Nordic Alpha invests in Re-Match

The investor injected DKK 50m in exchange for a minority stake in the business, Unquote understands.

Nordic Alpha Partners was founded at the end of 2017 by operating partners Laurits Bach Sørensen and Troels Øberg alongside investment partners Jakob Fuhr Hansen and Ulrik Jørring, (formerly of Danish state-backed venture fund Vækstfonden) and Rasmus Lund (formerly of Nordic law firms Delacour and Njord).

The GP raised a €130m fund with support from ATP and the fund-of-funds programme of Vækstfonden, as well as some Danish industrial investors and private individuals.

Re-Match is the second investment from the fund, which has a strong focus on value creation. Two out of the GP's five partners are focused on value creation full time and operate in a similar way to an operationally focused buyout fund, although it is only investing for minority stakes.

In the case of Re-Match, Nordic Alpha is investing an initial DKK 50m to open one additional recycling facility, which will have a heavy focus on digitalisation and industry 4.0 concepts. Once it has proof of concept for this model it aims to open an additional five factories, then seven, followed by additional 10 factories after that, resulting in full market coverage of the recycling concept in North America and Europe.

The fund generally invests between €4-7m in initial rounds and can then do follow-on financings of up to €8m.

Company
Re-Match was founded in 2014 and is headquartered in Herning. The company has a patented technology for recycling synthetic turf. Its first factory has been operational since 2016 and processes 40,000 tonnes per year. The company has a turnover of DKK 21m, according to Borsen.

People
Nordic Alpha Partners – Ulrik Jørring (managing partner).

Advisers
Company – ABG Sundial Collier (corporate finance); DLA Piper (legal).

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