Key Takeaways
- • Vestum sells Flowa, its pump and water technology division, to Nordic Capital for SEK 6.5 billion (€590 million), with completion expected in H2 2026.
- • Flowa generated SEK 1.43 billion (€132 million) in revenue and SEK 370 million (€34.2 million) in EBITDA for the 12 months ending March 31, 2026, representing a mid-20s revenue multiple.
- • The platform consolidates 10 companies across the UK and Nordic region, operating a fleet of 3,000+ pumps and providing mission-critical water infrastructure and rental services to utilities.
- • Simon Göthberg transitions from Vestum CEO to lead Flowa as its new chief executive, signaling continuity and Nordic Capital's commitment to growth-focused management.
- • The transaction reflects Nordic Capital's strategic focus on essential infrastructure with stable, long-term revenue streams from water utilities and wastewater operators.
Summary
Swedish industrial group Vestum has agreed to divest Flowa, its pump and water technology platform, to Stockholm-based private equity firm Nordic Capital for SEK 6.5 billion (approximately €590 million). The transaction is expected to close in the second half of 2026 and will establish an independent operating company focused on pump rentals and water infrastructure across the UK and Nordic region.
Flowa was created earlier in 2026 when Vestum separated multiple businesses from its Flow Technology segment. The platform comprises 10 operating entities: six UK-based companies (Pump Supplies, PDAS, Dynamic Fluid Solutions, PJT Pumping Services, Cheltenham Controls, and Nortech) alongside Scanregn (Denmark), Pordrän and Filtrena (Sweden), and Norsk Pumpeservice (Norway). For the 12 months ended March 31, 2026, Flowa generated revenues of SEK 1.43 billion (€132 million) and EBITDA of SEK 370 million (€34.2 million), implying a transaction multiple of approximately 17.6x EBITDA on a cash- and debt-free basis.
Flowa's operational footprint spans pump rental services—supported by a fleet exceeding 3,000 submersible and surface-mounted pumps—alongside bypass systems, water monitoring, control systems, and engineering services for water utilities and infrastructure operators. These assets provide mission-critical support to wastewater and water treatment infrastructure, positioning the platform as an essential service provider with resilient, utility-contracted revenue streams.
Simon Göthberg, departing his role as Vestum CEO, will assume the chief executive position at Flowa. His transition underscores Nordic Capital's intention to maintain operational continuity and pursue growth acceleration. Andreas Näsvik, a partner at Nordic Capital Advisors, emphasized the strategic rationale: "Flowa plays a mission-critical role in keeping water and wastewater infrastructure running, preventing the kind of failures that cause environmental incidents and significant consequences for utilities and communities alike." This characterization highlights Nordic Capital's investment thesis centered on essential infrastructure serving regulated utilities with stable, long-term demand dynamics.
Flowa was created earlier in 2026 when Vestum separated multiple businesses from its Flow Technology segment. The platform comprises 10 operating entities: six UK-based companies (Pump Supplies, PDAS, Dynamic Fluid Solutions, PJT Pumping Services, Cheltenham Controls, and Nortech) alongside Scanregn (Denmark), Pordrän and Filtrena (Sweden), and Norsk Pumpeservice (Norway). For the 12 months ended March 31, 2026, Flowa generated revenues of SEK 1.43 billion (€132 million) and EBITDA of SEK 370 million (€34.2 million), implying a transaction multiple of approximately 17.6x EBITDA on a cash- and debt-free basis.
Flowa's operational footprint spans pump rental services—supported by a fleet exceeding 3,000 submersible and surface-mounted pumps—alongside bypass systems, water monitoring, control systems, and engineering services for water utilities and infrastructure operators. These assets provide mission-critical support to wastewater and water treatment infrastructure, positioning the platform as an essential service provider with resilient, utility-contracted revenue streams.
Simon Göthberg, departing his role as Vestum CEO, will assume the chief executive position at Flowa. His transition underscores Nordic Capital's intention to maintain operational continuity and pursue growth acceleration. Andreas Näsvik, a partner at Nordic Capital Advisors, emphasized the strategic rationale: "Flowa plays a mission-critical role in keeping water and wastewater infrastructure running, preventing the kind of failures that cause environmental incidents and significant consequences for utilities and communities alike." This characterization highlights Nordic Capital's investment thesis centered on essential infrastructure serving regulated utilities with stable, long-term demand dynamics.
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