance. By 2021, it had achieved proof of concept for impact accounting, demonstrating both feasibility and value, with more than 20 papers, two dozen pilots and four published datasets displaying monetized impact figures for over 6,000 companies.

With this validation of its work, most significantly in the call to action from the G7 Impact Taskforce for “mandatory accounting for impact as a destination,” the time was right to scale the work of translating company impacts into currency.

A name-change in 2022 to impact accounting was completed based on stakeholder feedback. The impact-weighted accounts terminology often led to the false assumption that impact accounting was being designed to replace financial accounting, as opposed to supplement it. The terminology change helped clarify the intended separation between financial accounting and impact accounting. These are parallel systems that can be intertwined but are not meant to replace one another.

Impact accounting describes a system similar to financial accounting. It measures and values the impacts of corporate entities, generating impact information to inform decisions about an entity’s effects on sustainability. This is the same concept as impact-weighted accounts; the changes was purely in terminology, not in meaning.

How is impact accounting related to impact valuation?

  • Impact accounting

     

    As outlined in IFVI’s General Methodology, impact accounting is the “system for measuring and valuing the impacts of corporate entities and generating impact information to inform decisions related to an entity’s effects on sustainability”. It focuses on generating impact information that reflects the effects of an entity not captured in financial accounting. Impact accounting emphasizes consistent and comparable metrics that translate these non-financial impacts into monetary terms, much like traditional financial accounting translates business transactions. It is designed to integrate with existing financial reporting systems, providing a holistic view of performance based on risk, return and impact. Impact accounting makes impact data accessible, actionable and comparable for real-time decision-making.

     

  • Impact valuation

     

    While impact accounting is the system for measuring and recording the impact data, impact valuation refers to a specific step in the process of preparing impact accounts. Specifically, the step of valuing an impact in monetary terms. Valuation involves assigning a specific financial value to an impact that has already been identified and measured. Impact valuation is a critical step within the broader process of impact accounting, with valuation serving to quantify the significance of the impacts recorded. Impact valuation can also be used to assess business risks related to the impact drivers used to measure societal value. This falls outside the definition of impact accounting, as impact valuation can also cover financial impact in parallel to non-financial impacts.

     

In summary:

1. Impact accounting captures and records non-financial impacts systematically.

2. Impact valuation assigns financial value to those recorded impacts. It is a step in the process of creating impact accounts, and sometimes also takes into account the risk perspective.

What are reference scenarios?

The methodologies developed by IFVI are intended to provide a baseline for the preparation of impact accounts. The IFVI methodologies guide companies to take a systematic approach to measuring positive and negative impacts that a company and their value chain generate by using a “zero-reference scenario”, which measures absolute impact of an entity. In other words, it assumes none of the measured impacts would occur in the absence of the company’s actions.

IFVI’s methodology suggests that comparing actual impacts against this baseline enables a clearer understanding of the net effects of a company’s operations as it reduces estimation errors by eliminating assumptions that changes would occur even without the company’s intervention.

Despite this reference scenario, there will be use cases where different reference scenarios need to be used. For example, to utilize impact measurement to assess the additionality of investments, or the difference in the impacts of a specific investment compared to an investment in the standard market alternative. In such cases, the reference scenario is the impact of an investment in the standard market alternative, as opposed to zero. In both cases, the transparency around reference scenarios is key.

What is an impact pathway?

The elements of an impact pathway overlap with the elements of the theory of change framework and are typically modelled as follows:

When making the impact valuation exercise, the reference scenario comes into play. Regardless of which type of reference scenario chosen, it refers to the activity to which we compare the company’s activities (the so-called counterfactual) and which in the end leads to the change in outcomes or impact:

Why is impact accounting necessary?

Impact accounting brings practicality to the complex world of corporate sustainability disclosure. Translating environmental and social impact to the language of currency makes information about impact accessible, actionable and comparable. Once impact is monetized, it can be measured and managed strategically, using the same infrastructure that already exists for financial management.

Together, financial reporting and impact accounting lay the foundation for a comprehensive assessment of an entity’s performance. Companies, investors, regulators, policymakers, employees and consumers can then make better decisions for people and the planet.

Why is impact accounting needed if companies are already reporting on sustainability?

Over the years, there has been a significant development in the number of companies reporting on sustainability topics. While this development was aimed at meeting expectations from investors, companies and their stakeholders, it has also been limited. Current metrics are difficult to understand and compare, as they are often presented in highly technical and idiosyncratic units of measurement. For example, comparing an organization’s Total Recordable Injury Rates, which measures employee injury rates, with the tons of CO2e (or carbon dioxide equivalents) it emits is difficult to do. They also frequently measure inputs and activities of a business, rather than actual impacts and outcomes, which further limits their potential to drive meaningful change.

Why should investors adopt impact accounting?

Why is impact accounting needed if companies are already reporting on sustainability?

Investors can leverage the data provided from companies in their portfolio to understand the risks, opportunities and impacts across their portfolio, to identify future investment and engagement opportunities. It enables the measurement of outcomes instead of activities and outputs. Some of the use cases for investors include:

  • Fruitful engagement with portfolio companies: By embarking on a journey together to monetize the impacts of a portfolio company, the investor and company teams can gain a deeper understanding for the impacts and identify collaboration opportunities.
  • Improved decision-making: Assessing and comparing total social value of companies can inform due diligence and investment decisions – an opportunity to monetize the theories of change that Summa develops for each subtheme.
  • Greater portfolio-level visibility: Increased transparency around potential risks and opportunities to enterprise value and understanding of their nature and magnitude.
  • Enhanced portfolio comparison: Greater comparability across companies and better understanding of the total social value created and/or destroyed across a portfolio.

Please reach out to our impact team if you want to learn more: impact@summaequity.com or sign up for our newsletter to get updates directly in your inbox.

Who is IFVI?

The International Foundation for Valuing Impacts (IFVI) is an independent nonprofit bridging the gap between financial accounting and impact measurement. IFVI works to create a just and sustainable economic system built on the full contribution of business to people and the planet. Their mission is to build and scale the practice of impact accounting to promote decision-making based on risk, return, and impact. IFVI grew out of the Impact-Weighted Accounts (IWA) Project at Harvard Business School and was established as an independent non-profit organization in July 2022.

This article is informed by methodologies from the Impact-Weighted Accounts project at Harvard Business School, the International Foundation for Valuing Impacts (IFVI) and the Value Balancing Alliance (VBA), and Valuing Impact.

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  4. Summa Equity completes EUR 800m Fortum Recycling & Waste acquisition, combining with NG Group: “We are creating the Nordic leader in the circular economy”

Summa Equity completes EUR 800m Fortum Recycling & Waste acquisition, combining with NG Group: “We are creating the Nordic leader in the circular economy”

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-3 min read

December 2nd, 2024, Stockholm:  Impact investment firm Summa Equity today announces the completion of its acquisition of Fortum Recycling & Waste through NG Group. This transaction aims to establish the Nordic leader in the circular economy by combining the strengths of both entities.

By managing all waste streams, especially hazardous waste, the companies provide an essential service to the population by converting these waste streams into valuable resources for the circular economy. The combined entity will have a total revenue of approximately EUR 1.2 billion. Together, they will employ approximately 3,500 people, handle over 4.4 million tons of waste annually and operate across the Nordics.

The Circular Revolution is a trillion-dollar opportunity hiding in plain sight. There is a clear path towards EU circular markets potentially becoming worth EUR 1.5 trillion by 2040, saving 650 Mt CO2e annually and creating hundreds of thousands of jobs. By combining Summa’s NG Group with Fortum Recycling & Waste business, we are creating a Nordic leader aligned with EU Taxonomy.

Reynir Indahl, Founder and Managing Partner at Summa

Fortum Recycling & Waste recently stunned the industry by successfully creating the world’s first biodegradable plastic produced from CO2 emissions. By joining forces with NG Group, we are uniting our strengths to become a vital component of the Nordic industrial infrastructure. Waste-to-resources will be one of the most attractive investment opportunities in private equity over the next ten years.

Bertrand Camus, Partner at Summa and Chairman of the Board, NG Group

Bjørn Arve Ofstad appointed as Group CEO of the combined company

With the completion of the transaction, Summa is pleased to announce the appointment of Bjørn Arve Ofstad as the new Group CEO of the combined company. Ofstad currently serves as Group CEO of NG Group, bringing extensive experience in leadership and deep industry expertise, backed by a proven track record of success.

Together, we will become 3,500 colleagues providing tailored, innovative solutions across the entire value chain, adding value at every step. A leading Nordic provider of circular solutions and environmental services, helping customers decarbonize, achieve recycling targets, protect nature and remain competitive. Fortum Recycling & Waste’s strong company culture and expertise in hazardous waste management align well with NG Group. Additionally, the majority of its revenue aligns with the EU Taxonomy, highlighting their strong commitment to sustainability.

Bjørn Arve Ofstad, Group CEO at NG Group

Summa announced the transaction in July and today, after meeting the customary closing conditions, the transaction has been completed. The total consideration on a debt- and cash-free basis is approximately EUR 800 million.

The acquisition of Fortum Recycling and Waste was made through the EUR 2.3bn Summa Equity Fund III, Summa Circular, along with co-investors and fits within Summa’s Resource Efficiency strategy. It aligns with UN Sustainable Development Goal #9 and #12, reflecting responsible consumption and production by enabling the transition to a waste-free and circular Europe where we maximize the value of materials.

About Fortum Recycling & Waste

Fortum Recycling & Waste is Rethinking Recycling and leading the way towards revolution of materials. Solving problems is in our DNA and our mission is to transform waste streams back to essential raw materials. Our role is to find solutions for our customers’ environmental and waste challenges to enable circularity of materials.

Fortum Recycling & Waste operates in the Nordics, offering environmentally friendly waste management and safe hazardous waste treatment. Additionally, we provide recycling services for materials – including solutions for plastics, metals, as well as ash and slag residues. We employ approximately 900 people.

www.rw.fortum.com

About NG Group

NG Group is a leading Nordic provider of circular solutions and environmental services. NG Group addresses a global challenge, turning waste into valuable resources, contributing to cutting greenhouse gas emissions and preventing resource scarcity, and reducing pressure on nature.

NG Group has 2,500 employees, handles over 2.3 million tonnes of waste and is present with sites in Norway, Sweden, Denmark and Poland.

www.nggroup.no

About Summa

Founded in 2016, Summa is an impact investor focusing on three thematic areas: Resource Efficiency, Changing Demographics, and Tech-Enabled Transformation. The purpose of Summa is to invest in solving our global challenges.

Summa has c. EUR 5 billion in assets under management and has made over 30 platform investments across the three funds raised to date. Investments have the potential for long-term sustainable outperformance because they address some of the social, environmental, and governmental challenges we need to solve as a society.

The team is located in Northern Europe, with offices in Stockholm, Oslo, and Munich. Summa earned its certified B Corporation status in 2021, joining a growing group of companies reinventing business by pursuing purpose and profit.

www.summaequity.com    

 

For interviews or more information, please contact:

Hannah Gunvor Jacobsen, COO and Head of IR at Summa Equity
+47 936 41 960 | hannah.jacobsen@summaequity.com

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Latest readings

News

Summa Equity adds Schulz & Berger to its waste equipment platform to accelerate growth and innovation in circular economy technologies 

Read more

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Read more

Investing in food and agriculture for health and planetary resilience

Read more

NetGuardians and Intix unite to form Vyntra

Read more

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Read more

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Read more
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