Via Equity sells EnviDan to Waterland

EnviDan's management will invest in the new structure alongside Waterland. Waterland will own a majority stake in the business.

Unquote sister publication Mergermarket reported in February 2020 that Via Equity was exploring exit options for EnviDan. The company was being marketed based on EBITDA of €5.5m. Prior to the onset of the coronavirus pandemic, the deal was expected to close in mid-March 2020.

Via Equity bought a majority stake in EnviDan in October 2015. At the time of the investment, the company employed 175 people and reported DKK 190m and EBITDA of DKK 16m in the 2014/15 financial year. Via Equity, then called Via Venture Partners, invested via Via Venture Partners Fond II, which held a final close in December 2010 on DKK 1bn. The fund made investments of up to €20m per company.

Waterland has invested via Waterland Private Equity Fund VII, which held a final close in August 2017 on €2bn. The fund was 50% deployed as of September 2020, according to Unquote Data. The fund deploys equity tickets of €2-25m, and targets Europe-based mid-market companies. The GP registered its eighth buyout fund in October 2020.

Debt to support the buyout was provided by Jyske Bank.

Company
Founded in 1995, EnviDan provides consultancy services in water and wastewater management for both public and private clients. It covers areas including water purification, sustainability and green energy distribution. The business operates in Denmark, Norway and Sweden and is headquartered in Silkeborg, Denmark. It also offers software platforms for use by Nordic-based utility companies.

The company employs 260 people. EnviDan generated revenues of DKK 271m in the 2019/20 financial year, DKK 284m in 2018/19 and DKK 245m in 2017/18. Its EBITDA in 2019/20 was DKK 39.5m, DKK 39.8m in 2018/19, and DKK 30.5m in 2017/18.

People
Waterland Private Equity – Kaspar Kristiansen (managing director).
Via Equity – Benjamin Kramarz (partner).
EnviDan – Morten Fjerbæk (CEO).

Advisers
Vendor – Nordic M&A (corporate finance).
Equity – Moalem Weitemeyer (legal); PwC (corporate finance).

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• Topics
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• Waterland Private Equity