IRG has leading expertise in locating problem areas in pipe systems that cause floods and other problems. With the in-house developed IRG method, complete surveys are carried out for customers with the help of specialized personnel and advanced measurement methods and equipment. IRG’s total range of services includes inspections of pipe systems and wells, flow measurement, suction, flushing, mapping and investigation services. Like Norva24the company has a sustainable and non-cyclical business with an annual revenue growth of 8 percent during the pandemic years 2020 and 2021.
IRG not only investigates problems in pipe systems, such as flooding for municipalities and property owners, but also offers its customers preventive measures and services. Norva24 sees attractive opportunities for synergies through the collaboration between IRG and other activities within Norva24both in Sweden and in other markets.
“Norva24’s strategy includes the development of new technical solutions within IoT and digital monitoring in order to be able to offer even better UIM services in the future. With the acquisition of IRG, we will have access to a well-functioning technical solution for monitoring the underground infrastructure, which we will be able to offer Norva24’s customers in other regions in the future, ”says Henrik DamgaardVD Norva24 Group.
“IRG is an important part of our strategy to strengthen Norva24’s leading market position in advanced pipe inspections, both in terms of capacity and competence, as well as our presence in the west. Sweden. With IRG, we strengthen our service offering in I&I and flood inspections, problems driven by climate change and more extreme weather. We welcome IRG’s approximately 30 employees, who add additional cutting-edge expertise and strengthen our offering in advanced pipe inspection services. IRG’s services are a good match for Norva24’s business processes in sustainable services and have clear synergies linked to Norva24’s market-leading position and capacity in pipe inspection, pipe flushing, emptying services and relining, ”says Håkan Wessel, CEO of Norva24 Sweden.
Per Hellman, CEO of IRG: “Norva24 is the right environment for IRG to further develop our I&I and advanced pipe inspection services. With Norva24’s market-leading position in Sweden, Norway, Denmark and GermanyA market is opened for us to further develop our offering to more customers and we look forward to collaborating with Norva24’s various units and service areas. ”
“We are very proud of the acquisition of IRG. This means that we are now established in all three of the largest metropolitan areas in Sweden: StockholmMalmö and now Gothenburg “, says Håkan Wessel.
IRG will continue to be run by Per Hellman as CEO. Per and the other two sellers will continue to be active in the company and have reinvested a significant part of the purchase price in Norva24 through a new issue of SEK 4,500,000.
New issue to sellers of IRG
The board of Norva24on the basis of the issue authorization from the Extraordinary General Meeting June 30, 2021has today decided on a directed new issue of 208,719 shares to the sellers of IRG, corresponding to a dilution effect of approximately 0.11 percent of the share capital and the votes in Norva24. The subscription price, as stipulated in the share transfer agreement, would correspond to the closing price for Norva24’s share on Nasdaq Stockholm at the date of signing the transfer agreement (March 31, 2022), amounted to 21.56 kr per share. The shares are subject to a lock-up of 12 months. After the private placement, the total number of shares and votes will be received Norva24 amounted to 182,682,740 shares and votes. As a result of the issue, the share capital in Norva24 was increased by SEK 695.73 to 608 942.466667 kr
For further information, please contact
Henrik DamgaardVD Norva24 Group+47 907 72 943
Sture Stölen, IR Manager, +46 723 68 65 07
Norva24 is the leading northern European player in the UIM industry[1] and offers UIM services, such as emptying services, high pressure washing and plumbing services. On 31 December 2021the company operated 66 branches[2] in Norway, Germany, Sweden and Denmark, with approximately 1,400 employees. The company’s history dates back to 1919 and Norva24 has since developed from a company with Norwegian roots to being a market leader in UIM services within Norway, Germany, Sweden and Denmark. Norva24 has a history of completing acquisitions to enter new markets or to consolidate its local market position and take advantage of the highly fragmented UIM market in Europe, which is characterized by mostly small, local businesses. In its four markets, the company has completed three 34 acquisitions since 2015. www.norva24.com.
[1] Measured in revenue.
[2] Branch refers to places of business in different places where the company conducts its business.