
Valedo's Norva24 to list in Stockholm
Norva24, a Valedo Partners-backed critical underground infrastructure maintenance service, is headed for a listing on Nasdaq Stockholm.
The company announced its intention to float on 18 November. The offering is expected to consist of both existing shares offered by Valedo and other current shareholders, and new shares issued by the company corresponding to gross primary proceeds of up to approximately SEK 1.25bn (EUR 125m).
Depending on market conditions, the IPO is expected to come to fruition during Q4 2021.
In November 2015, Valedo backed the formation of Norva24, a regional waste treatment and disposal business, via the acquisition and merger of a number of small local operators. The deal, funded with a commitment from the SEK 2bn vehicle Valedo Partners Fund II, was aimed at consolidating, professionalising and developing the sludge suction industry. Terms of the deal were not disclosed.
Since inception in 2015, Norva24 has grown from NOK 150m in revenues to NOK 2.1bn, according to a statement. EBITA stood at NOK 289.4m in the most recent financial year.
The group offers underground infrastructure maintenance services such as emptying services, pressure washing and pipe services. It operates 66 branches across Norway, Germany, Sweden and Denmark, with approximately 1,415 employees and approximately 860 active operating vehicles in its fleet. Norva24 has completed a total of 32 acquisitions since 2015.
Carnegie and Citigroup are acting as joint global coordinators and joint bookrunners. Danske Bank, Sverige Filial, DNB Markets and Skandinaviska Enskilda Banken are acting as joint bookrunners. White & Case is legal adviser to Norva24, while Baker McKenzie is legal adviser to the joint global coordinators and joint bookrunners.
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