Summa Equity sells Sortera to Nordic Capital

Eliza Punshi
08 March 2021

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Summa Equity has signed an agreement to sell construction waste collector Sortera to Nordic Capital.

Summa's exit comes five years after it acquired the company in 2016. Lightrock, a co-investor in Sortera alongside the GP in 2016, will sell its shareholding to Nordic Capital, while company founder Conny Ryk, through Ryk Group, will reinvest and remain an investor.

According to local press reports, Summa was eyeing an exit multiple of 15x the company's 2019 EBITDA figure of SEK 200m (€19.6m), and in summer last year mandated ABG Sundal Collier and Carnegie for a dual-track exit.

According to the divesting GP, Sortera grew its "revenues sevenfold and operating result fivefold under our ownership, through expanding into new geographical markets and completing 10 add-on acquisitions". In 2020, Sortera's total pro-forma revenues were SEK 1.4bn, up from SEK 193m in 2015, according to Unquote Data.

The transaction is subject to customary regulatory approval and is due to complete in Q2 2021.

Company
Founded in 2006 and based in Stockholm, Sortera is a B2B provider of construction waste collection services to more than 11,000 customers in Sweden.

In 2020, the company had pro-forma revenues of SEK 1.4bn, and in 2019, it had an EBITDA of SEK 200m. It has 300 employees.

People
Sortera – Sebastian Wessman (CEO).
Nordic Capital – Andreas Näsvik (partner).
Summa Equity – Johannes Lien (principal); Hannah Gunvor Jacobsen (investment director).

Advisers
Vendor – ABG Sundal Collier (M&A); Carnegie (M&A); PwC (financial due diligence); Mannheimer Swartling (legal).