Fortum will be merged with the waste company NG Group – which is also owned by the investment firm.
The German-based firm said that the combined entity will have a total revenue of approximately £995 million (€1.2 billion). It 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, said: “The circular revolution is a trillion-dollar opportunity hiding in plain sight.
“There is a clear path towards EU circular markets potentially becoming worth €1.5 trillion by 2040, saving 650 megatons of CO2e annually and creating hundreds of thousands of jobs. By combining Summa’s NG Group with Fortum Recycling and Waste business, we are creating a Nordic leader aligned with EU Taxonomy.”
Bertrand Camus, partner at Summa and chairman of the board at the NG Group, added: “Fortum Recycling and 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.”
NG Group CEO Bjørn Arve Ofstad has been announced as the CEO of the combined company.
Ofstad commented: “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 and 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.”
The acquisition was originally announced in July 2025 and was made through the £1.9 billion (€2.3 billion) Summa Circular equity fund.
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