Equip, the Norwegian private equity fund who founded No Dig Alliance, has sold all its shares in NDA to Ambienta – one of Europe’s leading asset managers pioneering investment in environmental sustainability.
Foundation and Growth
In 2021 Equip co-founded No Dig Alliance together with Riggtech and Pollex, and over the past four years, they have developed NDA from the ground up, establishing it as the leading trenchless solutions provider in the Nordic region. Since its inception, NDA has acquired 13 companies in Sweden, Norway, and Finland, which have become part of the ever-growing alliance.
– Our investment in No Dig Alliance has been very good, with superior returns. Nevertheless, we are most proud to have contributed to building a market-leading company that solves critical challenges for Nordic local communities. The prospects for No Dig Alliance, both in the Nordic home market and further into Europe, are bright, says Torkild Hebbert Haukaas, partner in Equip and chairman of the board of No Dig Alliance (NDA).
Since 2021 No Dig Alliance’s revenues have quintupled, while operating profit has increased tenfold. In 2025, NDA is expected to generate SEK 860 million in revenue with an operating profit of SEK 120 million, however, further strategic acquisitions could substantially accelerate growth.
– Equip has been absolutely instrumental to No Dig Alliance, first by initiating the company and then by being engaged and active owners. Even before the company was founded, they conducted a thorough market analysis and identified a clear need for a player that could drive the adoption of trenchless technologies. In addition to providing capital for growth, Equip has taken on a clear strategic role, particularly through their work on the board. Together, we have built a company with sustainability at its core – a guiding principle for Equip, for me as CEO, and for all employees at No Dig Alliance. Their support gave us the strong start we needed to grow, evolve, and contribute to a more sustainable society, says Patrik Larsson, CEO of No Dig Alliance.
Outlook and Opportunities
Every second, thousands of liters of drinking water are wasted in Europe, raising growing concerns about a potential water crisis. While the Nordic regions generally manage water loss better than most EU countries, they still face significant and costly challenges. In Norway, for instance, approximately 30 percent of drinking water is lost due to leaks in the pipeline network before it even reaches consumers, which amounts to over 100 liters per person each day. These leaks, along with cracks and breaks in aging infrastructure, not only waste a valuable resource but also place financial strain on utilities and can potentially harm the surrounding environment. As urban populations grow and water and sewer networks age, the need for efficient, low-impact pipeline maintenance and renewal solutions becomes increasingly urgent.
Trenchless techniques, which NDA employs, present a forward-thinking approach to pipeline development, dramatically reducing environmental impact while improving efficiency. Compared to conventional methods, these techniques can cut carbon emissions by up to 90% and accelerate project timelines by as much as fivefold.
By minimizing ground disruption, lowering material consumption, and requiring fewer working hours, trenchless methods not only support sustainability goals but also lead to significant cost savings and less disruption to daily life.
Ambienta is one of Europe’s leading asset managers, pioneering investments in environmental sustainability across both private and public markets, with over €4 billion in assets under management. Ambienta focuses on investing in and scaling environmental champions and businesses driven by sustainability, and has naturally incorporated the exploration of trenchless solutions into its strategy.
– We have been exploring the trenchless solutions space for over a decade, recognising the urgent need for adaptive and resilient water systems as climate change intensifies global water stress. Rising urbanization, stricter regulation, and the push for climate-resilient cities are accelerating demand for cost-effective and low-emission infrastructure solutions. NDA is uniquely positioned to address these needs, says Mauro Roversi, Founding Partner and Chief Investment Officer at Ambienta.
He further states:
– We look forward to the partnership with the NDA leadership team and local founders to accelerate the company’s expansion, strengthen its leadership in existing markets, and explore selective cross-border growth opportunities.
Follow the link to learn more about Ambienta: ambientasgr.com