Private equity firm acquires Norwegian firm

Norway-based recycling firm Norsk Gjenvinning has been acquired by the private equity firm Summa Equity from Altor, which had owned the recycling company since 2011.

“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 emphasize financial results but needs to include the environmental and social footprint,” says Erik Osmundsen, CEO of Norsk Gjenvinning. “Norsk Gjenvinning is in an exciting phase focusing on industrialization, innovation and Nordic growth, and we strongly believe that Summa can contribute positively to our further development.”

Summa, which acquired a majority stake in the company in December 2017, is a private equity fund that invests in companies in the Nordic region.

Reynir Indahl, Summit Equity managing partner and former CEO of Norsk Gjenvinning, comments, “The company is proof of the financial attractiveness of providing solutions that improve environmental sustainability, and I am impressed that Norsk Gjenvinning is now on Ipso’s list of Norway’s top 20 most reputable companies. The company’s focus and business model fit very well with Summa's investment philosophy, and we are excited to be part of developing Norsk Gjenvinning further.”

Norsk Gjenvinning also has announced it has landed a financing arrangement with the firm Avida. In announcing the financing arrangement, Jessica Sparrfeldt, head of business finance at Avida, remark, “This is an important deal for us, and again we show that we have a very competitive offer when it comes to putting together financing solutions for this type of ownership change.”

Norsk Gjenvinning operates about 40 facilities in Norway, Denmark, Sweden and the United Kingdom. The company collects and processes around 1.8 million metric tons of household, commercial and industrial materials.