There is no such thing as waste

NG Group at a glance

NG Group is Norway’s largest provider of recycling and environmental services, serving more than 40k commercial and municipal customers. The company manages 2.5 million tons of waste per annum and has a growing presence in Sweden and Denmark. Key business areas include commercial waste management and recycling, metals recycling, household collection, demolition and building renovation, environmental remediation services, industrial services, security shredding, downstream sales, trading of recycled raw materials, cable and medical recycling, and waste technologies (through Reen).

Year acquired



Circular Economy


EUR 778 m





Investment themes

Resource Efficiency

Key developments in 2021

NG Group demonstrated a 26% growth in top-line in 2021 vs. 2020 driven by increased activity. The strong growth was driven by a volume uptick, an increase in raw material prices as well as contract price increases. EBITDA grew with 30% due to the strong topline growth as well as scalability on the cost base. NG Group continued to deliver on its buy and build strategy, with key acquisitions such as Mirec, Enevo and NKTs plant in Stenlille. During 2021, NG Group was recognized as No. 1 in the environmental awareness category in IPSOS’ annual reputational survey.

Impact dimensions

The challenges we face

Global waste generation is expected to grow by 70% by 2050, while the supply of natural resources is scarce. With a rapidly growing population, we have no choice but to reduce waste, and recover and reuse materials through a circular economy


tons waste generated in Norway in 2020


of the waste generated in Norway is not recovered as materials

What is the outcome?

NG Group is a critical part of the Nordic infrastructure and an enabler for the Nordic circular economy. Through its activities, NG Group ensures recycling of materials and recovery of energy in waste, which conserves resources and reduces GHG emissions, in addition to reduction of waste through reuse and waste prevention.

Who are the stakeholders?

NG Group serves 40k private, public and industrial customers in both ends of the value chain. Impacted stakeholders are the planet (through the conservations of resources and reduction in GHG emissions), employees (enjoying a safe workplace and strong employer brand), suppliers and sub-contractors (through partnerships and ensuring a transparent value-chain), banks and investors (financing the transition to a circular economy), as well as government and authorities (by acting as a catalyst for the circular economy and regulating/controlling the industry)

How big is the effect, and does it last?

NG Group manages 2.5m tons of waste per year, at a recycling and recovery rate of 98%, of which 60% is recovered as new raw materials. Through material and energy recovery, NG Group contributes to CO2-equivalent savings of 552k tons yearly.

If NG Group didn’t exist...

Without NG Group’s services and solutions, 2.5 million tons of waste could receive suboptimal treatment, severely increasing CO2 emissions and the need for extraction of virgin raw materials. Furthermore, national, and local authorities would lose a major contributor to a global transition to a circular economy, a leading industry innovator and a critical part of the Nordic waste management infrastructure.

Impact risk: what can go wrong?

HSEQ is a top priority for NG Group, due to the inherent risks related to working with heavy machinery, vehicles, and risks of fires in the processing plants. In addition, NG Group's activities entail a inherent risk of environmental damage in the form of air, soil, or water pollution.

SDG alignments

SDG 11
SDG 12
SDG 13

KPI reporting

Revenue (SEKm)

7 416
5 911
5 999

Material recovery


Tons of Waste processed


Tons of CO2E avoided