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Sortera sold to Nordic Capital

Summa Equity has signed an agreement to sell the leading environmental service provider Sortera to Nordic Capital.

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5 min read

Since Summa Equity’s acquisition of the company in 2016, Sortera has evolved from being a Stockholm based company focusing on collection of construction waste, to becoming a Nordic leader within collection, recycling, processing and sale of residual products from the building and construction sector.

Sortera has grown revenue seven-fold and operating result five-fold under our ownership, through expanding into new geographical markets and completing ten add-on acquisitions. Sortera is now well positioned to become the leading provider of environmental services for the infrastructure, construction and industry sectors in northern Europe, says Johannes Lien, Principal at Summa Equity and Board member of Sortera.

Sortera is the 11th most sustainable company in Sweden according to the Sustainable Brand Index. By putting sustainability at its core and becoming a significant contributor to the circular economy, Sortera has increased its EBITA and experienced a 15 percent compound annual organic growth rate in net revenue between 2018 and 2020. On a pro forma basis, Sortera’s total revenues in 2020 were SEK 1.4 billion. Last year, Sortera served more than 11,000 customers and provided net CO2 savings of nearly 67,000 tonnes, only in Sweden, through its operations.

During 2020 we further strengthened our market position and continued to invest in future growth. With our recent acquisition in Finland, we have taken the first step to replicating the success in new markets. I am proud of what we have accomplished and look forward to continuing the journey together with Nordic Capital and maintaining the best interests of our employees, customers, and suppliers, comments Sebastian Wessman, CEO of Sortera.

We are very pleased with completing Summa Equity’s first and very successful full exit. The Sortera growth story demonstrates that our sustainable thematic approach, and being among the first private equity firms to use the UN Sustainable Development Goals (“SDGs”) as a framework for evaluating investments, is the way forward for the industry. Sortera’s vast potential for continued rapid growth is ensured by its excellent competitive position, combined with society’s need for greater focus on the environment and sustainability, and the significant market opportunity in northern Europe, comments Hannah Gunvor Jacobsen, Investment Director at Summa Equity and Board member of Sortera.

Lightrock, a pioneer in impact investing backed by LGT, and Sortera’s founder Conny Ryk through Ryk Group, co-invested in Sortera alongside Summa Equity in the inception of the investment. Lightrock sell its parts to Nordic Capital. Ryk Group will reinvest and remain as an investor.

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

ABG Sundal Collier acted as Sole M&A advisor and ABG Sundal Collier and Carnegie acted as Joint IPO advisors in the dual track exit process, together with PWC and Mannheimer Swartling.

The parties have agreed not to disclose any financial details of the transaction.

For further information, please contact:

Sebastian Wessman, CEO of Sortera

+46 72 886 95 97

Sebastian.Wessman@sortera.se

Johannes Lien, Principal Summa Equity

+46 722 06 69 00

Johannes.Lien@summaequity.com

Hannah Gunvor Jacobsen, Investment Director and Head of IR Summa Equity

+47 93 64 19 60

Hannah.Jacobsen@summaequity.com

About Sortera

Sortera started out in Sweden in 2006, with the idea of assisting building and construction companies to remove residual products in an environmentally friendly, efficient and economic manner. Today, Sortera strives to be the leading environmental entrepreneur on the Nordic market, with solutions that contribute to increased sustainability and improved environmental performance in the company’s three business areas (Recycling, Industry and Materials).

The Company operates primarily within the B2B segment in Sweden and Finland through its three business areas Sortera Recycling, Sortera Materials and Sortera Industry. Sortera’s strategy entails further strengthening its position in markets where it is already present and strong, as well as expanding to new geographies, primarily in northern Europe, both organically and through acquisitions.

Sortera’s just over 420 employees are headquartered in Stockholm and has offices and production and sorting sites in central and southern Sweden as well as in Helsinki and its environs in Finland.

About Sortera’s three business areas:

  • Sortera Recycling offers a broad range of products and services, catering to the recycling needs and requirements imposed on building and construction companies. Sortera provides complete end-to-end recycling solutions that include the provision of builder bags, waste bins and containers as well as services and products for managing hazardous waste products.
  • Sortera Materials offers a broad range of services which include handling of heavy masses, contaminated water and soil remediation and trading in residual products. The business area also offers turnkey remediation solutions, including contact with public authorities, risk assessments, sampling, classifications, water and soil remediation, excavation work, flow logistics and documentation to customers and public authorities.
  • Sortera Industry carries out services relating to the removal and replacement of dry bulk materials and liquids within the industry and the building and demolition sectors. The business area offers vacuum extraction and delivery of materials and liquids, industrial cleaning, asbestos remediation and services within water and sewerage technology.

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  4. Lakers expands into the UK through acquisition of entry platform Pump Supplies Ltd

Lakers expands into the UK through acquisition of entry platform Pump Supplies Ltd

Lakers Group (“Lakers”), the leading independent water pump service company in the Nordic region, has expanded its presence into the United Kingdom through an acquisition of Pump Supplies Ltd. The acquisition will take Lakers annual revenue to ca. NOK 900 million.

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2 min read

Lakers Group (“Lakers”), the leading independent water pump service company in the Nordic region, has expanded its presence into the United Kingdom through an acquisition of Pump Supplies Ltd. The acquisition will take Lakers annual revenue to ca. NOK 900 million.

We are delighted to have Pump Supplies joining our group. Pump Supplies has a really strong market position, fantastic people and shares the same dedication towards their customers as the rest of our companies, says Carl-Johan Callenholm, CEO Lakers.

Summa Equity Fund I acquired a majority stake in Lakers Group in September 2018. Since the acquisition, the group has, through 11 add-on acquisitions, transformed from a small niche player to a market leader in the Nordics, and is now making its way into Northern Europe by entering the UK through the acquisition of Pump Supplies. The UK has been identified as an attractive market for Lakers as it is large and fragmented, with high pump intensity and aftermarket potential.

With the acquisition of Pump Supplies, Lakers establishes a strong presence in the UK and a platform for further growth. Lakers is now ideally positioned to continue its journey to becoming the largest independent pump service and aftermarket product company in Northern Europe, says Johannes Lien, Principal at Summa Equity and Board member of Lakers.

About Pump Supplies

Pump Supplies is a leading pump rental company in the UK and is regarded as a highly attractive entry platform due to its size and strategic position with broad coverage through 4 well managed depots and a well invested fleet.

www.pumpsupplies.co.uk

About Lakers

Founded in 2016 and headquartered in Oslo, Lakers is a Nordic group active in aftermarket services in the water and wastewater industry. It offers maintenance, service, development and technical consultancy for pumps, pumping stations, electrical motors and related components. The company has more than 350 employees.
www.lakers.no

For interviews or more information, please contact:

Carl Johan Callenholm

CEO, Lakers

+47 900 97 806

cj.callenholm@lakersgroup.com

Johannes Lien

Board member, Lakers

+46 72 206 69 00

johannes.lien@summaequity.com

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  4. Reynir in IPE: PE must work towards measuring impact of sustainable investing

Reynir in IPE: PE must work towards measuring impact of sustainable investing

While EU regulation is a positive development, which will bring greater standardisation to ESG reporting, investors, organisations and regulators must aim to go further.

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2 min read

With those words, Reynir introduces a letter to the Investment & Pensions Europe (IPE). IPE is a pan-European publication aimed at professionals working in institutional asset management. Summa’s founder and managing partner argues that we must move past the idea of ESG as a ‘nice to have’ and treat it as seriously as we do traditional financial accounting.

ESG reporting today: A tick box approach

Under most current frameworks, ESG reporting typically involves completing a list of requirements to confirm that firms consider various factors when investing. One leading example is the Principles for Responsible Investment (PRI), a voluntary framework which asks firms to make disclosures about the processes and structures that they have in place.

Questions might include: Do you have a sustainability policy? Or: do you have a dedicated ESG leader? The EU disclosure regulations will largely take a similar tick-box approach, while also considering certain key adverse outcomes.

A tick box style of reporting has its value, acting as a minimum standard if you are a responsible investor. It enables firms to understand how to encourage sustainable investment practices and the right processes and behaviours to avoid negative externalities.

However, according to Ryenir, where it falls short is that it purely looks at inputs, rather than the actual results of those policies and practices. So, a firm might have a sustainability policy, but how has that translated into reducing carbon emissions or resource efficiency in portfolio companies?

Read the entire article at Investment & Pensions Europe (IPE).

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  4. Norsk Gjenvinning Norway’s Smartest Industrial Company

Norsk Gjenvinning Norway's Smartest Industrial Company

Norsk Gjenvinning has been awarded Norway’s Smartest Industrial Company 2020. According to the panel, Norsk Gjenvinning is a leading star for sustainable solutions and one of the country’s leading players in the circular economy.

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2 min read

For the seventh year in a row, Siemens AS and Norsk Industri named «Norway’s Smartest Industrial Company». This year, Norsk Gjenvinning was recognized for utilizing advanced technology to sort waste into pure recycled raw materials in the world’s first fully digital sorting line at Haraldrud, Oslo.

– “We are honored, and what makes this extra cool is that not that long ago, Norsk Gjenvinning focused on only collecting and processing waste. We are now a supplier of high-quality input factors to the industry. This is critical to realize our vision that there is no such thing as waste anymore”, says production director Adis Cengic.

Green, Lean and Smart

Over the past year, Norsk Gjenvinning has been named “Green Company of the Year” by the City of Oslo, “Norwegian Lean Company of the Year” by Lean Forum Norway, as well as “Norway’s smartest industrial company”.

– The combination of Green, Lean and Smartest Industrial Company is a “kinder egg” for industrial development in the future. When we get these three critical dimensions to work together, we can build real competitiveness for the Norwegian industry. Norsk Gjenvinning achieves this because sustainability has been at the core of our strategy for 8 years. We have set ourselves ambitious goals to develop how sustainability can become competitive, not only for Norsk Gjenvinning, but also for all our customers who we now call partners,” says CEO Erik Osmundsen.

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  4. How to build a modern and value-creating board

How to build a modern and value-creating board

Although diversity and different perspectives are key to building and sustaining a value-creating board, there is one thing all board members must have in common.

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– “Today, decisions are made close to the customer, and it turns the whole pyramid upside down. It is no longer the board that holds the greatest power. Therefore, it is no longer primarily a control body, but should be more of a resource body,” says Reynir Indahl, founder and Managing Partner at Summa Equity.

Reynir is experiencing a shift from a traditional hierarchical organizational structure to a model that places greater emphasis on self-management. This means that there are slightly different requirements for how the board should contribute to creating value, and presupposes that you work in a slightly different way to before:

Diversity as a goal

Board diversity is a key priority for us across all the companies in which Summa invests:

– We work towards having diversity on our boards, not only in terms of gender balance, but also age, competence, and background, says Reynir.

The motivation behind diversity is to ensure that you get more perspectives when tackling a challenge, solving a problem, or seizing an opportunity, so as to respond more effectively to a rapidly changing world.

– An economist will often reason differently to a historian, women may have a different “mindset” than men, and younger people often choose a different approach to older ones. Also, younger board members are often more “in touch” with certain trends, including technology, and social media, while older ones have more experience. The combination can be very effective and inspiring, Reynir believes.

A creative space for workshops and discussions

Although knowledge about each industry is important, Summa has a desire to break with the traditional in the search for board members with the right competence to create value for our companies.

This is also reflected in the board’s role, the way they work, and, not least, in board meetings.

– We have a fixed agenda at all board meetings, where we report on results and formalities. Also, in each board meeting, we take a deep dive into an important area, such as organizational strategy, or how to integrate sustainability into operational decisions, says Reynir.

– Suddenly the board meeting also becomes a workshop and a discussion forum, and we often bring non-board members in to provide additional insights and encourage a good discussion. The goal is for both the board and management to leave the meeting feeling that the time was well spent and that it gave them more energy. If they feel this way, we have succeeded.

Sustainability at the top of the agenda

Last but not least, Summa values board members with expertise in sustainability, as this ensures that sustainability is integrated into companies’ strategic plans and day-to-day management and decisions. This requirement comes with one caveat, however:

– “Many companies state that they want to hire sustainability experts for the board, but often the competence they bring with them is reporting-focused, and not strategy and management-oriented. In contrast, if the company has management that works actively with sustainability, then you do not necessarily need sustainability expertise at the board level. What you need are value creators who see the big picture, who know the technical and understand what is happening, how things are connected, and what it means for the company as a whole,” Reynir explains.

Builds a bridge between Summa, the board, and management

When Summa joins a new company, we, therefore, arrange a kickoff with as many employees as possible, so that we are visible to the whole organization and not just the board. This enables us to get buy-in from all stakeholders, so as to effectively embed sustainability into the whole organization.

Because there is one thing that all board members, management and Summates must have in common: purpose.

– Everyone must be concerned with our “purpose”. Summa invests in companies that work to solve global challenges, so all members of all boards must want to be part of such a journey – and buy into our philosophy.

To ensure that the entire company is united behind the same vision, the same values, and the same “purpose”, it is important to build a solid bridge between the owners, the board, and the administration.

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  4. 2020 Highlights

2020 Highlights

The start of a new year is a wonderful time for reflection, to look at the past, and to imagine adventures for the year ahead. 2020 was a challenging year but also brought us many memorable moments. Here are three of our highlights.

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3 min read

Summa awarded by Real Deals

In November, Summa was named the Continental Regional Private Equity House of the Year at the Real Deals Private Equity Awards 2020. The award recognizes the overall achievement of buyout houses focused on a particular region of the Continental market in the calendar year of 2019, reflecting success in fundraising, new deals, and exits, as well as the overall evolution of the firm.

We are proud to have been recognized by the industry, and humbled that we have been awarded in a mainstream category for our success in impact investing, said Reynir Indahl, founder, and managing partner at Summa.

Rebecca Hendersons “Reimagining Capitalism” and Norsk Gjenvinning as a case study

In 2020, Rebecca Henderson (John and Natty McArthur University Professor at Harvard University) released her book “Reimagining Capitalism“. The book outlines how capitalism needs to change if we are to build a just and sustainable world, and Rebecca’s message is that businesses can change the world.

It is hope I feel when I read about the times, and there have been many, when citizens, governments, and businesses have worked together to fight impossible odds. It is hope I feel when I realize that, in fact, we can build a profitable, equitable, and sustainable capitalism, said Rebecca, on why she wrote the book.

She uses Norsk Gjenvinning as a case study on how to turn around a business to become sustainable and compliant, and Summa Equity is used as a case study on how to build purpose-driven organizations as a Private Equity firm. The book was is nominated the “Business Book of The Year 2020” by McKinsey and Financial Times. We are honored to be a part of the book!

A new kind of annual investor meeting

At our virtual AIM, we had the honor of having Rebecca as a special guest. Rebecca shared key insights from the book and also discussed with Reynir how capitalism needs to change to build a sustainable world. She also shared her reflections on Summa Equity’s approach and development.

Due to Covid-19, we weren’t able to meet physically. However, we invited to a virtual gathering and we were excited to explore the video format furthermore. The fact that our AIM was made digital, makes it easier for us to collect and preserve all our content. So if you missed it, here’s another chance to see the full interview with Rebecca and Reynir.

Although 2020 has been especially challenging for many of us, we have a lot to be thankful for. Most of all, we are thankful for the support and encouragement, and belief in Summa and our approach.

Happy New Year from the Summates!

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  4. Infobric closed the acquisitions of EquipmentLoop and Buildsafe

Infobric closed the acquisitions of EquipmentLoop and Buildsafe

In November, Infobric closed the acquisitions of EquipmentLoop and Buildsafe, two fast-growing Swedish construction software companies. This strong focus on software-led growth and M&A has transformed Infobric into one of the largest SaaS companies in the Nordics.

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  • Tech-Enabled Transformation

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EquipmentLoop offers a disruptive platform for visualizing, managing and reviewing usage of equipment and temporary material on the construction site – saving up to 30% of equipment rental costs. Buildsafe offers a single tool for the entire construction project to report, resolve, and analyze risks and disturbances, reducing both incidents and time to resolution and increasing construction site safety.

With the addition of these two SaaS companies, Infobric covers an ever-increasing part of the construction site value chain and lays a foundation for boosting future organic growth through a joint product roadmap and integration onto the Infobric Ease platform. Infobric’s M&A execution now enables the company to connect both off-road (EquipmentLoop) and on-road (TelliQ) track and trace solutions with construction site software, including access and attendance solutions and enhanced HSEQ reporting trough Buildsafe. The combination of these solutions has already enabled the development of a robust vendor control portal, with more features and solutions ahead.

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  4. Sortera Group acquires Vaihtolava and expands in the Nordic

Sortera Group acquires Vaihtolava and expands in the Nordic

Sortera Group has acquired Vaihtolava, a Finnish company within logistics and sorting of construction material. The acquisition will give Sortera Group a substantial presence and platform in Finland.

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2 min read

Vaihtolava provides logistics and sorting of construction materials, with a strong foothold in the Helsinki region and the southern part of Finland. The company has approximately 100 employees and sorts over 100,000 tons of waste annually, handled in two sorting facilities in Helsinki. The annual revenue is approximately MEUR 18.

“The acquisition of Vaihtolava enables Sortera Group to create a solid platform in the Finnish market,” says Sebastian Wessman, CEO in Sortera Group.

Vaihtolava has seen a strong growth over the last years, winning both market shares and riding market growth in it’s current core segments. Customers are small and medium sized renovation companies, housing cooperatives and Finnish municipalities.

“In order to improve our customer offering and drive further growth, we are very happy to now become part of Sortera Group. Sortera and Vaihtolava fit well together and we look forward to an exciting future together with our personnel, customers and suppliers,” says Hannu Poutiainen, CEO in Vaihtolava. Poutiainen and the rest of the management team in Vaihtolava will continue to lead the Finnish operations.

This is Sortera Group’s 13th acquisition since it was established in 2006.

For interviews or more information:

Hannah G. Jacobsen

Investment Director and Head of IR, Summa Equity

+47 936 41 960

Hannah.Jacobsen@summaequity.com

Sebastian Wessman

CEO, Sortera Group

+46 72 886 95 97

Sebastian.Wessman@sortera.se

About Sortera Group

Sortera Group is a Nordic environmental company which, through its three business areas (Recycling, Industry and Materials), strives to be the leading environmental entrepreneur on the Nordic market, with solutions that contribute to increased sustainability and improved environmental performance in all of the company’s operations. With just over 420 employees and a turnover of more than SEK 1.3 billion, Sortera conducts its own operations from sales, collection, treatment and recycling to final recipients. Sortera performs daily services for thousands of companies and private individuals in the Nordic region.

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  4. Meet our new Summates

Meet our new Summates

We are excited to introduce three new Summates; Sebastian Greve Sunde, Marika Vitiä and Martin Gjølme. Why did they want to join Summa, and what book do they keep on the nightstand?

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4 min read

Sebastian Greve Sunde

Why Summa? I am very excited to be part of Summa, passionate about our strategy and philosophy, and confident that solving global challenges will be a key contributor to superior returns over the coming decades.

Prior to joining Summa, I worked at The Boston Consulting Group in London and New York – focusing on Private Equity, TMT, and Sustainability. I hold an MSc in Finance from the London School of Economics and a BSc in Business Management from King’s College London.

As a Summate, I will help our portfolio companies create value and reach their fullest potential. As part of the investment team, I will also assess new investment opportunities.

The last book I read, was Rebecca Henderson, Reimagining Capitalism. I don’t think I will do the book justice by summing it up, but it outlines how capitalism needs to change if we are to build a just and sustainable world. Businesses and purpose-driven organizations such as Summa can make a difference. And no matter how big or small Summa will be in the future, we’ll at least be trying.

Curious to learn more about Rebecca’s book? At our AIM, the author shared key insights from the book, in a conversation with Reynir.

Marika Vitiä

Why Summa? Summa is a powerful opportunity for me to make a deeper contribution to the future and life of fellow humans, in addition to the personal choices I make every day.

Prior to joining Summa, I worked in private equity, most recently with investments in health care services. I started my career in banking at Morgan Stanley.

As a Summate, I will focus on opportunities within the Changing Demographics Investment theme.

The last book I read, was Wild Swans – Daughters of China written by Jung Chang. It’s a family history of three generations of strong females living in China over the past century. It gives you one perspective on how China has developed into what it is today and also how the role of females has changed and how they have gained respect in a shifting period of history. Lots of universal topics that are relevant today. It is interesting to look back in history to see how we have repeated and solved challenges in the past.

Martin Gjølme

Why Summa? Working in Summa allows me to combine my desire to generate positive externalities that are fully aligned with growth, creating both value and positive impact.

Prior to joining Summa, I have spent the bulk of my career following my passion for working with businesses from early-stage start-ups, growth/scale-ups to mature organizations in their development and paths to value creation. Through these experiences, I have gained skills in managing growth companies and companies in need of change and strategic review, always looking for new ways of creating value, working at McKinsey, 3i Private Equity and Sole Kapital.

As a Summate, and partner at Summa Equity, I will lead our execution effort within the Resource Efficiency theme.

The last book I read, was The Man who solved the market; The unbelievable story of a secretive mathematician who pioneered the era of the algorithm – and made $23 billion doing it. The book showcases how advanced analytics and machine power can be leveraged to solve business problems and uncovering insights faster and more easily. I’m an Advocate of the philosophy of augmented intelligence for the human domain expert, i.e., machine intelligence and human intelligence collaborating to solve real-world business problems.

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  4. Women’s Career Network welcomes Summa

Women’s Career Network welcomes Summa

Women’s Career Network welcomes you to an event together with Summa Equity on the 3rd of December between 18:00-19:30.

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1 min read

During this virtual meeting, you will get an exclusive opportunity to learn more about Summa Equity, focusing on how we invest in solving global challenges and how we actively work with equality. You will get the opportunity to listen to Hannah Jacobsen who is Investment Director and head of Investor Relations at Summa Equity.

Women’s Career Network (WCN) is a network for women that combines passion and hard work. They believe that success is the result of genuine interest and dedication. By uniting women who share their values, they want to inspire and motivate more women to challenge society’s gender norms and contribute to a higher percentage of women on leading company positions.

All female members of Women’s Career Network are welcome to the event and no previous knowledge is required. The final registration date is December 1st.

When? Day 3rd of December 18:00-19:30 (GMAT – timezone)
Where? Teams. A link to the teams-meeting will be sent out per email before the event.

A warm welcome from Summa & Women’s Career Network!

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