Lightrock successfully exits Sortera and sells its stake to Nordic Capital

Lightrock announces its successful exit from Sortera, a leading environmental service provider in Northern Europe. Lightrock co-invested alongside its partner Summa Equity in Sortera in 2016, as part of a buy and build strategy.

Lightrock co-invested alongside its partner Summa Equity in Sortera in 2016, as part of a buy and build strategy. Sortera has since evolved from being a Stockholm based company focusing on the collection of construction waste, to becoming a Nordic leaderf or collection, recycling, processing and sale of residual products from the building and construction sector.

By putting sustainability at the center of its business model, Sortera has become a significant contributor to the circular economy in the Nordics. During the ownership period of Lightrock and Summa Equity, Sortera has grown revenue seven-fold and operating result five-fold by expanding into new geographical markets and completing ten acquisitions. On a pro forma basis, Sortera’s total revenues in 2020 amounted toSEK 1.4 billion. Last year, Sortera served more than 11,000 customers and provided netCO2 savings of nearly 67,000 tonnes, only in Sweden, through its operations.

“With an increased focus on sustainability and circular economy opportunities since our acquisition together with Summa Equity, Sortera has developed extremely successfully”,says Umur Hursever, Partner at Lightrock. “We are excited about this successful exit, buteven more about the future growth prospects of Sortera and its positive impact on the planet, as the company enters a new chapter with Nordic Capital."

Pål Erik Sjåtil, CEO and Global Managing Partner at Lightrock, says: “Sortera is an excellent example of the type of companies Lightrock supports. Their scalable business model contributes to solving a global challenge, and growth of the business leads to both increasing positive impact on the planet as well as financial success. We congratulate Sortera and Summa Equity on this remarkable milestone.”

The transaction is subject to customary regulatory approvals. Completion of the transaction is expected in Q2 2021.

ABG Sundal Collier and Carnegie have assisted Sortera in the sales process, together with PWC and Mannheimer Swartling.

The parties have agreed not to disclose any financial details of the transaction.

About Lightrock

Lightrock is a global private equity platform investing in sustainable businesses built by purpose driven entrepreneurs, committed to innovation for systemic change at scale. Since 2007, Lightrock has invested in companies that pursue scalable and tech-driven business models around the key impact themes of people, planet, and productivity/tech for good. Lightrock’s portfolio includes more than 50 high-growth companies, supported by over 50 professionals based in 5 offices acrossEurope, Latin America, India and Africa. Lightrock is backed by the Princely House of Liechtenstein and LGT, the international private banking and asset management group.

About Sortera

Sortera is waste management provider focused on construction and industrial waste solutions inSweden. Turning waste into valuable resources, Sortera allows material to be re-used and contributes to CO2 savings, resource efficiency and a circular economy. Sortera operates three business areas: Recycling (construction recycling services), Industry (Industrial cleaning, excavation, pressure washing etc.) and Materials (handling of heavy masses and water treatment). Sortera has grown to become a market leader within construction waste by focusing on environmental concerns, offering high flexibility and reliability, excellent quality and great costumer service. Sortera employs 420 people in its headquarter in Stockholm/Sweden and additional offices, production and sorting sites in central and southern Sweden as well as in Finland.

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