NORMEC
Acquired by
ASTORG
NORMEC acquired by ASTORG
Target
NORMEC
Acquirer
ASTORG
Context
Astorg has established a dedicated continuation vehicle to acquire absolute majority control of Normec from its previous fund, marking a major secondary leveraged buyout. Following a highly competitive process managed by premier investment banks, Astorg successfully secured exclusivity to lead this new phase alongside a syndicate of major global secondary investors—including CVC, Pantheon, Lexington, and Eurazeo—and the deeply reinvested management team led by Joep Bruins. To adequately capitalize this massive operation, the deal structure incorporates a substantial senior debt package (565M€ Term Loan B) syndicated by a consortium of global banking institutions, providing the optimal leverage required to support Normec's ongoing aggressive expansion strategy into North American markets.
NORMEC, which reported an EBITDA margin of LOGIN in 2023, is valued in this transaction at an EV/EBITDA multiple of LOGIN, representing a LOGIN premium to the average currently observed in the Business Services sector (11.3x).
Note that this data is based on contribution from our growing community, composed of M&A and Private Equity professionals, and has been verified by our team to ensure its accuracy.
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Target
Founded in 2016, Normec is a leading provider of testing, inspection, certification, and compliance (TICC) services. The group operates across specialized verticals including life safety, food & agriculture, healthcare, and sustainability. Since 2020, Normec has transformed from a Dutch-centric firm into a pan-European leader with a presence in Germany, France, Italy, Belgium, Switzerland, and the UK. Employing over 5,000 people, the group utilizes a sophisticated platform to manage complex regulatory requirements for a diverse international client base.
Ent. Value
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Equity Value
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Multiples Analysis
EV / Revenue
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EV / EBITDA
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EV / EBIT
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Historical Financials (EUR)
Other operations with NORMEC
| Date | Acquirer | Target | Country | Sector | Deal Context |
|---|---|---|---|---|---|
| 06/2020 | ASTORG | NORMEC | NETHERLANDS | Industrial Services | Astorg entered into a definitive agreement to acquire absolute majority control of Normec from Summit Partners and the company's management team. This transaction marks a major secondary leveraged buyout, allowing the target to transition from a growth equity phase to a large-cap private equity platform. Following a competitive process managed by Jefferies, Astorg successfully secured exclusivity to lead the next international expansion phase alongside the deeply reinvested management team. To adequately capitalize this operation, the deal structure incorporates a substantial senior debt package, providing the optimal leverage required to fuel Normec's ongoing aggressive buy-and-build strategy, which had already seen the integration of over 20 acquisitions prior to this sale. |
REFERENCES
Authors: mynth contributor (mynth data is contributed by M&A / PE professionals and systematically cross-verified with private deal documents and official press releases).
Acquirer: astorg