Acquisition in South Germany marks our fourth acquisition in four months
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 million and a comprehensive UIM service offering. The company is headquartered in Gerolzhofen in the central parts of Southern Germany, has 160 employees and operates around 100 vehicles. In addition to the acquisition of Kanal-Türpe, Norva24 has also recently completed one acquisition in Stockholm, Sweden and two smaller acquisitions in Germany, with operations in Lübeck and Lüneburg.
“We are very excited to welcome Kanal-Türpe to Norva24. Following our market entry into Germany in 2019 through the acquisition of Ex-Rohr, we now further strengthen our position as the emerging market leader in Germany. Furthermore, the acquisition implies that Norva24 now has revenues of close to NOK 2 billion, which is an important milestone in our vision to become the clear market leader within UIM services in Europe” says Henrik Damgaard, CEO of Norva24.
Norva24’s vision is to become a European market leader and lighthouse in the UIM industry by strengthening Norva24’s position through both acquisitions and organic growth. Henrik Damgaard comments:
“We want to become a clear European market leader and lighthouse in the UIM industry. For this reason we are constantly seeking to strengthen our market position both through acquisitions and organic growth. By obtaining a stronger market position we increase the possibility to innovate and develop this highly critical industry. As an example, Norva24 is investing in Internet of Things and sensor technology to provide better and greener customer solutions for the future.”
The terms of the deal will not be disclosed.
For more information about Norva24, please contact:
Henrik Damgaard, CEO [email protected]
Norva24 is the undisputed category leader in the highly fragmented UIM services market in Northern Europe, with leading position in Norway, Denmark, Sweden and Germany. Service offering includes mission-critical and non-discretionary maintenance services for underground infrastructure (“UIM”), such as pressure washing, emptying services, pipe inspection and relining. Norva24’s vision is to become a lighthouse in the development of the UIM industry in Europe through green initiatives, ESG reporting and IoT solutions. Norva24 has revenues of close to NOK 2 billion and employs approx. 1 200 employees.