Flowa Technology acquired by Nordic Capital
Context
Nordic Capital has entered into an agreement to acquire Flowa from Vestum, marking a significant milestone in Flowa's development and aligning with Nordic Capital's strategy to invest in businesses that provide critical services within essential infrastructure. The rationale behind the transaction is largely driven by the highly favorable market outlook for water and wastewater management in Northern Europe and the UK. Following decades of underinvestment, water infrastructure is facing increasing modernization needs to address population growth, aging networks, and heightened environmental requirements. Notably, the UK is embarking on its largest-ever investment cycle in the water sector, with over £100 billion in infrastructure spending expected in the coming years. In this context, Flowa is well-positioned to capitalize on its strategic expertise in pumping, monitoring, and rapid response solutions, enabling operators to minimize service disruptions and prevent accidental sewage spills. The company operates in both network modernization projects and emergency situations requiring immediate response. The acquisition also reflects the growing interest among investors in businesses exposed to environmental challenges and essential infrastructure, highlighting the increasing importance of sustainable and resilient infrastructure solutions.
By taking control of Flowa Technology, Nordic Capital continues its expansion strategy. Previously, the group had completed 3 acquisitions, including Anaqua in 2024.
Flowa Technology, which reported an EBITDA margin of [members only] in 2026, is valued in this transaction at an EV/EBITDA multiple of 15x–25x.
Target
Serving owners and operators of critical water and wastewater infrastructure across the United Kingdom and the Nordics, Flowa Technology AB delivers specialized engineering services, monitoring technology, and technical pumping solutions. The industrial group coordinates its operational activities through a dedicated network of specialist subsidiaries, maintaining an extensive equipment inventory exceeding 3,000 submersible and surface mounted pumps. Its service offering covers the complete infrastructure lifecycle, encompassing temporary pumping installations, automated water treatment processes, and permanent pumping station maintenance. Operating in highly regulated and technically demanding environments, the company deploys 24/7 rapid-response teams engineered to restore fluid flows and prevent catastrophic environmental incidents or wastewater discharges. The organization combines mechanical hardware with proprietary digital monitoring systems to provide real-time operational visibility, supporting the efficient use of municipal water resources while mitigating ecological impacts. Under the executive leadership of Chief Executive Officer Simon Göthberg, the business model focuses on delivering high-reliability technical interventions for municipal utilities and industrial operators. By pairing custom engineering design with ongoing aftermarket support, the enterprise ensures operational resilience for vital public utility networks.
Ent. Value
SEK 1–10bn
Equity Value
[members only]
Multiples
EV / Revenue
2x–6x
EV / EBITDA
15x–25x
EV / EBIT
[members only]
Historical Financials (SEK)
Other operations with Nordic Capital
| Date | Acquirer | Target | Country | Sector |
|---|---|---|---|---|
| 11/2024 | NORDIC CAPITAL | ANAQUA | UNITED STATES | Industry-Specific Software |
| 11/2020 | NORDIC CAPITAL | BRITAX CHILDCARE | UNITED KINGDOM | Personal & Household |
| 12/2019 | NORDIC CAPITAL | CONSILIUM SAFETY GROUP | SWEDEN | Safety & Security |
Similar deals in Utilities (Regulated Infrastructure)
| Date | Acquirer | Target | Country | Sector |
|---|---|---|---|---|
| 08/2026 | J.P. MORGAN ASSET MANAGEMENT | IDEX | FRANCE | District Heating |
| 07/2026 | CVC | ECOERIDANIA | ITALY | Hazardous Waste |
| 06/2026 | VEOLIA | CLEAN EARTH | UNITED STATES | Hazardous Waste |
| 05/2026 | APOLLO GLOBAL MANAGEMENT | NOBLE ENVIRONMENTAL | UNITED STATES | Collection & Recycling |
| 05/2026 | DERICHEBOURG | SCHOLZ RECYCLING | GERMANY | Collection & Recycling |
| 03/2026 | MEANINGS CAPITAL PARTNERS | MOULINOT | FRANCE | Collection & Recycling |
| 03/2026 | AMBIENTA | P.I.ECO | ITALY | Water |
| 03/2026 | EQT PARTNERS | KELDA HOLDINGS | UNITED KINGDOM | Water |
| 03/2026 | HERA GROUP | SOSTELIA GROUP | ITALY | Water |
| 03/2026 | PAPREC | CONVERTINI | ITALY | Collection & Recycling |
REFERENCES
Valuation range: EV SEK 1–10bn
Revenue range: SEK 1–10bn
EBITDA range: SEK 250–500M
EV/Revenue range: 2x - 6x
EV/EBITDA range: 15x - 25x
Note: This page provides detailed data on a private equity M&A transaction. Detailed and exact financial metrics for the acquisition of Flowa Technology by Nordic Capital are reserved for mynth community members. Register for free to unlock full data.
Authors: This transaction was contributed by a verified mynth contributor and cross-checked against available transaction documents and official company communications.
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