Norisol prepares for its next phase of growth with Waterland as new majority shareholder
Norisol, a provider of technical insulation, scaffolding and marine solutions, is welcoming Waterland as its new majority shareholder. MS2 Invest, led by Per Christensen, and the other minority shareholders will remain invested in the company, while Waterland will support Norisol in further developing the business and pursuing new growth opportunities.
Following several years of strong growth, technical services and contracting company Norisol is entering a new phase of ownership, with Waterland becoming the company’s majority shareholder.
Since MS2 Invest acquired Norisol in 2018, the business has refocused on its core activities in Denmark, divested or discontinued less profitable business areas and strengthened its organisation.
Today, Norisol employs more than 800 people. The company posted an operating margin of over 13% in 2025 and expects revenue to exceed DKK 1 billion in 2026. Norisol will maintain the same strong focus on its customers and technical expertise, while Waterland will contribute financial strength, operational experience and an international network to support the company’s continued development and unlock new growth opportunities.
A natural next step
Together with MS2 Invest, Norisol has worked systematically to professionalise the business through the certification of its processes, services and platforms. At the same time, the company has expanded its presence in critical sectors including renewable energy, maritime, pharmaceuticals, data centres, food production, defence, and carbon capture and storage.
Through the transaction, the current shareholder group aims to give Norisol the best possible foundation for its next stage of development. Per Christensen, CEO of MS2 Invest, and the other shareholders will retain their ownership interests and remain actively involved in Norisol.
“Norisol has been on an impressive journey. When we acquired the company in 2018, it had significant potential, but the business also needed greater focus. We have achieved this in close collaboration with the management team and employees. Today, Norisol is a well-managed and attractive company with strong growth and considerable further potential. This is therefore the right time to bring in a new majority shareholder that can contribute additional capital, experience and perspective for the next phase. We strongly believe in Norisol and will therefore continue the journey as co-shareholders,” says Per Christensen, CEO of MS2 Invest.
Waterland to support Norisol’s next stage of development
Pan-European investment firm Waterland has a strong presence in Denmark and across the Nordic region. Since establishing its Nordic office in 2017, Waterland has completed nine platform investments in the region.
With Waterland joining the shareholder group, Norisol gains an experienced, long-term partner that will work closely with the management team, employees and existing shareholders to build on the company’s strong market position, capabilities and culture.
“We have followed the Nordic industrial services market for some time and see significant long-term potential, driven by factors including an increased focus on energy efficiency, stricter regulatory requirements and growth in renewable energy, pharmaceuticals, defence and data centres. Norisol stands out as a company with a strong market position, a broad and attractive customer base, and a well-developed commercial and operational platform. The company has considerable potential for further development, and we believe Norisol is an excellent fit for Waterland. We look forward to supporting its next phase of growth together with the management team and the other shareholders,” says Nicklas Guldberg, Principal at Waterland Private Equity.
The beginning of a new chapter
For Norisol CEO Lars Bork Hansen, the change in ownership marks the beginning of a new chapter for the company. Day-to-day operations will continue as before, with the same focus on customers, projects and technical excellence, while the new ownership structure will provide opportunities to further strengthen the organisation and develop the business.
“Norisol has become a company that others want to invest in. This is the result of our sustained focus over many years on developing the company’s capabilities, processes and platform. For the benefit of our customers and employees, I want to emphasise that Norisol will continue with the same strong customer focus and high level of technical expertise that define the company today and for which our customers know us. With Waterland’s support, we will have greater resources to develop the company, strengthen our platform and pursue the growth opportunities ahead of us, both in Denmark and internationally,” says Lars Bork Hansen, CEO of Norisol.
About Norisol
Norisol was founded in 1977 and is today a leading provider of technical insulation, scaffolding, marine and related industrial solutions. The company delivers integrated service solutions that help customers reduce energy consumption and limit global warming, among other benefits.
In 2025, Norisol achieved an operating margin of over 13%, and revenue is expected to exceed DKK 1 billion in 2026. The company employs more than 800 people and operates nationwide, with regional offices in Skælskør, Fredericia and Frederikshavn, as well as its headquarters in Glostrup.
For more information, please visit www.norisol.com.
