07/2024MajorityLBO

Astorg takes majority stake in Normec

NETHERLANDS Industrial Services / TIC (Testing, Inspection, Certification) EV €1–10bn

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.

In the past, Normec underwent an LBO led by Astorg in 2020.

Normec, which reported an EBITDA margin of [members only] in 2023, is valued in this transaction at an EV/EBITDA multiple of 10x–18x, standing directly in line with the average observed in the Business Services sector (10.4x in 2024).

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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

€1–10bn

Equity Value

[members only]

Multiples

EV / Revenue

2x–6x

EV / EBITDA

10x–18x

EV / EBIT

[members only]

Historical Financials (EUR)

Year

Rev

EBITDA

EBIT

2023

Other operations with Normec

Other operations with Normec
Date	Acquirer	Target	Country	Sector
06/2020	ASTORG	NORMEC	NETHERLANDS	TIC (Testing, Inspection, Certification)

Other operations with Astorg

Other operations with Astorg
Date	Acquirer	Target	Country	Sector
04/2026	ASTORG	THERMO FISHER MICROBIOLOGY	UNITED STATES	Diagnostic Equipment
03/2026	ASTORG	BARKENE	FRANCE	Security & Guarding
04/2025	ASTORG	SOLABIA	FRANCE	Specialty Chemicals
11/2024	ASTORG	REDSLIM	SWITZERLAND	Data & AI Consulting
10/2024	ASTORG	LEBRONZE ALLOYS	FRANCE	Metallurgy / Foundry
07/2024	ASTORG	NEXPRING HEALTH EX HAMILTON THORNE	UNITED STATES	Medical Devices
03/2024	ASTORG	STELIAU TECHNOLOGY	FRANCE	Electrical Equipment
06/2022	ASTORG / GENERAL ATLANTIC	ECOVADIS	FRANCE	Industry-Specific Software
06/2022	ASTORG	OPEN HEALTH	UNITED STATES	Healthcare Services
05/2022	ASTORG	CORDENPHARMA	SWITZERLAND	CDMO

Similar deals in Industrial Services

Similar deals in Industrial Services
Date	Acquirer	Target	Country	Sector
10/2024	RIVERSPAN PARTNERS	POLARIS LABORATORIES	UNITED STATES	TIC (Testing, Inspection, Certification)
09/2024	DXP ENTERPRISES	HARTWELL ENVIRONMENTAL CORPORATION	UNITED STATES	Industrial & Technical Distribution
07/2024	IK PARTNERS	SANSIDOR	NETHERLANDS	TIC (Testing, Inspection, Certification)
07/2024	ALLIANCE AUTOMOTIVE GROUP	ELDIS	BELGIUM	Industrial & Technical Distribution
07/2024	UL SOLUTIONS	TESTNET ENGINEERING	GERMANY	TIC (Testing, Inspection, Certification)
05/2024	BPIFRANCE / MUBADALA	SOCOTEC	FRANCE	TIC (Testing, Inspection, Certification)
05/2024	ADMIRAL ACQUISITION LIMITED	ACUREN CORPORATION	UNITED STATES	TIC (Testing, Inspection, Certification)
05/2024	LATOUR CAPITAL	SYSTRA	FRANCE	Engineering & Consulting
05/2024	TDR CAPITAL / I SQUARED CAPITAL	APPLUS+ GROUP	SPAIN	TIC (Testing, Inspection, Certification)
04/2024	DELMAS INVESTISSEMENTS ET PARTICIPATIONS	ACCES INDUSTRIE	FRANCE	Equipment Rental

REFERENCES

Valuation range: EV €1–10bn

Revenue range: €450–900M

EBITDA range: €100–200M

EV/Revenue range: 2x - 6x

EV/EBITDA range: 10x - 18x

Note: This page provides detailed data on a private equity M&A transaction. Detailed and exact financial metrics for the acquisition of Normec by Astorg 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.

Target: normec

Acquirer: astorg

FAQ

What transaction does this page cover?

This page covers the acquisition of a majority stake in Normec, a Dutch company specialised in TIC (Testing, Inspection, Certification), by Astorg in 2024, structured as a leveraged buyout (LBO). This followed an earlier holding cycle initiated in June 2020, when the company was acquired by Astorg.

How was the acquisition of Normec by Astorg valued, and what multiples were paid?

mynth displays the transaction’s enterprise value within the €1–10bn band, its EV/EBITDA multiple within the 10x - 18x range, and its EV/revenue multiple within the 2x - 6x range. Exact figures are available to members.

What were Normec’s revenue and EBITDA at the time of the deal?

At the time of the transaction, Normec generated annual revenue estimated in the €450–900M range and EBITDA in the €100–200M bracket (FY 2023). Detailed financial figures are available to members.

How does the valuation of Normec compare to benchmarks in the Business Services sector?

With an estimated multiple range of 10x - 18x, the transaction stands directly in line with historical averages for the Business Services sector (10.4x in 2024).

What sources support the information on this transaction?

Data on this transaction was compiled from the official corporate announcement published by the parties, combined with independent reporting from specialized financial and M&A publications.

What is mynth?

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