Avida signs financing agreement with Norway's largest recycling company Norsk Gjenvinning

Norway's largest recycling company, Norsk Gjenvinning, has signed a major financing agreement with Avida AB. 

Norsk Gjenvinning has recently been acquired by new owners when Summa Equity acquired the company from Altor, a Private Equity company.

“Avida has a stated target to reach SEK5bn in SME loans by 2020. This deal is a great step forward and entails that our 2018 goals are within reach already. This is the second large deal for Avida in a short time and clearly shows that Avida has a very competitive offer. This is further supported by our very strong pipeline, says CEO of Avida, Håkon Fure

"I’m extremely proud and happy," says Jessica Sparrfeldt, head of business finance at Avida. This is an important deal for us, and again we show that we have a very competitive offer when it comes to putting together financing solutions for this type of ownership change. With our factoring solution, new owners can utilise the company’s cash flow directly upon closing of an acquisition”

The agreement is effective as of February.

About Avida
Avida offer businesses and consumers financial services through smart and simple solutions. Avida aim to create a high level of customer satisfaction by using innovative thinking, cutting edge technical know-how and attracting dedicated, skilled and experienced employees. By years end 2017 Avida had a loan book of approximately 2,9 billion SEK. 

About Norsk Gjenvinning
Norsk Gjenvinning was founded in 1926 and is today the market leader in the Norwegian waste and recycling industry. The group annually collects and processes approx. 1.8 million tonnes of commercial and industrial waste and produces recycled raw materials sold internationally. In addition, the company is active within household waste collection, industrial services, demolition, environmental sanitation, shredding and landfill operations. The group has approx. 40 facilities and approx. 1,200 employees in Norway, Denmark, Sweden and England. Annual turnover is over NOK 4 billion.

For further information, please contact:
Håkon Reistad Fure, CEO at Avida, Phone: +44 7850192780.  Mail: hakon@avida.se

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Quotes

Avida has a stated target to reach SEK5bn in SME loans by 2020. This deal is a great step forward and entails that our 2018 goals are within reach already.
Håkon Fure, CEO of Avida