Summa Equity completes EUR 800m Fortum Recycling & Waste acquisition, combining with NG Group: “We are creating the Nordic leader in the circular economy”
- News
- Resource Efficiency
-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.
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.
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.
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
The Summa Summarum newsletter
Sign up to our newsletter
Latest readings
News
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
Summa Summit and 2024 Annual Investor Meeting
Read more
Summa Equity invests in EA Technology to accelerate the energy transition through a smarter grid
Read more
Investing in sustainable aquaculture for a resilient food system
Read more