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  4. Summa Equity hires three new partners

Summa Equity hires three new partners

Onboarding of new partners to drive growth across Summa’s three investment themes, and expand the firm’s European presence through the Munich office opening

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20th October 2021: Summa Equity, which invests in companies that are solving global challenges and creating positive Environmental, Social, and Governance (ESG) outcomes for society, has made three new hires at partner level.

Christoph Waer joins as a partner, focusing on the Changing Demographics theme, targeting companies in the healthcare and life sciences sectors. Based in Belgium, his role will involve generating and sourcing new opportunities, and serving as a partner for portfolio companies. Before joining Summa, Waer managed the life science activities for Korys, a leading European family office with a “three P” investment strategy (People, Planet, Profit), where he was instrumental in the set-up of the OMX Europe Venture Fund.

Tim He joins as a partner within the Tech-Enabled Transformation theme, focusing on Summa’s growth investment strategy. Based in Stockholm, his role will be focused on new idea generation, assessing and executing new investments, and working with founders and CEOs on value creation and developing companies for the next stage of their journey. He joins Summa from Kinnevik, where he was Investment Director and played a leading role in rebuilding its successful Nordic portfolio. Prior to Kinnevik, he was Principal at Northzone and also brings hands-on operational experience from Groupon.

Matthias Fink will join in November as a partner to lead Summa’s work in DACH (Germany, Switzerland, and Austria), spanning sourcing, value creation, and portfolio management across investment themes with a focus on Resource Efficiency and Tech Enabled Transformation. He will lead on the expansion of Summa’s Munich office, building on the company’s first investment in Germany earlier this year. Fink was previously a Partner at The Riverside Company, prior to which he was a consultant at Boston Consulting Group.

“Our strategy of aligning investments to global challenges and the UN Sustainable Development Goals have led us to do investments globally within our core thematic areas. Expanding our team with passionate Summates adds to our thematic expertise and our expanding footprint to ensure we can create an even greater win-win for investors, portfolio companies, and society in the years to come,” says Reynir Indahl, Managing Partner, Summa Equity.

Since its launch in 2016, Summa Equity has launched two funds, and now has €1.6bn assets under management. In 2021 alone, the company has made five new investments and five exits and IPOs.

ENDS.

About Summa Equity

Summa invests in companies that are solving global challenges and creating positive Environmental, Social, and Governance (ESG) outcomes for society.

Summa’s purpose is to co-create win-win for investors, portfolio companies, and society through aligning its vision and outcomes to the Sustainable Development Goals, ensuring a net-positive impact against ESG challenges, and the potential for long-term, sustainable outperformance.

Investments are focused on industries and companies within three sustainability megatrends: Resource Efficiency, Changing Demographics, and Tech-Enabled Transformation. Across these themes, Summa’s portfolio companies are supporting a world in transition and showing that business can be part of the solution. Summa has more than €1.6bn of assets under management.

summaequity.com

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  4. Summa Equity has agreed to sell Lakers to Vestum for SEK 2bn

Summa Equity has agreed to sell Lakers to Vestum for SEK 2bn

Summa Equity has signed a definitive agreement to sell Lakers Group Holding AS (“Lakers” or the “Company”), a leading and independent aftermarket service provider of water and wastewater pumps to Vestum AB (publ) (“Vestum”) for a total consideration of approximately SEK 2bn, of which c. SEK 250m will be reinvested into Vestum.

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Since Summa Equity’s acquisition of Lakers in 2018, the Company has grown rapidly through organic initiatives and a series of 14 acquisitions across the Nordic region, United Kingdom and Germany.

“Our investment in Lakers was founded in Summa Equity’s philosophy of investing to solve global challenges, and Lakers solves issues with our ageing water and sanitation infrastructure. We are excited about Vestum’s acquisition, which is validating our thesis on consolidating and improving the service industry for water infrastructure,” says Christian Melby, Partner and CIO at Summa Equity.

The Company contributes to improve SDG #6 (Clean Water and Sanitation) and #9 (Industry, Innovation, and Infrastructure) and serves as an important partner for the maintenance and service of our water and sanitation infrastructure.

“We are proud to have been part of Lakers journey since 2018, growing revenues fourfold and operating result sixfold through a swift expansion of its footprint across the Nordics and into Germany and the UK,” says Johannes Lien, Principal at Summa Equity.

Lakers is the leading independent waste and wastewater pump service provider in Northern Europe focused on product offerings within aftermarket products and services such as rental, maintenance, product manufacturing and sales, and projects across Sweden, Norway, Denmark, Finland, Germany, and the United Kingdom.

“We have had a fantastic partnership with Summa in building a company that truly delivers on our mission of “Making Water Work” through providing the best possible service and products to our customers. We are excited about continuing this journey with Vestum, as they are also strongly aligned with our ambition to continue to consolidate the industry in Europe so that Lakers can improve how we address the sustainability challenges in our aging water and sanitation infrastructure,” says Carl-Johan Callenholm, CEO of Lakers.

Cederquist and Selmer has been acting as legal advisors to Lakers.

For further information, please contact:

Hannah Gunvor Jacobsen, Head of IR Summa Equity

+47 93 64 19 60

hannah.jacobsen@summaequity.com

About Lakers

Lakers is a North European aftermarket service, project and product provider of water and wastewater pumps, which serve as key components for transportation of water in the water infrastructure. The Company was founded by Carl-Johan Callenholm (CEO) and Carl Hall (Board Member and Head of M&A) in 2016 and is headquartered in Oslo, Norway with more than 400 FTEs. Lakers operates within Pump Service, Aftermarket Projects and Niche Products through its 25 entities in Norway, Sweden, Denmark, Finland, Germany and the United Kingdom.

About Summa Equity

Summa invests in companies that are solving global challenges and creating positive Environmental, Social, and Governance (ESG) outcomes for society.

Summa’s purpose is to co-create win-win for investors, portfolio companies, and society through aligning its vision and outcomes to the Sustainable Development Goals, ensuring a net-positive impact against ESG challenges, and the potential for long-term, sustainable outperformance.

Investments are focused on industries and companies within three sustainability megatrends: Resource Efficiency, Changing Demographics, and Tech-Enabled Businesses. Across these themes, Summa’s portfolio companies are supporting a world in transition and showing that business can be part of the solution. Summa has more than €1.6bn of assets under management.

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  4. Summa Equity acquires G-CON Manufacturing, the leading US-based provider of POD® cleanroom solutions

Summa Equity acquires G-CON Manufacturing, the leading US-based provider of POD® cleanroom solutions

Through its acquisition of G-CON, Summa Equity enters the rapidly growing biopharmaceutical manufacturing market, including cell and gene therapy manufacturing.

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20 July 2021, Stockholm, Sweden: Summa Equity Fund II (“Summa”) has acquired a majority stake in G-CON, a leading US-based manufacturer of prefabricated cleanrooms used for manufacturing within the pharmaceuticals industry. G-CON designs, builds and installs turnkey cGMP (Current Good Manufacturing Practice) compliant suites called PODs, for a global biopharma customer base focused on biologics, pharma, CDMO (contract development and manufacturing), and cell and gene therapy manufacturing.

Founded in 2009 in College Station, Texas, G -CON has developed a unique prefabricated cleanroom solution, which differs from traditional cleanroom facility structures due to the ease of scalability, mobility, and the ability to repurpose the PODs once the production process reaches the end of its lifecycle. The company has experienced strong growth and sold more than 300 cleanrooms since inception.

As the biopharma market evolves, emerging modalities, such as cell and gene therapy, and the need to rapidly scale manufacturing requirements, have driven the pressing demand for off-site built solutions, which can be manufactured, installed, and scaled quickly. The COVID-19 pandemic has underlined the need for uninterrupted off-site construction of cleanroom infrastructures.

G-CON has become a market leader in fulfilling this demand, with high quality, scalable and flexible manufacturing solutions, delivered within rapid and reliable delivery timelines. Its value proposition is particularly relevant to the growing and highly complex biologics and personalized medicine market, which have unique manufacturing requirements.

By addressing and disrupting the limitations of conventional manufacturing processes that many biopharma manufacturers face, G-CON is aligned with Summa’s focus on solving global challenges, and its Changing Demographics theme, along with UN Sustainable Development Goals (SDGs) #3: “Ensure healthy lives and promote well-being for all at all ages”, and #9: “Industry, innovation and infrastructure”.

Summa is supporting the company in its journey to become a leading turnkey bioprocessing solution provider globally by expanding the product and service offering and establishing a local presence outside the USA.

“We are proud to partner with G-CON for the next, exciting chapter of its growth trajectory,” says Marika Vitiä, Director at Summa Equity. “We strongly believe G-CON has the potential to significantly accelerate bioprocessing production timelines, to help biopharma manufacturers get to market earlier and fully meet their capacity requirements after launch. This is a vitally important element of the healthcare value chain, ensuring that more of society has access to the right healthcare when they need it.”

“We are extremely happy to partner with Summa Equity as their vision and activities support our purpose of helping more patients gain affordable medicines fast. With Summa’s support we will expand our capabilities, service, and product offerings, to transform manufacturing capacity within the biopharmaceutical market. We look forward to working with the team to further accelerate the global adoption of our unique bioprocessing solutions,” said Maik Jornitz, CEO of G-CON.

The transaction completed on 15 July 2021. William Blair acted as exclusive financial advisor, Ropes & Gray as legal advisor, PwC as FDD and Tax advisor, McKinsey & Company as commercial due diligence advisor, and Frank Partners as ESG advisor to Summa Equity for the transaction. Jefferies LLC served as exclusive financial advisor and Vinson & Elkins LLP as legal advisor to G-CON.

About Summa Equity

Summa invests in companies that are solving global challenges and creating positive Environmental, Social, and Governance (ESG) outcomes for society.
Summa’s purpose is to co-create win-win for investors, portfolio companies, and society through aligning its vision and outcomes to the Sustainable Development Goals, ensuring a net-positive impact against ESG challenges, and the potential for long-term, sustainable outperformance.
Investments are focused on industries and companies within three sustainability megatrends: Resource Efficiency, Changing Demographics, and Tech-Enabled Businesses. Across these themes, Summa’s portfolio companies are supporting a world in transition and showing that business can be part of the solution. Summa has more than €1.4bn of assets under management.
summaequity.com

About G-CON Manufacturing, Inc.

G-CON Manufacturing designs, builds and installs prefabricated G-CON POD® cleanrooms. G-CON’s POD portfolio provides cleanrooms in a number of dimensions for a variety of uses, from laboratory environments to personalized medicine and production process platforms. G-CON POD® cleanroom units surpass traditional cleanroom structures in scalability, mobility and the possibility of repurposing the PODs once the production process reaches its lifecycle end.
For more information, please visit G-CON’s website at https://www.gconbio.com. G-CON Manufacturing… BUILDING FOR LIFE™

For interviews or more information, please contact:

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

Anna King
PR Representative, Summa Equity
+44 7878 485 851
anna@scripsy.co.uk

Brittany Berryman
Director of Marketing, G-CON Manufacturing, Inc.
+1-979-204-7975
bberryma@gconbio.com

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  4. Summa Equity acquires Axion BioSystems, to accelerate understanding of cell behaviour in drug discovery and development

Summa Equity acquires Axion BioSystems, to accelerate understanding of cell behaviour in drug discovery and development

Summa Equity Fund II has acquired Axion BioSystems, a US life science tools business specializing in the development, production, and marketing of MEA (Microelectrode Arrays) and impedance technologies. Its tools are used to understand cell behavior and function in real-time, for applications including cell and gene therapy (CGT).

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16 July 2021, Stockholm, Sweden: Summa Equity Fund II (“Summa”) has acquired a majority stake in Axion BioSystems, a leading provider of MEA and impedance technology for single-cell analysis. Axion BioSystems provides an integrated technology platform for cell activity monitoring, based on its unique Bioelectronic Assay technology. The instruments are used by academia and biopharma customers, the Assays allow for non-invasive, real time study of cells.

Founded in 2008 in Atlanta, Georgia, by Tom O’Brien and Jim Ross Ph.D., Axion BioSystems originally developed its technology from a graduate research project at Georgia Tech. Now operating across North America, EMEA and APAC, the company has placed more than 500 systems to date and has grown to more than 60 full-time employees.

Understanding cell behaviour is central to some of the most important segments of pharmaceuticals, including the development of cell and gene therapeutics and understanding drug safety. Cell and gene therapy (CGT) are the fastest growing segments within the pharmaceuticals sector, with the promise of treating, preventing or potentially curing a whole host of acquired and genetic diseases, including cancer. Axion BioSystems is well-placed to capitalize on this demand and help to accelerate the development of CGT, with market-leading technology in a large and rapidly growing market.

Summa Equity’s investment in Axion BioSystems aligns with its focus on solving global challenges, and supporting the UN Sustainable Development Goals, specifically SDG #3 ‘Strengthen health measures and medical standards globally and ensure the well-being of individuals’, and #9 ‘Enhancing scientific research and supporting technology development and innovation’.

Tommi Unkuri, Partner at Summa Equity, commented:

“Summa has been focused on solutions in the CGT market for a long period of time, due to its alignment with our strategy and its significant potential for growth. Axion BioSystems impressed us with its market-leading, highly competitive and scalable technology, which gives both academics and biopharma organisations the ability to go much deeper in their understanding of cell behaviour, enabling faster, more accurate and more cost-efficient drug discovery, development and quality control. We look forward to working with the team as it continues to develop its technology and grow its market share, while continuing to solve some of society’s biggest pharmaceutical and healthcare challenges.”

Tom O’Brien, CEO & President of Axion BioSystems, commented:

“We have been highly impressed with Summa’s understanding of the life sciences market, and belief in the potential of our technology to accelerate innovation in many areas of pharmaceuticals and healthcare. We believe that they will bring tremendous value in helping us to increase our commercial capacity, reach and market awareness, to scale up significantly, and have an even greater impact in the years to come.

For the transaction, William Blair acted as exclusive financial advisor, Jones Day as legal advisors and Wipfli as accounting and tax advisor to Axion BioSystems. White & Case acted as legal and debt financing advisor, PwC as FDD and tax advisor, and Frank Partners as ESG advisor to Summa Equity.”

About Summa Equity

Summa Equity invests in companies that are solving global challenges and creating positive Environmental, Social, and Governance (ESG) outcomes for society.

Summa’s purpose is to co-create win-win for investors, portfolio companies, and society through aligning its vision and outcomes to the Sustainable Development Goals, ensuring a net-positive impact against ESG challenges, and the potential for long-term, sustainable outperformance.

Investments are focused on industries and companies within three sustainability megatrends: Resource Efficiency, Changing Demographics, and Tech-Enabled Businesses. Across these themes, Summa’s portfolio companies are supporting a world in transition and showing that business can be part of the solution. Summa Equity has more than €1.4bn of assets under management.

summaequity.com

About Axion BioSystems

Axion BioSystems is a leading life science tools company focused on developing and commercializing label-free, bioelectronic assays used to study the function of live cells in vitro, to enable drug discovery, and disease modeling. The team at Axion BioSystems is dedicated to continuing the advancement of technologies in bioelectronic assays that enable the understanding of biological complexity outside of the body. Axion BioSystems is headquartered in Atlanta, Georgia, USA, and also has an office in Shanghai, China. Axion BioSystems has more than 60 employees across its current locations.

www.axionbiosystems.com

For interviews or more information, please contact:

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

Anna King
PR Representative, Summa Equity
+44 7878 485 851
anna@scripsy.co.uk

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  4. Summa Equity and Longship join forces in land-based fish farming

Summa Equity and Longship join forces in land-based fish farming

Longship brings Summa Equity on board as an investor in Nofitech, a leading turn-key supplier of recirculating aquaculture systems (RAS), to support growth opportunities in land-based fish farming.

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Longship brings Summa Equity on board as an investor in Nofitech, a leading turn-key supplier of recirculating aquaculture systems (RAS), to support growth opportunities in land-based fish farming.

Summa Equity Fund II (Summa) and Longship Fund II have invested in Nofitech, a Norway-based turnkey supplier of land-based fish farming facilities, services, and equipment.

Technological advancements have enabled aquaculture farmers to grow fish in land-based recirculating aquaculture systems (RAS). This has increasingly become the dominant technology for smolt and post-smolt production, as well as for full grow-out. Nofitech’s module-based RAS solutions allow aquaculture farmers to increase their production by bringing parts of- or the entire growth cycle onto land, providing better fish health and environmental impact, and speeding up the production cycle.

Longship Fund I invested in Nofitech in 2018 and initiated – in cooperation with management and the founders – a transformation that has allowed the company to become the leading provider of post-smolt RAS solutions.

Nofitech’s mission is to provide the most cost-efficient, environmentally-friendly, and well-performing RAS facilities. With standardized turnkey solutions and equipment, Nofitech’s RAS modules are well proven and offer high operational security. In combination with our training program, market leading automation, a revolutionary production prediction system and no-waste solutions to be launched in the near future, we are well-positioned for further growth, says Bernt Østhus, partner at Longship.

For Summa, Nofitech marks their second major investment in the aquaculture sector:

The aquaculture industry is key for solving global challenges, such as shifting to sustainable diets and increasing resource efficiency in production and consumption. Nofitech fits our thematic investment approach well and has a sustainable approach to enabling land-based aquaculture, says Martin Gjølme, partner at Summa.

Nofitech was established in 2011 by the founders Geir Løvik and John Hestad.

As founders, John and I could not be more pleased to see what Nofitech has turned into in this short period of time. We look forward to the continued cooperation with Longship, and welcome Summa to this joint effort to further develop RAS solutions for the future, says Geir Løvik.

Over the last 3-4 years, Nofitech has developed from a small founder-led business to a mature and professional organization. Longship and Summa bring exactly the skills, experience, financial strength, and capabilities required to support us on our continued growth journey, and we are excited to have them on board, says Robert Hundstad, CEO of Nofitech.

Nofitech’s business aligns with Summa’s focus on supporting the UN Sustainable Development Goals, specifically ‘#2 Zero hunger, ‘#3 Good health & wellbeing, ‘#12 Responsible consumption and production, ‘#13 Climate action and ‘#14 Conserve and sustainably use the oceans, seas, and marine resources.

For interviews or more information, please contact:

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

Bernt Østhus
Partner at Longship AS
+47 93 44 99 10 | Bernt.osthus@longship.no

Robert Hundstad
CEO Nofitech
+47 900 49 976 | Robert@nofitech.com

About Longship

Longship is a Norwegian private equity investor established in 2015 by an experienced team of investment professionals. Longship invests in companies with significant growth potential in the Norwegian lower mid-market, and are applying a transformational growth approach, organically and through M&A. Longship pursue a thematic approach, supporting long term sustainable businesses within Technology and Digitalization, Sustainability, Leisure and Lifestyle, and Health and Care.
The investment team currently consists of eleven professionals, making it the leading player in the Norwegian lower mid-market. Longship closed its second fund in November 2020 and has approx. NOK 3.1bn of assets under management
https://www.longship.no/

About Nofitech

Nofitech was established in 2011 by the founders Geir Løvik and John Hestad. Both has long operating experience from Norwegian smolt production and more than 10 years of experience in designing RAS facilities. Their ambition was to develop the market’s most cost-effective and compact RAS solution. The first module for freshwater was delivered in 2012, and the first ModulRAS facility for operation with seawater in 2015. Through an extensive R&D program, and select add-on acquisitions, Nofitech has put itself in the forefront of the technical development made in RAS over the last few years.
www.nofitech.com

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  4. Summa Equity acquires myneva to drive digitization and holistic care across the European social sector

Summa Equity acquires myneva to drive digitization and holistic care across the European social sector

Summa Equity Fund II, has made its first investment in Germany, acquiring myneva, one of the leading European software providers for the social care sector. myneva helps to digitize workflows and supports the increasing convergence of client needs across the elderly, disabled, social and youth care segments.

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01 July 2021, Stockholm, Sweden: Summa Equity Fund II (“Summa”) has acquired a majority stake in myneva, the leading European software provider for the social care sector. myneva offers dedicated SaaS solutions across the elderly, disabled, social, and youth care sectors, helping care providers to digitize their workflows to better manage increased demand for care, and respond to converging patient needs.

myneva was formed in 2017 in Hamburg around a merger of the Regas Group, Heimbas and Daarwin, and the subsequent acquisition of six established and independent software specialists. Since then, the company has experienced double-digit growth, having completed further add-on acquisitions and seen consistent revenue growth, including a high percentage of recurring revenues, continuous account growth and numerous new client wins. The company now operates in six countries across Europe, with 220 employees, and around 2,000 customers.

Europe’s social sector is under increasing pressure, as it adapts to population growth and demographic trends, government efforts to improve social inclusion, and a convergence of patient needs. Care providers face a range of challenges, including increased regulation and compliance, a shortage of time and resources, limited business and IT expertise, and the need to balance daily operations and liquidity requirements.

This combination of factors presents a significant opportunity for myneva, which offers a multi-care solution enabling providers to meet their clients’ varied and evolving requirements, alongside the many regulatory and administrative demands placed upon them. myneva drives digitization across planning, care giving, documentation, invoicing, and reporting, increasing workflow efficiency and overall care.

Summa Equity’s investment in myneva aligns with its focus on solving global challenges, and supporting the UN Sustainable Development Goals, specifically ‘#3 Good Health & Wellbeing’ , ‘#8 Decent Work and Economic Growth’ and ‘#10 Reduced Inequality’. It is Summa’s first investment in Germany and signals an increasingly international focus for the firm.

myneva has achieved huge success by meeting the needs of care providers more comprehensively than any other digital solution, comments Christian Melby, Partner and Chief Investment Officer, Summa Equity.

Given the macro trends that are underway in the social sector, we see significant opportunities for further growth and international expansion, which promise to bring both financial returns and numerous social benefits, in line with our investment strategy. As Summa’s first investment in Germany, this deal also paves the way for a greater presence in the DACH region, as well as across Europe, and further afield.

Hartmut Clausen, CEO, myneva Group, commented:

“Summa Equity is the ideal partner for myneva, due to our shared belief in the power of technology to drive real social change, and our commitment to solving some of the biggest challenges facing society. We have utmost confidence that Summa will help us to make an even greater impact in the years to come, through its industry expertise, and experience of working with sustainable and socially conscious businesses.”

About myneva

Founded in 2017 in Hamburg – initially under the name omneva – myneva has gathered more than 50 years’ experience and expertise in social sector software. For all parts of the social sector a vision was pursued very consistently from the start: Demographic change is taking place in all areas of the social economy and can only be managed in a socially acceptable way through digitization. With increasing complexity comes a market concentration that does not stop at national borders. As a learning society, it is important to learn from neighbors and to inspire each other. myneva is therefore already active in six European countries, serving more than 2,000 customers in DACH and Benelux, and generates revenues of €30 million, with about 220 employees.

www.myneva.eu

For interviews or more information, please contact:

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

Anna King
PR Representative, Summa Equity
+44 7878 485 851
anna@scripsy.co.uk

Andreas Ehrenberg
PR Officer myneva Group
andreas.ehrenberg@ehrenberg.de
+49 40 270 94 50

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Summa Equity announces exit from Documaster

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

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

Read more

Measuring what matters: How impact accounting redefines sustainability measurement

Read more

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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Summa Equity merges Sengenics into Standard BioTools to broaden its proteomics offering

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  4. Lakers Group acquires Norsk Pumpeservice

Lakers Group acquires Norsk Pumpeservice

Lakers Group AB (publ) (“Lakers Group”, the “Company”), a leading and independent aftermarket service provider of water and wastewater pumps, has signed a share purchase agreement to acquire the leading Norwegian service and aftermarket provider Norsk Pumpeservice AS (“NPS”). The acquisition is expected to close in August. The transaction is subject to customary competition filing.

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Norsk Pumpeservice was founded in 1984 in Fetsund (outside Oslo) and originally focused on ensuring freshwater access outside of reach of public infrastructure, through supplying water drilling companies with water pumps and water drilling consumables. NPS has since the early 2010’s expanded into wider water equipment consumables market, taking a #1 position also in the fast-growing foundation drilling segment. Since the early 2000’s, NPS has delivered impressive growth rates, averaging 11% per year. The company currently has 17 employees contributing to the NOK 165 million revenue and 17% EBITDA-margin in 2020.

Norsk Pumpeservice has a track record of strong growth with high customer loyalty and satisfaction. We are now enthusiastic to continue our positive development together with customers, employees and suppliers as part of the Lakers Group, says Odne Phil, MD of Norsk Pumpeservice.

The NPS acquisition marks an important milestone on the Lakers journey and strengthens Lakers’ Norwegian platform significantly. The acquisition is of high strategic importance; solidifying Lakers’ leading position in Norway, expanding the product offering and widening the M&A universe. NPS brings an attractive track record of profitable growth, a leading position within in its core markets and an experienced management team who look forward to continue NPS’ successful journey as part of the Lakers Group.

We have following NPS for a long time and we are thrilled to have them on board as part of Lakers Group. NPS will increase our clean water business in Norway, and we will now also be able to offer water treatment capability in the Norwegian market. We are impressed by the organization and their customer focus and look forward to continue to develop NPS as part of Lakers Group, says Carl-Johan Callenholm, CEO Lakers Group.

To part-finance the acquisition Lakers has successfully completed a NOK 200 million tap issue under the existing senior secured sustainability-linked bond framework with maturity in 2025. Following the bond tap issue, the outstanding amount will be NOK 950 million with NOK 1,050 million in remaining framework. The transaction received strong interest from tier 1 institutional credit investors and was significantly oversubscribed. The bond tap issue was priced at 100.75% of par.

Arctic Securities acted as global coordinator and joint lead manager, Pareto Securities, and Swedbank acted as joint lead managers in connection with the placement of the bond tap issue.

For further information, please contact:

Johannes Lien
Principal, Summa Equity and Board member, Lakers Group
+46 722 06 69 00
Johannes.Lien@summaequity.com

Carl-Johan Callenholm
CEO Lakers Group
+47 900 97 806
cj.callenholm@lakersgroup.com

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

Odne Phil
MD, Norsk Pumpeservice
+47 400 20 679
odne.p@norskpumpeservice.no

About Lakers

Lakers is a North European aftermarket service, project and product provider of water and wastewater pumps, which serve as key components for transportation of water in the water infrastructure. The Company was founded in 2016 and is headquartered in Oslo, Norway with more than 350 FTEs. Lakers operates within Pump Service, Aftermarket Projects and Niche Products through its 23 entities in Norway, Sweden, Denmark, Finland, the UK and Germany.

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  4. Lakers Group: Successful placement of inaugural sustainability-linked bond

Lakers Group: Successful placement of inaugural sustainability-linked bond

Lakers Group AB (publ) (“Lakers Group”, the “Company”), a leading and independent aftermarket service provider of water and wastewater pumps, has successfully completed a senior secured sustainability-linked bond issue of NOK 750 million with maturity in 2025 (the “Bond Issue”).

  • News

2 min read

The transaction marks majority-owner Summa Equity’s entry to the Nordic bond market and is the first sustainability-linked bond issued by a private equity-backed company. The net proceeds from the Bond Issue will be employed towards repaying existing debt and preference shares, a shareholder distribution and general corporate purposes including acquisitions. The Bond Issue will have a borrowing limit of NOK 2bn to support M&A, incurrence-based covenants and a margin of 5.5%. The transaction received strong demand from tier 1 institutional credit investors across the Nordic region, Continental-Europe and the UK, and was multiple times oversubscribed.

The successful completion of Lakers’ sustainability-linked bond is an important milestone for both Lakers and Summa Equity, confirming the strong investor interest in sustainable investing. With the new financing in place, we look forward to entering the next phase of Lakers’ growth journey with continued expansion across Northern Europe, says Johannes Lien, Principal at Summa Equity and board member of Lakers.

“We are pleased to see the positive response from the investors, recognizing Laker’s contribution to ensuring available and sustainable management of water and wastewater, as well as showing confidence in our business model and growth strategy. The new financial structure will allow us to accelerate our expansion outside the Nordic region, and we are looking forward to take the next step in our development,” says Carl-Johan Callenholm, CEO of Lakers.

In connection with the financing, the Company has developed a sustainability-linked bond framework (“SLBF”), linking the Bond Issue to three material and ambitious sustainability performance targets (“SPTs”) related to reducing the CO2 footprint. The SLBF has been verified to a strong B rating by The Governance Group.

Arctic Securities acted as global coordinator, sustainability structuring advisor, and joint lead manager, Pareto Securities, and Swedbank acted as joint lead managers in connection with the placement of the Bond Issue.

For further information, please contact:

Johannes Lien
Principal, Summa Equity and Board member, Lakers Group
+46 722 06 69 00
Johannes.Lien@summaequity.com

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

Carl-Johan Callenholm
CEO Lakers Group
+47 900 97 806
cj.callenholm@lakersgroup.com

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  4. Summa Equity has agreed to sell HyTest to Mindray for €545 million

Summa Equity has agreed to sell HyTest to Mindray for €545 million

Summa Equity has signed a definitive agreement to sell HyTest, a leading developer and producer of high-performance antibodies and antigens to Mindray, a leading global medical technology company for total consideration of approximately €545 million.

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3 min read

Since Summa Equity’s acquisition of HyTest in 2018, the company has continued to develop its industry leading antibodies and antigens product portfolio, maintaining and growing market leading positions in several key segments, including cardiac markers, inflammation and infectious diseases. HyTest’s products cover over 20 disease groups and yearly provides antibodies and antigens for in vitro diagnostic (IVD) tests run on over 300 million patients globally. The company contributes to improve SDG #3 and patient outcomes. The development has been possible due to the company’s exceptional scientific expertise, strong R&D capabilities, and superior product quality.

Our investment in HyTest was founded in Summa Equity’s philosophy of investing to solve global challenges. In the case of HyTest our investment thesis was focused on global changing demographics and how those demographic changes are impacted by good health and wellbeing. HyTest’s reputation as a globally recognized leader in the antibodies and antigens space with a reputation for exceptional quality and innovation aligns perfectly with Summa Equity’s philosophy. We are very excited for HyTest to continue its journey under the Mindray umbrella, and we view HyTest’s pending acquisition by Mindray (a very large global leader in healthcare) as validating Summa Equity’s investment philosophy. We are proud to have supported HyTest through its evolution, which included consistent double-digit year on year revenue growth, and its on-going commitment to delivering the best products and customer service, says Tommi Unkuri, Partner at Summa Equity.

HyTest is one of the largest IVD-focused suppliers in the world with a sticky and loyal customer base and preferred supplier status with many of its 2,000+ customers including the leading global IVD companies.

We are delighted to partner with Mindray as we look forward to the future in delivering the best products and customer service to our global customers. Mindray is the ideal strategic partner for HyTest, and we are excited to join its team and to continue on our journey of providing the highest quality antibodies and antigens, comments Juhana Rauramo, CEO of HyTest.

The transaction is subject to customary regulatory approvals. Completion of the transaction is expected in the second half of the year.

William Blair has been acting as exclusive financial advisor and Avance has been acting as exclusive legal advisors to HyTest.

For further information, please contact:

Hannah Gunvor Jacobsen
Head of IR, Summa Equity
+47 93 64 19 60
hannah.jacobsen@summaequity.com

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  4. Summa Equity acquires Holdbart, Norway’s leading surplus food retailer

Summa Equity acquires Holdbart, Norway’s leading surplus food retailer

Through the acquisition of Holdbart, Summa Equity enters the rapidly growing surplus food industry.

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Holdbart is a Norwegian fast-moving consumer goods retailer reducing food waste by selling affordable surplus food from producers and wholesalers. Holdbart’s products are sold at a discount as they are near or just passed its best-before date, overproduced, seasonal inventory or packaged in a way making the food item not convenient for conventional food retailers to handle.

  • By tackling the problem of food waste, Holdbart was a great fit for Summa Equity – which is investing to solve global challenges and among other things is focusing on resource efficiency. We are honoured to have been chosen by Holdbart’s founders to partner for the next and exciting phase of the company’s development, says Martin Gjølme, Partner at Summa Equity.

In Norway alone, 417k tons of food, or about 80 kg per capita, is wasted each year. This represents about NOK 20bn in lost monetary value and 1.26m tons of CO2 – about the same emissions as the city of Oslo produces in a year.[1] The issue is also addressed by the Sustainable Development Goals (SDGs), #2 (zero hunger) and #12 (responsible consumption and production).

  • “A large portion of the food waste (80k tons) is generated by the wholesale and food industry. Edible food will be sold through Holdbart rather than being discarded – for the benefit of the environment, our suppliers that get compensated and the conscious customers that get access to affordable food”, says Marius Bengston, Principal at Summa.

Holdbart was founded in 2015 by Trond J. Laeng and Thor Johansen, both with long careers in the Norwegian retail and convenience industry. Since then, eight physical Holdbart outlets have been established in the larger Oslo area, as well as in Arendal, Skien, Stavanger and Trondheim. Holdbart also has its own online grocery store.

  • “We are pleased to get Summa Equity on board. Their vision of “turning challenges in society into opportunities and solutions,” is exactly what we want to achieve. They will provide the knowledge and capital needed to capture the vast opportunities in the surplus food industry,” says Thor Johansen.

Holdbart’s priorities in the coming period will be continued expansion of outlets, heightened visibility and professionalization of the business and its offerings, as well as developing partnerships with food producers and wholesalers for additional supply of goods.

  • Our future success relies on our ability to identify new and maintain existing supplier relationships. Building long-term and large-scale industry collaborations is a win-win.

“Therefore, we are very pleased that so many food producers and wholesalers have been supportive of the initiative and let us purchase their goods rather than letting it go to waste,” says Trond Laeng.

The two founders and existing management will co-invest with Summa Equity and continue their engagement in the company.

The transaction is subject to customary regulatory approvals. Completion of the transaction is expected in Q2 2021.

For interviews or more information, please contact:

Hannah Gunvor Jacobsen, Investment Director og Head of IR Summa Equity
+47 93 64 19 60
Hannah.Jacobsen@summaequity.com

Thor Johansen
+47 907 72 150
thor@holdbart.no

[1] https://www.klimaoslo.no/2021/02/23/klimagassregnskap-for-oslo-2019/#:~:text=Oslos%20utslipp%20av%20klimagasser%20sank,og%20sj%C3%B8fart%2C%20hadde%20reduserte%20utslipp.

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Summa Equity announces exit from Documaster

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

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

Read more

Measuring what matters: How impact accounting redefines sustainability measurement

Read more

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

Read more

Summa Equity merges Sengenics into Standard BioTools to broaden its proteomics offering

Read more
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