Norva24’s long-term vision is to build a European market leader and a lighthouse in the UIM industry. Norva24’s aim is to become the leading European operator in the industry and an inspiration to the UIM industry’s development in Europe.
The Company’s growth and development strategy is founded on five pillars: geographic expansion with solid M&A pipeline, drive sales among largest customers, expand local service offerings, improve flexibility and fleet utilization, and improve digital integration and capabilities.
Geographic expansion with solid M&A pipline
Norva24 believes that there are further expansion opportunities in its existing markets and new markets. In existing markets, the Company intends to continue to increase its network density with a particular focus on Germany. In the short and medium term, Norva24 expects to expand into adjacent geographies, e.g., Finland, Austria, Switzerland, Belgium, Netherlands, UK and Ireland, and in the long-term other geographic markets in Europe. The Company has a history of successfully completing acquisitions, integrating acquisitions into its existing organization and extracting synergies.
Drive sales among largest customers
The Company has identified six criteria that are of importance for large customers when choosing UIM service providers. These include quality and competencies across geographies, aligned reporting, access to a national account manager, efficient service, price, and high-quality fleet & equipment combined with ESG security best practices & reporting. To facilitate success in these areas, the Company has developed key initiatives such as adopting certifica- tions used by large customers (e.g., ISO 9001, ISO 14001), appointing key account managers, standardizing offering and product structure across markets and implementing value-based pricing.
Expand within the services that Norva24′ offers
As a step to improve the ability to service large customers across regions and be more efficient in general, Norva24 aims to provide a complete UIM service offering across all geographies and branches in the group including emptying services, pressure washing and pipe services along with expanded green service offering. As a first step in this strategy, the Company plans to share equipment across branches and gradually make sure all branches have the equipment to offer the complete range of the Group’s service offering.
Improve flexibility and fleet utilization
Norva24 sees great value in improving flexibility and fleet utilization across all branches. Because of this, the Group is monitoring the performance of all its branches and has identified several initiatives to improve both flexibility and fleet utilization across all branches. Identified initiatives include the introduction of an improved pricing model, launch of improved and more dynamic planning tools and further best practice sharing.
Improve digital integration and capabilities
Norva24 is focused on increasing profitability and operational efficiency as well as further improving the quality of service. To achieve this, Norva24 is aiming to improve its digital integration and capabilities through three initiatives that include expanding its common infrastructure, improving data analytics and rolling-out an enhanced digital offering.
The Company continue to on-board branches and newly acquired companies on a common IT platform and expects all branches in Norway, Sweden and Denmark to be on the same platform in 2023. At the end of 2022 85% of revenues was on a common IT-platform. Given the acquisitive nature of Norva24 the degree of implementation will fluctuate over time. The overall aim is to create a uniform IT strategy with harmonized IT-services across the Group, which is expected to make operations more efficient.
Several sensor technologies have been tested in 2022 and the company aims to launch a solution in 2023 where customers will benefit from increased service quality, proactive order dispatching and automatic documentation.
Flat organization with only three levels
Flexible structure balancing innovation and the institutionalization of best practices
Flat organization with only three levels with decentralized responsibilities and narrow top
Highly fragmented revenue base with more than 50,000 customers
The Group also aims to increase use of data to help analyze current and future efficiency of operations to allow for improved route planning, proactive customer support and automatic documentation.
In addition to the above, Norva24 is about to launch an IoT solution to its offering and has recently conducted a number of pilot tests with larger customers. The solution benefits both the customer and Norva24 as it proactively informs Norva24 when it needs to carry out a job.