The municipal water treatment plant construction industry in the Nordics is vital for ensuring safe drinking water and sanitation. Companies operate as contractors, manufacturers, and consultancies, specializing in everything from designing treatment facilities to providing advanced technologies for efficient water purification. This industry is moving towards sustainability, integrating innovations such as IoT technology and renewable energy sources. There's a growing emphasis on climate resilience in projects, as municipalities seek to adapt and improve their infrastructure to meet future demands. As a result, this sector continues to attract investments aimed at enhancing water safety and environmental protection.

In 2024, various investor types including private equity, corporate, and venture capital firms energized the municipal water treatment sector in the Nordics. Based in cities like Stockholm, Helsinki, and Copenhagen, these investors range in size from small firms to larger entities with thousands of employees. With companies typically founded between the early 1900s to the 2010s, they showcased their commitment through numerous investments, with over 100 deals executed last year, including substantial funding from EQT Group and Almi AB as they focused on sustainable water management innovations.

Top 14 Municipal Water Treatment Plant Construction Investors in the Nordics

1. EQT Group

• Website: eqtgroup.com
• Type: Private Equity
• Headquarters: Stockholm, Stockholm, Sweden
• Founded year: 1994
• Headcount: 1001-5000
• Number of deals in 2024: 30
• LinkedIn: eqt-partners

EQT Group is a prominent investment firm based in Stockholm, Sweden, specializing in private equity, infrastructure, real estate, growth equity, and venture capital. Founded in 1994, EQT serves institutional investors by managing diverse investment portfolios across various sectors and geographies. Notably, EQT has made significant acquisitions in the water services sector, including the acquisition of Saur SAS in December 2018 for approximately $1.7 billion. Saur SAS is involved in water management, which aligns with municipal water treatment needs. Additionally, EQT acquired Osmose Utilities Services, which provides utility services, further indicating their engagement in sectors that support municipal infrastructure. These transactions highlight EQT's commitment to investing in companies that are integral to water treatment and management, making them a relevant player in the municipal water treatment plant construction industry.

2. Almi

• Website: almi.se
• Type: Venture Capital
• Headquarters: Stockholm, Stockholm, Sweden
• Founded year: 1994
• Headcount: 201-500
• Number of deals in 2024: 7
• LinkedIn: almi-ab

Almi AB is a financial services company based in Stockholm, Sweden, founded in 1994. It specializes in providing loans, risk capital, and business development support to small and medium-sized enterprises (SMEs) in Sweden. Almi aims to enhance the growth and competitiveness of these businesses by offering tailored financial solutions and guidance. Notably, Almi has participated in several transactions relevant to the municipal water treatment sector, including a significant investment in Stockholm Water Technology, which raised 10 million Swedish crowns for market entry and product development. Additionally, Almi has invested in Ecofiltration Nordic and Mimbly, both of which are involved in innovative water treatment solutions. These transactions highlight Almi's commitment to supporting companies that contribute to advancements in water treatment technologies, aligning with the goals of municipal water treatment plant construction.

3. Indutrade Life Science

• Website: indutrade.se
• Type: Corporate
• Headquarters: Stockholm, Stockholm, Sweden
• Founded year: 1978
• Headcount: 1001-5000
• Number of deals in 2024: 14
• LinkedIn: indutrade-life-science

Indutrade Life Science is a corporate investor based in Stockholm, Sweden, founded in 1978. The company is part of an industrial group that focuses on developing and acquiring companies with high technical expertise across various sectors, including technology and industrial solutions. Indutrade emphasizes long-term relationships with its customers and operates through a decentralized structure, allowing its subsidiaries to maintain independence while benefiting from the group's resources. Notably, Indutrade has made strategic acquisitions that enhance its capabilities in the water treatment sector. In 2022, it acquired acti-Chem, a Danish company specializing in sustainable water treatment solutions, which is expected to positively impact its earnings. Additionally, the acquisition of OCI B.V., which specializes in customized assemblies for energy and water applications, further strengthens Indutrade's position in the water treatment industry. These transactions highlight Indutrade's commitment to providing innovative solutions in the water treatment sector, making it a significant player in municipal water treatment plant construction.

4. CapMan

• Website: capman.com
• Type: Private Equity
• Headquarters: Helsinki, Uusimaa, Finland
• Founded year: 1989
• Headcount: 51-200
• Number of deals in 2024: 4
• LinkedIn: capman

CapMan Oyj is an investment management firm based in Helsinki, Finland, specializing in private equity, real estate, infrastructure, and natural capital investments. Founded in 1989, CapMan serves institutional investors by providing access to a variety of investment strategies aimed at achieving sustainable returns. The firm has a strong presence in the Nordic markets and leverages its expertise to manage funds and drive value creation for its clients. Notably, CapMan has made significant investments in companies related to water infrastructure, including KotiSun Group, which focuses on renovations of service water, heating, and drainage systems. This investment highlights CapMan's commitment to sectors that support municipal infrastructure, making them a relevant player in the municipal water treatment plant construction industry. Additionally, their acquisition of NYAB and involvement with Marinetek Group further demonstrate their active engagement in sectors that may intersect with water treatment and infrastructure development.

5. Chalmers Ventures

• Website: chalmersventures.com
• Type: Venture Capital
• Headquarters: Sweden
• Founded year: 2015
• Headcount: 11-50
• Number of deals in 2024: 26
• LinkedIn: chalmers-ventures

Chalmers Ventures is a venture builder and tech investor based in Sweden, founded in 2015. They specialize in supporting researchers and entrepreneurs in commercializing deep tech innovations through various programs that provide business guidance, financing, and community networking. In 2024 alone, they have made 26 investments, showcasing their active role in the startup ecosystem. Notably, they have invested in Atium, a technology manufacturer for water treatment, which raised significant funding in multiple rounds to develop products and conduct customer pilots. This involvement highlights Chalmers Ventures' commitment to advancing technology in the water treatment sector, making them a relevant player in this field. Additionally, they have also invested in Mimbly, which further emphasizes their focus on innovative solutions related to water management.

6. Nordic Investment Bank

• Website: nib.int
• Type: Corporate
• Headquarters: Helsinki, Uusimaa, Finland
• Founded year: 1976
• Headcount: 201-500
• Number of deals in 2024: 19
• LinkedIn: nordic-investment-bank

Nordic Investment Bank (NIB) is a public entity based in Helsinki, Finland, established in 1976. It specializes in providing sustainable financing for projects in the Nordic and Baltic regions, offering a range of loan products including corporate, sovereign, and sustainability-linked loans. NIB aims to enhance productivity and environmental benefits through its financing solutions. In 2024, NIB was involved in several debt financing transactions, including Lappeenrannan energia, which raised approximately $16.5 million, and LT Energija, which raised about $107.7 million. While these transactions do not directly indicate involvement in municipal water treatment, NIB's focus on sustainability suggests a potential alignment with projects in this sector, particularly those that aim to improve environmental outcomes.

7. Sdiptech

• Website: sdiptech.se
• Type: Corporate
• Headquarters: Stockholm, Stockholm, Sweden
• Headcount: 1001-5000

Sdiptech AB is an infrastructure technology group based in Stockholm, Sweden, that specializes in providing technology, solutions, and services aimed at enhancing the efficiency and sustainability of infrastructure. Founded with a vision to address critical renovation and expansion needs in aging systems, Sdiptech focuses on acquiring and developing technology companies that contribute to societal growth. Notably, Sdiptech has made significant strides in the water treatment sector through its acquisitions. In July 2023, Sdiptech acquired Kemi-tech ApS, a Danish company that provides tailored chemical solutions for industrial water treatment, aligning with its vision for sustainable technologies. Additionally, in February 2019, Sdiptech acquired Water Treatment Products Limited, further solidifying its presence in the water treatment industry. These strategic acquisitions highlight Sdiptech's commitment to improving water treatment processes and technologies, making it a key player in the municipal water treatment plant construction space.

8. Lagercrantz Group AB

• Website: lagercrantz.com
• Type: Corporate
• Headquarters: Stockholm, Stockholm, Sweden
• Founded year: 2001
• Headcount: 1001-5000
• Number of deals in 2024: 6
• LinkedIn: lagercrantz

Lagercrantz Group AB is a technology group based in Stockholm, Sweden, founded in 2001. The company operates approximately 80 subsidiaries that provide specialized technical solutions across various sectors, including Electrify, Control, and TecSec. Their business model emphasizes acquisitions and organic growth, catering primarily to business customers seeking tailored technology solutions. Notably, Lagercrantz has made strategic acquisitions in the water management sector, including Proagria Miljø A/S, a Danish company specializing in water flow control, which enhances their presence in aquaculture and water management. Additionally, their acquisition of Geonor AS, a Norwegian company specializing in geotechnical, hydrological, meteorological, and environmental equipment, further solidifies their involvement in sectors relevant to municipal water treatment. These transactions indicate Lagercrantz's commitment to expanding its capabilities in water-related technologies and solutions.

9. Rejlers

• Website: rejlers.com
• Type: Corporate
• Headquarters: Stockholm, Stockholm, Sweden
• Founded year: 1942
• Headcount: 1001-5000
• Number of deals in 2024: 1
• LinkedIn: rejlers

Rejlers is a corporate investor based in Stockholm, Sweden, founded in 1942. As an engineering consultancy, Rejlers offers a variety of services, including project management, digital solutions, and sustainable energy consulting, catering to both businesses and public authorities. They have a strong presence in the Nordic region and the UAE, focusing on helping clients address modern challenges and achieve sustainability goals. Recently, Rejlers has made strategic acquisitions to bolster their capabilities in relevant sectors. For instance, the acquisition of Karl Knudsen AS enhances their expertise in building and civil engineering, which is crucial for municipal infrastructure projects, including water treatment plants. Additionally, their acquisition of HydroTerra Ingenjorer further strengthens their position in engineering consultancy, potentially expanding their involvement in water treatment and related infrastructure projects. These transactions indicate a commitment to diversifying their service offerings and enhancing their role in infrastructure development.

10. Addtech AB

• Website: addtech.se
• Type: Corporate
• Headquarters: Stockholm, Stockholm, Sweden
• Founded year: 1906
• Headcount: 1001-5000
• Number of deals in 2024: 9
• LinkedIn: addtech-ab

Addtech AB is a technology solutions provider based in Stockholm, Sweden, specializing in high-tech products and services across various sectors, including automation, electrification, energy, industrial solutions, and process technology. Founded in 1906, Addtech serves OEM manufacturers and end-users, helping them enhance operational efficiency and sustainability through innovative solutions. Recently, Addtech Process Technology has made significant strides in the water treatment sector by acquiring 80% of Kemic Vandrens A/S, a prominent supplier of water purification solutions in Denmark, and 85% of PGS Tec GmbH, which focuses on customized water and gas supply systems in Germany. These acquisitions reflect Addtech's commitment to expanding its portfolio in the water treatment industry, positioning it as a relevant player in municipal water treatment plant construction.

11. Ramboll

• Website: ramboll.com
• Type: Corporate
• Headquarters: Copenhagen, Denmark
• Founded year: 1945
• Headcount: 10001+
• Number of deals in 2024: 3
• LinkedIn: ramboll

Ramboll Group A/S is a global engineering, architecture, and consultancy company based in Copenhagen, Denmark, founded in 1945. With over 18,000 employees operating in more than 35 countries, Ramboll provides sustainable solutions across various sectors, including energy, environment, and infrastructure. Recently, Ramboll has made strategic acquisitions to enhance its capabilities and market presence. For instance, they acquired Wandschneider + Gutjahr, a leading German waste-to-energy engineering consultancy, to bolster their position in sustainable waste management and energy transition. Additionally, they acquired K2 Management, further expanding their expertise in project management and consultancy. While these transactions focus on energy and waste management, Ramboll's extensive experience in infrastructure and environmental consulting positions them well to engage in municipal water treatment plant construction projects, making them a versatile player in the industry.

12. Alder

• Website: alder.se
• Type: Private Equity
• Headquarters: Stockholm, Stockholm, Sweden
• Founded year: 2008
• Headcount: 11-50
• Number of deals in 2024: 1
• LinkedIn: alderfund

Alder is a private equity investment fund based in Stockholm, Sweden, founded in 2008. The firm specializes in providing growth and buyout capital to established companies with a turnover between SEK 100-750 million, particularly in the sustainable technology sector. Alder aims to create long-term value by leveraging its industrial and financial expertise. Notably, Alder has made significant investments in companies relevant to municipal water treatment, including the acquisition of Nordic Water Products in 2012 and Jernforsen in 2011, both of which are likely involved in water treatment solutions. Additionally, Alder acquired Centriair in 2021, further expanding its portfolio in the water treatment and environmental technology space. These transactions highlight Alder's commitment to investing in companies that contribute to sustainable water management and treatment solutions.

13. Multiconsult

• Website: multiconsult.no
• Type: Corporate
• Headquarters: Oslo, Oslo, Norway
• Founded year: 1908
• Headcount: 1001-5000
• Number of deals in 2024: 1
• LinkedIn: multiconsult

Multiconsult ASA, founded in 1908 and based in Oslo, Norway, is a prominent consulting and engineering firm that provides a wide range of services across various sectors, including construction, renewable energy, and environmental management. The firm serves a diverse clientele, including government agencies and private developers, offering expertise in project planning, engineering solutions, and compliance with environmental regulations. Recently, Multiconsult has been active in expanding its portfolio through acquisitions, including Roar Jørgensen AS in November 2022, T-2 Prosjekt Vest AS in November 2023, and Petter J. Rasmussen in May 2024. These acquisitions indicate a strategic move to enhance their capabilities, which could potentially include projects related to municipal water treatment plants, aligning with their focus on environmental management and construction.

14. Norva24 Group

• Website: norva24.com
• Type: Corporate
• Headquarters: Oslo, Oslo, Norway
• Founded year: 2015
• Headcount: 1001-5000
• Number of deals in 2024: 2
• LinkedIn: norva24

Norva24 Group is a corporate investor based in Oslo, Norway, founded in 2015. The company specializes in Underground Infrastructure Maintenance (UIM) services, providing essential maintenance such as emptying, pipe cleaning, and pressure washing to utilities and organizations reliant on effective underground infrastructure. In recent years, Norva24 has made strategic acquisitions to strengthen its market position, including the acquisition of Kanal-Türpe, a leading provider of UIM services in Southern Germany, and Jutzy Haustechnik und Service GmbH, which enhances their presence in the greater Berlin area. Additionally, they are set to acquire Kanaltechnik Agricola GmbH, which operates in pipe and sewer cleaning, TV inspection, and leak testing. These transactions highlight Norva24's focus on sustainability and innovative solutions, including IoT surveillance technology, making them a significant player in the maintenance of infrastructure that supports municipal water treatment systems.

Municipal Water Treatment Plant Construction Insights: Key Investors in the Nordics

Investor	Headquarter	Size	Founded	Deals 2024
EQT Group	Stockholm, Stockholm, Sweden	1001-5000	1994	30
Almi	Stockholm, Stockholm, Sweden	201-500	1994	7
Indutrade Life Science	Stockholm, Stockholm, Sweden	1001-5000	1978	14
CapMan	Helsinki, Uusimaa, Finland	51-200	1989	4
Chalmers Ventures	Sweden	11-50	2015	26
Nordic Investment Bank	Helsinki, Uusimaa, Finland	201-500	1976	19
Sdiptech	Stockholm, Stockholm, Sweden	1001-5000		0
Lagercrantz Group AB	Stockholm, Stockholm, Sweden	1001-5000	2001	6
Rejlers	Stockholm, Stockholm, Sweden	1001-5000	1942	1
Addtech AB	Stockholm, Stockholm, Sweden	1001-5000	1906	9
Ramboll	Copenhagen, Denmark	10001+	1945	3
Alder	Stockholm, Stockholm, Sweden	11-50	2008	1
Multiconsult	Oslo, Oslo, Norway	1001-5000	1908	1
Norva24 Group	Oslo, Oslo, Norway	1001-5000	2015	2

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