Nordic impact investment firm Summa Equity has announced the completion of its acquisition of Fortum Recycling & Waste, the waste management subsidiary of Finland-headed energy utility major Fortum Oyj, through NG Group, a leading Nordic provider of circular solutions and environmental services.
According to a statement, 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, employ approximately 3,500 people, handle over 4.4 million tonnes 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 CO2eq 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, commented Reynir Indahl, Founder and Managing Partner at Summa.
Summa announced the transaction in July 2025, and after meeting the customary closing conditions, the transaction was 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 2.3 billion Summa Equity Fund III, Summa Circular, along with co-investors, and fits within Summa’s Resource Efficiency strategy.
It aligns with UN Sustainable Development Goals 9 and 12, reflecting responsible consumption and production by enabling the transition to a waste-free and circular Europe, maximizing the value of materials.
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, remarked Bertrand Camus, Partner at Summa and Chairman of the Board, NG Group.
New Group CEO appointed
With the completion of the transaction, Summa Equity also announced 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 its strong commitment to sustainability, said Bjørn Arve Ofstad, Group CEO at NG Group.
