Apax Global Alpha to invest €14m in Norva24 via Apax XI

Apax Global Alpha Limited (LON:APAX), the closed-ended investment company providing access to the Apax Private Equity Funds, has announced that it expects to invest approximately €14m in Norva24 Group AB (Norva24) on a look-through basis.

On 7 May 2025, Apax XI Fund (Apax XI), acting through Nordahl BidCo AB, has had their recommended public offer to the shareholders of Norva24 accepted by shareholders holding 98.32% of the shares and votes in Norva24, and completed the acquisition of such shares, with the remainder to be acquired following an extension of the Offer period or compulsory redemption proceedings in accordance with Swedish law. The shares in Norva24 are listed on Nasdaq Stockholm, Mid Cap. All conditions for completion of the Offer have been fulfilled.

Headquartered in Sweden and founded in 1919, Norva24 is the leading provider of underground infrastructure maintenance services in Northern Europe, with market-leading positions in Norway, Denmark, Germany, and Sweden. 

The investment thesis is to support Norva24’s next phase of growth as a private company, enabling it to accelerate its inorganic growth strategy, including larger acquisitions to deepen its market presence and expand geographically. In parallel, Apax’s Operational Excellence Practice will support management in delivering further value creation through a focused efficiency and optimisation plan. 

The transaction draws on the Apax Funds’ experience in the services subsector of density-based businesses and investments such as Azelis S.A., Toi Toi & Dixi, and Safetykleen.

Note that AGA’s expected investment in Norva24 is calculated based on the look-through positions of Apax XI’s overall investment in Norva24 and is translated based on the latest exchange rates available where applicable¹. AGA has a commitment of c.$700m to Apax XI².

Apax Global Alpha, whose shares are listed on the London Stock Exchange, provides investors with access to a portfolio of private equity funds advised by Apax as well as a smaller portfolio of debt instruments.

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