Nordic Waterproofing Group has acquired a further 40 percent of the shares in Blomstertak AS (Blomstertak), a Norwegian company growing sedum that offers a wide variety of different landscaping products. In 2018 the first 60 percent of the shares were acquired and Blomstertak is now a wholly-owned subsidiary of Nordic Waterproofing.
Blomstertak offers a wide variety of different landscaping products, both their own sedum mats but also products from other suppliers, like Veg Tech, to the Norwegian market. Customer base consists of main contractors, roofers and infra contractors in new build and from wide variety of property owners in renovation market.
Blomstertak has a yearly Net Sales of ca NOK 30 M. The transaction is completed and financed through Nordic Waterproofing's existing credit facilities. The acquisition is expected to have a limited impact on Nordic Waterproofing's earnings per share in 2023 within the segment Products & Solutions.
“Blomstertak has been part of our group for five years with a good development. We think now is a good time to increase our ownership to 100 percent. We are very pleased that management will stay with the company and continue to drive a succesful development for our green infrastructure products and solutions on the Norwegian market.” says Mats Lindborg, Head of NW Sweden and Norway.
"Nordic Waterproofing's strategy is to grow both organically and through acquisitions. With the completion of the acquisition of Blomstertak we strengthen our position offering sustainable solutions in Norway." says Martin Ellis, President and CEO of the Nordic Waterproofing Group.