Norvestor IX SCSp has signed an agreement to acquire Serwent Holding AS, a leading underground infrastructure maintenance provider in Scandinavia, aiming to capitalize on growth opportunities in the industry.

Information on the Target

Serwent Holding AS (“Serwent” or “the Company”) is a leading provider of underground infrastructure maintenance services operating in Scandinavia. The Company offers essential services in three primary segments: pipe services, emptying services, and special services. Serwent maintains a significant presence with 23 branches across Norway, Sweden, and Denmark, serving approximately 50% of the population. The Company employs around 500 full-time staff and is headquartered in Oslo, Norway.

In recent years, specifically from 2015 to 2023, Serwent achieved substantial growth by consolidating and integrating ten regional underground infrastructure maintenance companies into a cohesive standalone group. In 2023, the Company generated annual revenues of approximately NOK 1.0 billion after being carved out from the Recover Group, which is predominantly owned by EQT.

Industry Overview in Scandinavia

The underground infrastructure maintenance sector in Scandinavia is experiencing notable growth, driven by various factors including urbanization, climate change, and the deterioration of existing infrastructure