Norvestor exits Sortera to newcomer Summa Equity

The deal sees Norvestor divest its 75% stake in the Stockholm-based company to Summa Equity, a recently founded Nordic private equity firm. Summa was founded by former Altor partner Reynir Indahl, former Altor director Johannes Lien and former director and general counsel to Nordic Capital Jenny Keisu. According to media reports, the GP has not yet begun fundraising, but is building a team and looking to raise €300m. Sortera is Summa's first deal.

During Norvestor's ownership of Sortera, it grew the company organically and through the add-on acquisitions of two Stockholm-based businesses. The GP claims to have nearly tripled Sortera's EBITDA over its four-year holding period.

Sortera's management team will re-invest in the company alongside Summa as part of the SBO.

Previous funding
Norvestor acquired Sortera in May 2012, in a management buyout financed by commitments from its Norvestor VI vehicle. The GP took a 75% through its 2011-vintage NOK 3bn fund, with Sortera's founders retaining the balance of shares.

Company
Stockholm-based Sortera is a waste handling business that services the construction industry.

It provides bins, skips, refuse sacks, vacuum trucks, lifts and material delivery services.

Founded in 2006, Sortera employs a staff of 90 and had revenues of SEK 193m in 2015.

People
Norvestor – Fredrik Korterud (partner).
Sortera – Henrik Westöö (co-founder, CEO).

Advisers
Vendor – Danske Bank (corporate finance); Advokatfirman Törngren Magnell (legal).

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• Topics
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