Quilvest, Summa transfer NG into continuation fund in €550m deal

NG Group is a recycling and environmental services provider.

  • Summa Fund I initially acquired NG in 2018
  • Quilvest Capital Partners acted as the principal lead investor of the continuation fund
  • Summa Circular is one of the first Article 9 continuation vehicles

Quilvest Capital Partners and Summa Equity announced the closing of Summa Circular, with an investment in NG Group, a recycling and environmental services provider. The transaction has been valued at €550 million.

Ownership of NG is thus transferred from Summa Fund I to Summa Circular. Quilvest Capital Partners acted as the principal lead investor of the continuation vehicle. Summa Circular is one of the first Article 9 continuation vehicles, according to the firms.

Summa Fund I initially acquired NG Group in 2018. The group has an upstream presence in waste collection, logistics, sorting, pre-processing and trading, and a downstream presence in material recycling and recovery. The company is based in Oslo, Norway.

The transaction will allow Summa and the NG management team to continue executing their value creation plan by “capturing the expanding market opportunity” stemming from the shift towards a circular economy, according to a press release. The transaction will provide NG with additional capital to accelerate its organic and inorganic growth, the release added.

“The secondaries market has grown substantially over the past decade and is a core component of QCP’s private equity investment strategies,” said Maninder Saluja, partner and global head of primaries, co-investments and secondaries of QCP. “This transaction is emblematic of the value of the relationships built over our long history in the asset class.”

Quilvest Capital Partners is a global investment firm focused exclusively on the mid-market. The firm operates out of six offices globally: New York, London, Paris, Hong Kong, Dubai and Luxembourg.

Summa Equity is an impact investor with approximately €5 billion in assets under management. The firm has offices in Stockholm, Oslo and Munich.