Evolve Corporate Finance advises Nortech Management Holdings on its sale to Swedish Nasdaq-listed Vestum AB
Evolve Corporate Finance, the national M&A advisory practice headquartered in Birmingham, has successfully advised the shareholders of Nortech Management Holdings ("Nortech") on its sale to Vestum AB (“Vestum”), a Swedish Nasdaq-listed company.
Nortech, founded in 1993 and headquartered in Evesham, Worcestershire, is a market-leading designer and supplier of monitoring and control technology for the UK water and electricity distribution sector. The business has proprietary products which specialise in fault detection, communication and automation as well as a software platform, iHost, for data aggregation and analysis. The company supplies a range of products to all the UK distribution electricity network operators, is the sole provider of data aggregation software to these customers and is the only provider in the market with a hardware-agnostic software platform. The company's products are also used for pumping stations in the water sector.
Vestum is a Swedish Nasdaq-listed company which focuses on market niches and technologies in infrastructure across Europe. The business generates sales of approximately SEK4.3 billion and has a listed market capitalisation of approximately SEK 4 billion.
The deal will see Nortech become part of Vestum’s Flow Technology segment and will enable the business to continue to provide innovative products and solutions to its customers.
An advisory team at Evolve Corporate Finance, led by Justin Sparks, partner, and Jonathan Wright, partner, provided strategic advice to the shareholders of Nortech, identifying and engaging UK and international strategic parties and negotiating terms to maximise value. Justin and Jonathan were supported by Tom Hammond, director and Daniel McCartney, manager.
Jonathan Wright, partner at Evolve Corporate Finance, commented: “It was a pleasure to support and advise the shareholders of Nortech on this transaction. Our experience, research capabilities, and international network enabled us to find the best global partner with a strong cultural and strategic fit that complemented the business, which was important to our client and the management team. The strategic partnership will enable the existing management team to continue to provide innovative products and solutions to its customers, and we look forward to seeing the Nortech team continue their success story.”
Julian Brown, managing director, Nortech, added: ‘‘We are delighted that Nortech is now part of the Vestum group. Their ‘acquire and hold strategy’, combined with a focus on growing businesses within the infrastructure sector, was what attracted us most to their offer. It’s a great fit for both companies. I'd like to personally thank the team at Evolve who helped us navigate the bewildering path from preparation, bid selection, through the detailed due diligence phase, and finally to a successful sale.”
Simon Göthberg, CEO of Vestum, commented: “We are pleased to announce the acquisition of Nortech, which creates a new platform within Vestum's flow technology segment. Nortech is a market leader, with high market share, in monitoring and control technology in the structurally growing energy and water distribution sector in the UK and has, with over 30 years in the industry, extensive experience in providing innovative products to its customers.”
