Waterland Acquires Majority Stake in Norisol to Drive Growth

Waterland, a pan-European private equity firm, has become the majority shareholder in Norisol, a Danish company specializing in technical insulation, scaffolding, marine, and industrial solutions. The transaction, announced on August 4, 2026, sees Waterland joining existing shareholders MS2 Invest and others, who will retain minority stakes and remain actively involved in the business.

Since MS2 Invest acquired Norisol in 2018, the company has undergone a strategic refocus on its core Danish operations, divesting less profitable segments and strengthening its organizational structure. Norisol currently employs over 800 people and reported an operating margin exceeding 13% in 2025. The company expects its revenue to surpass DKK 1 billion in 2026.

Norisol, founded in 1977 and headquartered in Glostrup, Denmark, delivers integrated technical services that help customers reduce energy consumption and environmental impact. Its service portfolio spans technical insulation, scaffolding, marine solutions, and related industrial services. The company has expanded its footprint in sectors such as renewable energy, pharmaceuticals, data centers, food production, defense, and carbon capture and storage.

Waterland’s acquisition aims to leverage its financial strength, operational expertise, and international network to support Norisol’s next growth phase. Nicklas Guldberg, Principal at Waterland Private Equity, highlighted the company’s strong market position and broad customer base as key factors in the investment. He noted the long-term potential driven by increasing energy efficiency demands, regulatory pressures, and growth in renewable energy and other critical sectors.

Per Christensen, CEO of MS2 Invest, emphasized the progress Norisol has made since 2018, stating, “Norisol is a well-managed and attractive company with strong growth and considerable further potential. Bringing in Waterland as a majority shareholder provides additional capital, experience, and perspective for the next phase.” Christensen and other minority shareholders will continue their active involvement in the company.

For Norisol CEO Lars Bork Hansen, the new ownership structure represents an opportunity to strengthen the company’s platform and pursue growth both domestically and internationally. He affirmed that Norisol will maintain its customer focus and technical excellence while benefiting from Waterland’s resources to develop the business further.

The deal positions Norisol to capitalize on synergies such as cross-selling services within Waterland’s portfolio, expanding into new verticals like renewable energy and carbon capture, and improving operational efficiency through process certification and standardization. Waterland’s experience in the Nordic industrial services market and its network are expected to facilitate geographic expansion beyond Denmark.

While integration challenges include aligning organizational cultures and managing minority shareholder interests, the partnership aims to enhance Norisol’s competitive position amid evolving market demands. Competitors may face increased pressure as Norisol leverages new capital and operational capabilities to pursue growth opportunities.

Looking ahead, Norisol plans to continue its focus on technical expertise and customer service while scaling operations and exploring international markets. The collaboration with Waterland is expected to accelerate growth and innovation in the technical services and renewable energy sectors.