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Investment case

From its Norwegian base in 2015 Norva24 has the last 6 years evolved from a local player with 2 branches and NOK 150 million in revenues to a clear market leader in Northern Europe with 29 branches and NOK 2 billion in revenues through successful consolidation of smaller players in a very fragmented market.

With Northern Europe as a base “Norva’s long-term vision is to build a European market leader and lighthouse in Underground Infrastructure Maintenance (UIM) through continued consolidation in a market worth approx. NOK 140 billion

The pipeline is rich with approx.1900 target companies in Europe that are currently identified.

The services from Norva24 are mission critical and essential for society and are considered to be a- cyclical and part of general base infrastructure. The revenues from its operations are to a high degree recurring with good stable margin and high cash conversion. The groups decentralized setup and branch-based business model also provides a loyal customer base and relatively high barriers to entry due to the nature of the tenders.

The services of Norva24 is distributed between emptying services, pressure washing and pipe services and is to higher and higher degree based on high technology and digital solutions as well as a focused approach on ESG. Norva24 is targeting an organic growth in line with market and a total growth to SEK4.5 billion by 2025. The EBIDA margin is targeted to be around 14-15% in the medium term.

Come join us in our journey to become a leader in the European market for UIM!