Summa Equity pioneers an Article 9 continuation vehicle, accelerating the shift towards a global circular economy

Summa Equity (“Summa”) announces the closing of Summa Circular, an Article 9 continuation fund for NG Group (“NG”), a leading Nordic provider of circular solutions and environmental services.

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Stockholm, December 5th, 2023: Summa announces the closing of Summa Circular with an investment in NG, a company originally acquired by Summa Fund I in 2018. Ownership of NG is thus transferred from Summa Fund I to Summa Circular. The ~EUR 550m transaction will allow Summa and the NG management team to continue executing their value creation plan by capturing the expanding market opportunity stemming from the shift towards a circular economy. The transaction will provide NG with additional capital to accelerate its organic and inorganic growth, building on the successful integration of multiple acquisitions during Summa’s ownership to date, such as Mirec and Letbek.

The transaction attracted interest from leading secondary investors, led by Quilvest Capital Partners (backed by Quilvest SA) and Unigestion SA, alongside existing and new Summa LPs, as well as the NG management team and employees. This transaction showcases strong conviction for a market-leading asset driving the transition to a circular economy. Summa and the NG management team will remain heavily invested, with additional investment from Summa Fund III, offering further alignment as part of the transaction. Summa Circular provides investors with an opportunity to invest in one of the first Article 9 continuation vehicles globally, at a time when many investors are looking to increase their exposure to impact and sustainability.

A report by Summa in 2023 identifies EUR 230bn in investment needs by 2040 for new physical assets and infrastructure to enable the transition to a circular European economy. Throughout the holding period of Fund I, Summa has led NG through years of value-accretive growth, buy-and-build integration and service offering expansion. NG has evolved from a local aggregator of waste companies to a critical player in the Nordic material system value chain.

Hannah Gunvor Jacobsen, Partner, COO, and Head of IR of Summa commented: “The continuation vehicle sets the stage for NG to take the lead in propelling the Nordics toward a circular economy. We are pleased to see strong commitments from many of our existing LPs, who continue to demonstrate their support for our vision for NG. We're equally excited to welcome new investors into the fund, further strengthening our vision for a sustainable and circular future.”

Bjørn Arve Ofstad, Group CEO of NG said: “We are excited to continue our journey with Summa once again through Summa Circular. This new capital allows us to accelerate our mission of transforming waste management and contributing to a circular and more sustainable future. With Summa's continued support, NG is ready to consolidate its position as a key enabler of the Nordic circularity transition, driving positive change in our region.

Bertrand Camus, Thematic Partner of Summa concluded: “The closing of Summa Circular marks a significant milestone for Summa and our long-term portfolio company, NG. This transaction not only underscores our commitment to impact investing but also positions NG as a pivotal player in the Nordic circular economy with tremendous market opportunities ahead.”

UBS acted as exclusive secondary advisor to Summa. Ropes & Gray, Mannheimer Swartling and Wikborg Rein acted as legal advisors, McKinsey and PwC covered commercial, financial and tax due diligence and Houlihan Lokey acted as fairness opinion provider. The lead investors were advised by Proskauer Rose.

About NG Group

NG Group (“NG”) is a leading Nordic provider of circular solutions, committed to expediting the shift towards a circular economy. NG controls and manages a critical part of the Nordic waste management infrastructure through a large modern asset base. The group has a strong upstream presence in waste collection, logistics, sorting, pre-processing, and trading, and downstream presence in material recycling and recovery, aiming to be the pioneer in circular as well as clean energy solutions.

NG has more than 2200 employees, handles 2,3 million tons of waste and had a revenue of NOK 8.2 billion in 2022. The group is present in Norway, Sweden, Denmark, Finland, Poland, and the UK.

About Summa Equity

Founded in 2016, Summa Equity (“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. The 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. 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).

For interviews or more information, please contact:

Hannah Gunvor Jacobsen, Partner, COO and Head of IR at Summa Equity
+47 936 41 960 |


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