Norvestor partners with Serwent to drive Northern European expansion


Norvestor IX SCSp (“Norvestor IX”), has signed an agreement to acquire Serwent Holding AS (“Serwent” or “the Company”), a market-leading underground infrastructure maintenance specialist offering services throughout Scandinavia.

Serwent is a provider of mission critical above and underground infrastructure maintenance services across three main segments: pipe services, emptying services, and special services. The Company has 23 branches across Norway, Sweden and Denmark in areas covering c. 50% of the population serving both customers in the public and private sectors. Serwent employs c. 500 full-time employees, and is headquartered in Oslo, Norway. From 2015 to 2023, the Company went through a significant scale up by consolidating and integrating ten regional UIM players into a standalone group.

Serwent was carved out from the Recover Group in 2023 as a standalone company and generated annual revenues of approximately NOK 1.0 billion in 2023. The Recover Group is majority owned by a fund managed by EQT.

“On behalf of Serwent, I would like to thank the entire Recover-family, as well as EQT for their invaluable support over the years. We also warmly welcome Norvestor as new owner of Serwent and are excited about the opportunity to collaborate with the Norvestor team on taking Serwent to new heights”, says Aleksander Holter, CEO of Serwent.

“Norvestor has monitored the UIM industry and Serwent closely over many years. We are enthusiastic about the opportunity to invest in a resilient market with strong underlying growth drivers, fueled by ageing infrastructure, urbanization and climate change. Serwent has built strong local positions in its core markets, with a track record of profitable growth and high operational performance. The combination of a driven team, strong local market positions and culture and high customer satisfaction, makes us confident that Serwent can continue developing its position as a market-leader in Scandinavia and leverage consolidation opportunities across Northern Europe”, says Karl Svozilik, Partner at Norvestor Advisory.

Following the acquisition, Norvestor will become the largest shareholder in Serwent, followed by the Company’s management and key employees.

The transaction is expected to close in Q3 2024, subject to customary closing conditions.


For further information:

Karl Svozilik - Partner - Norvestor Advisory
Mobile: +47 98 40 00 63

Aleksander Holter, CEO, Serwent Group
Mobile: +47 481 40 494

Serwent is a market-leading underground infrastructure maintenance specialist with business mainly within high-pressure washing, sludge suction and pipe services and is active throughout Scandinavia. Read more at

Norvestor is a leading private equity company focusing on mid-market buyouts in the Nordic region. The team has worked together since 1991, making it one of the most experienced private equity teams in the Nordics, having executed 92 investments with >475 add-on acquisitions, in addition to executing 61 exits, including 16 IPOs. The Fund seeks to invest in growth companies in the Nordic mid-market that have the potential to achieve a leading Nordic or international position, typically through organic growth, acquisitions across fragmented industries or by geographic expansion. Read more at