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Summa Equity acquires Norsk Gjenvinning

Summa Equity Fund I (Summa) is to acquire Norsk Gjenvinning from Altor Fund III (Altor). The transaction is subject to government approval and is expected to be completed in Q1 2018.

Norsk Gjenvinning is Norway’s largest and leading recycling company, with around 1200 employees and annual revenues in excess of NOK 4 billion. Private Equity fund Altor bought the majority stake in the company in 2011, and have since strengthened the company’s position as a leading player in recycling and industrial solutions for the circular economy.
 
“We are very enthusiastic about Summa as our new owner, as they share our belief that a company that aims to be future-proof and sustainable cannot only emphasise the financial results, but need to include the environmental and the social footprint. Norsk Gjenvinning is in an exciting phase focusing on industrialisation, innovation and Nordic growth, and we strongly believe that Summa can contribute positively to our further development,” says Erik Osmundsen, CEO of Norsk Gjenvinning.
 
Summa Equity is a private equity fund that invests in companies in the Nordic region that grow as they benefit from strong megatrends and that provide solutions within the areas of  Resource Scarcity, Energy Efficiency, Demographic Changes and Digitalisation. Managing Partner in Summa Equity, Reynir Indahl, has strong knowledge of the recycling industry as the former chairman of Norsk Gjenvinning, and through the ownership of the Swedish recycling company Sortera.
 
“The company proves that providing solutions that improve environmental sustainability is financially attractive, and I am impressed that Norsk Gjenvinning is now on Ipso’s ranking of Norway’s top 20 most reputable companies. Both the focus and business model fit very well into Summa’s investment philosophy, and we are excited to be part of developing Norsk Gjenvinningfurther,” says Indahl.
 
“We are impressed by the position Norsk Gjenvinning has achieved and the development the company has had under Altor’s ownership. We believe Norsk Gjenvinning will become one of the leading companies in the Nordic region within the growing circular economy,” says Christan Melby, Partner in Summa and co-responsible for the transaction.
 
Norsk Gjenvinning’s chairman Ole Enger, with his extensive experience from Norsk Hydro, Elkem, Sapa and REC, has been an important contributor to the operational improvements of the company. Enger will continue as Chairman of the Board.
 
“Summa’s acquisition of Norsk Gjenvinning is a recognition of the great work our employees have done in recent years. However, the job of industrialising the company is not finished and I look forward to continuing that journey,” says Enger. 

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