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

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.

Reynir Indahl, Founder and Managing Partner at Summa, comments: “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.”

Bertrand Camus, Partner at Summa and Chairman of the Board, NG Group, comments: "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.”

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.

Bjørn Arve Ofstad, Group CEO at NG Group, comments: “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.”

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.