The recently established private equity fund, Core Sustainability Capital (CS Capital), which is backed by the Danish pension fund Velliv, has completed its first large investment.
CS Capital acquires 33 pct. of Scanmetals, which until now has been owned primarily by founder Ejvind Pedersen and the family-owned investment company Kirk Kapital. Scanmetals has a leading market position in Western Europe within recovery of metals from incinerator bottom ash.
Carsten Gröhn, Managing Partner of CS Capital, is satisfied with the new investment.
”In the spring, Velliv entered an agreement to invest DKK 5 billion in the green transition through CS Capital. Scanmetals is our first investment in a future portfolio of sustainable investments, and the company is a prime example of the type of companies we want to invest in within resource optimization, which is one of our major focus areas. Scanmetals is a contributor to the circular economy through their unique technology within metal recovery from waste. We are looking forward to supporting this development”, says Carsten Gröhn.
The Danish company Scanmetals was established in 2009 by Ejvind Pedersen. The company is based on a unique technology that enables more effective identification and sorting of metals from incinerator bottom ash. Scanmetals plays a significant role in the green transition by enhancing the recyclability of metals. In 2019, Kirk Kapital acquired 33 pct. of the share capital, an ownership stake which has since been increased to 40 pct.
Going forward, CS Capital and Kirk Kapital will own 33 pct. each while Ejvind Pedersen and the original shareholders will own the remaining 33 pct.
Ejvind Pedersen, owner-manager of Scanmetals, is looking forward to the new partnership with CS Capital.
”I am proud that CS Capital is interested in becoming a larger minority shareholder in Scanmetals. We started the journey with Scanmetals in 2009 and we are only just getting started. We have great ambitions for the coming years to expand geographically and to apply our unique technology to recycle even more metals. It is good for the green transition. With CS Capital, we also take another step towards the succession of the original shareholder group, which is reducing its ownership stake. At the same time, I am also pleased to continue the good partnership with Kirk Kapital”, says Ejvind Pedersen.
Kim Gulstad, CEO of Kirk Kapital, is pleased to welcome CS Capital on board as owner.
”Scanmetals has undergone an incredible development since we became part of the shareholder group in 2019. The company has invested in expanding the capacity in the United Kingdom, Germany and Denmark and is looking to set up a new production facility in Spain. Finally, Scanmetals has established its presence within a new area of business where the company’s technology can be applied in sorting metal waste, which has not been incinerated. There is still significant growth potential for Scanmetals, which we will explore in the coming years. We are therefore pleased with the new ownership structure and we welcome CS Capital into the group”, says Kim Gulstad.
The transaction is subject to customary regulatory approvals.
Scanmetals is a specialist metals recycling company and leader within dry recovery of non-ferrous metal from post-consumer waste. Using the latest mechanical and sensor sorting technology, individual fractions of non-ferrous and precious metals are recovered. These metals are cleaned, upgraded and sold to primary and secondary smelters globally. Scanmetals is a key contributor to the circular economy and actively contributes to a society where we reduce, reuse and rethink our waste products. The company is headquartered in Kirke Stillinge, Denmark and has four production sites located in Denmark, Germany and UK. See www.scanmetals.com
About Core Sustainability Capital
CS Capital is a recently established private equity fund, which exclusively invests in Nordic companies with sustainable purposes. CS Capital manages approx. DKK 5bn through their partnership with the Danish pension fund, Velliv. CS Capital is an active minority investor with the purpose of actively supporting investments in their sustainable growth ambitions towards the green transition. Both CS Capital and Vellliv are pleased with the investment in Scanmetals as the company promotes global ambitions within circular economy, resource efficiency and reduction of the climate footprint.
About Kirk Kapital
Kirk Kapital is a family-owned investment company owned by the Kirk Johansen family. The Kirk Johansen family are descendants of Ole Kirk Christiansen, who established LEGO. Kirk Kapital manages approx. DKK 14bn in AUM invested within strategic investments and financial investments. Within the strategic investments, Kirk Kapital is an active long-term owner with larger minority positions in 16 companies. See www.kirkkapital.dk
Ejvind Pedersen, Scanmetals, tel. +45 40 26 58 30
Carsten Gröhn, Managing Partner of CS Capital, tel. +45 26 77 25 27
Morten Huse Eikrem-Jeppesen, PressConnect for Kirk Kapital, tel. +45 53 85 07 70