Waterland takes majority stake in Danish industrial services firm Norisol

• MS2 Invest and Norisol’s other minority shareholders retain their stakes and stay actively involved
• Waterland has completed nine platform investments in the Nordic region since opening its office there in 2017
• Norisol has expanded into sectors including renewable energy, pharmaceuticals, defense and data centers

Waterland Private Equity has become the majority shareholder in Norisol, a Danish provider of technical insulation, scaffolding and marine solutions, with MS2 Invest and the company’s other minority shareholders retaining their stakes. MS2 Invest, led by chief executive Per Christensen, acquired Norisol in 2018 and refocused the business on its core Danish operations, divesting less profitable units and strengthening its organization.

Since then, Norisol has expanded its presence in sectors including renewable energy, maritime, pharmaceuticals, data centers, food production, defense and carbon capture and storage, while working with MS2 Invest to professionalize its processes, services and platforms. The company employs more than 800 people, posted an operating margin of over 13 percent in 2025 and expects revenue to exceed DKr1 billion ($154 million; €134 million) in 2026.

Waterland has a long-standing presence in Denmark and the wider Nordic region, having completed nine platform investments there since opening its Nordic office in 2017.

“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, defense and data centers… 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,” said Nicklas Guldberg, principal at Waterland Private Equity, in a statement.

“Norisol has been on an impressive journey… 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,” said Per Christensen, chief executive of MS2 Invest.

Editor’s note: This news brief was produced with the assistance of artificial intelligence.