Alternative investment Quilvest Capital Partners has closed Summa Circular with Summa Equity, an Article 9 fund for NG Group, a Nordic company specialising in circular solutions and environmental services.
The €550 million transaction involving transferred ownership of NG from Summa Fund I to Summa Circular marks a significant step in the transition towards a circular economy reflecting rising investor interest in impact and sustainability, said the asset manager.
This transaction would enable NG to expedite organic and inorganic growth, leveraging successful acquisitions integrated during Summa’s ownership, shared the asset manager.
Summa Circular is one of the first Article 9 continuation vehicles raised globally and demonstrates the ongoing demand of investors seeking to increase exposure to impact and sustainability. The ~EUR 550m 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. The transaction will provide NG with additional capital to accelerate its organic and inorganic growth, building on the successful integration of multiple acquisitions during Summa’s ownership.
QCP led the continuation vehicle as the principal lead investor, drawing interest from prominent secondary investors, Summa LPs, the NG management team and employees.
Maninder Saluja, partner and global head of primaries, co-investments & secondaries of QCP, said: “The secondaries market has grown substantially over the past decade and is a core component of our private equity investment strategies.”
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