Alder sells Nordic Water to trade

The management will also sell their stake to Sulzer.

The GP's divestment comes eight years after it acquired, via its first fund, a 40% stake in the company alongside the management. In 2016, it increased its stake to a majority ownership. According to the GP, the company's revenues grew an average rate of 8% per year and its profits increased four-fold during the holding period.

Mergermarket reported in November that financial and trade buyers were among those bidding for Nordic Water, which generated SEK 559m in turnover in 2019, with forecasted 2020 revenues of around SEK 700-800m (€68-77m) and EBITDA of SEK 100m.

The deal will allow Sulzer, an engineering company founded in 1834, and with 16,500 employees, to grow its wastewater treatment business through equipment that is complementary to its existing portfolio, and improve its offering for municipal and industrial water customers.

The transaction is subject to regulatory approval and is due to close in Q1 2021.

Company
Founded in 1961 and headquartered in Gothenburg, Nordic Water is a water treatment company providing screening, sedimentation and filtration services for municipal and industrial water and wastewater applications. It employs 200 people at 13 sites in 6 countries. The company generated turnover of SEK 559m (€55.4m) in 2019, and forecasted revenues of SEK 700-800m (€68-77m) and EBITDA of SEK 100m in 2020.

People
Alder – Henrik Flygar (partner).
Sulzer – Greg Poux-Guillaume (CEO).

Advisers
Vendor – Greenhill (financial due diligence); Vinge (legal); Alvarez & Marsal (financial due diligence); Skeppsbron Skatt (tax).

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• Topics
• Exits
• Nordics
• Industrials
• Sweden
• Trade sale