Backing a market leader in essential infrastructure – Thomas Crewe on the Apax Funds’ take private of Norva24

“Norva24 delivers a vital service to ensure buildings and homes have safe and well-functioning underground infrastructure. With a heritage dating back to 1919, it operates more than 80 local branches across Sweden, Norway, Denmark and Germany. Its services include pipe inspection, high-pressure flushing, and pipe relining, for a wide-range of customers, including private households and municipalities.”

”We had been following Norva24’s growth for many years and were impressed by their market-leading position in a complex, operationally demanding sector. The business has a strong foundation in its core geographies, deep local relationships, and a clear understanding of how to operate successfully. With a proven track record of strategic, inorganic growth, it was clear that this is a platform with significant long-term potential.”

"Norva24 is entering a new chapter, benefitting from long-term thinking and the ability to invest decisively. As a private company, it will be able to move faster on operational improvements, systems upgrades, and larger acquisitions, without the constraints that often come with quarterly public reporting. We will create the right conditions for sustainable, strategic growth.”

“We bring two key strengths. First, deep experience scaling businesses that rely on local density, operational discipline, and M&A-led expansion. We have successfully deployed a similar value creation playbook at other branch-based, services companies. Second, we have a dedicated Operational Excellence team that will work side by side with management on operational improvements. Including optimising branch operations, harmonising pricing, and improving fleet and workforce efficiency. We want to unlock the next level of performance from an already strong base.”

“The underground infrastructure maintenance market is large and continuing to grow. The market benefits from powerful tailwinds, including ageing infrastructure and tighter environmental regulation. In addition, providers in this space remain fragmented, providing an exciting M&A opportunity for Norva24. With the right  targets, the opportunity to deepen Norva24’s footprint and expand into new markets is compelling. The path ahead is to build the clear pan-European market leader."