Website:
www.norva24.com
Download case study:
Norva24 Case Study.pdf
During Valedo’s ten years of ownership, Norva24 has established itself as the clear market leader in Underground Infrastructure Maintenance (UIM) services across Northern Europe. Through a combination of organic growth and an ambitious M&A agenda—completing over 50 add-on acquisitions—the group has achieved national leadership positions in Norway, Germany, Sweden, and Denmark. Operating in a non-cyclical and mission-critical sector, Norva24’s services play an essential role in safeguarding underground infrastructure, particularly as climate change amplifies the demand for resilient infrastructure solutions.
In 2014, Valedo evaluated the UIM services market due to the potential to consolidate a large, fragmented, and non-cyclical growth market, with offerings such as emptying, pipe inspection, and pressure washing. During the autumn, dialogues were initiated with five local UIM companies in Norway, which subsequently were acquired and merged by Valedo in April 2015. To create a joint agenda, a broad employee co-ownership program was implemented, with 170 shareholders at the time of the IPO in 2021.
Since 2015, Norva24 has significantly strengthened its market position, from local Norwegian player to the leading UIM player in Northern Europe, with number one market positions in Norway, Germany, Sweden and Denmark. During Valedo’s ownership, Norva24 completed over 50 acquisitions to strengthen the geographic coverage and consolidate the local market positions. Furthermore, end customers have benefited from the consolidation through faster service uptime, access to new services, and the adoption of more modern technologies across Norva24’s operations. In parallel, the company delivered solid organic growth supported by favourable market trends such as ageing underground infrastructure, increased extreme weather driven by climate change, and increasing regulation and importance of ESG. From 2015 to 2025, Norva24’s revenue increased by ~40x and the number of FTEs increased from ~50 to ~2000.
During Valedo’s ownership, a decentralised branch-based business model was implemented, providing scalability while largely delegating decision-making to entrepreneurial branch managers. At the same time, synergies were realised from initiatives such as joint procurement, and harmonised administrative processes, reporting and IT systems. In parallel, the organisation was strengthened through the recruitment of key leadership positions, including a CEO, CFO, Head of M&A, and country CEOs.
Significant investments were made in digitalisation to improve route optimisation and resource utilisation. In addition, Norva24 was the first company in the industry to pilot an IoT surveillance solution, enabling remote monitoring of underground infrastructure and allowing for proactive issue detection and response.
Following the substantial growth achieved during Valedo’s ownership period, Norva24 was successfully listed on the NASDAQ Stockholm Main Market in 2021. Valedo, together with reinvesting entrepreneurs and employees, remained significant shareholders following the IPO. In March 2025, Apax Funds announced a public offer to the shareholders of Norva24 to tender 100% of the shares in the company, subsequently leading to the divestment of Valedo’s ownership in Norva24. The offer was supported by Valedo and other major shareholders and was ultimately accepted by 98% of the shareholders, reflecting the broad approval of the transaction and the attractive valuation for the shareholders.
Valedo Partners Fund II AB (“Valedo”) has divested its ownership in Norva24 Group AB (“Norva24”) to Apax Funds, following a public offer supported by Valedo and other major shareholders, resulting in acceptance from 98% of the shareholders. During Valedo’s ownership, Norva24 has, through a combination of organic growth and an ambitious M&A agenda, grown revenue
Norva24, the leading provider of Underground Infrastructure Maintenance (“UIM”) services in Northern Europe, has successfully listed its shares on Nasdaq Stockholm with first day of trading 9 December 2021. Norva24’s vision is to become the leading European operator in the UIM market and to drive the development of the UIM industry in Europe through continued
Norva24 has acquired Kanal-Türpe, a leading provider of Underground Infrastructure Maintenance (“UIM”) services in Southern Germany with operations in Gerolzhofen, Fulda and Blomberg. The acquisition significantly strengthens Norva24’s leading position in the highly fragmented UIM market in Northern Europe. Kanal-Türpe has more than 50 years of experience in the industry, revenues of approximately EUR 20
Valedo Partners Fund II AB (“Valedo”) has invested in Norva 24, a group offering sludge suction and related services in Norway. Norva 24, founded in 2015, was created through the merger of a number of complementary regional companies but with a similar service offering and a shared strategic vision of consolidating, professionalizing and developing the
Key initiatives during ownership
Several initiatives were completed to build the leading provider of UIM services in Northern Europe: