Investment firm Ambienta makes move into Nordic regions with unveiling of €500 million small-cap strategy.
Ambienta, a sustainability-focused asset manager, has made a strategic move by acquiring a majority stake in No Dig Alliance (NDA), a company providing trenchless water infrastructure services in the Nordic region. This marks Ambienta's first entry into the Nordic market and reinforces its commitment to identifying and scaling environmental champions.
NDA, the leading Nordic provider of trenchless pipe renewal, operates across Sweden, Norway, and Finland. The company uses trenchless technology to minimize carbon emissions, construction waste, and urban disruption. Ambienta's investment brings strong financial backing, expertise, and a sustainability-oriented growth trajectory to NDA, potentially driving innovation and consolidation in the trenchless segment.
The acquisition is linked to Ambienta’s recently launched €500 million small-cap investment strategy focused on companies aligned with environmental trends. This strategy targets European companies with revenues up to €150m that deliver measurable gains in sustainability, particularly in underpenetrated and fragmented sectors. The small-cap strategy has raised approximately €500m, surpassing its original €450m target.
The strategic impact on the trenchless water infrastructure industry in the Nordic region includes accelerated modernization of aging water networks. This is driven by sustainability and efficiency imperatives, addressing a critical European challenge where 25% of treated water is lost through leakage daily.
Ambienta's investment strategy is sector-agnostic but remains aligned with the belief that sustainability drives value. The company ensures the preservation of the integrity of its environmental impact while scaling through its proprietary Environmental Impact Analysis tool. This tool quantitatively assesses the impact of each investment across 11 environmental metrics.
The "ESG in Action" programme embeds ESG principles into every stage of the value creation process. This rigorous screening approach is applied and consistent across all Ambienta's strategies. Only companies with quantifiable and material sustainability benefits are eligible for investment. The "ESG in Action" programme ensures each of Ambienta's investments delivers measurable, positive ESG outcomes.
In summary, Ambienta’s acquisition strategically leverages the Nordic region’s €3 billion underground infrastructure market, creating a platform for sustainable growth and efficiency improvements in water pipeline renewal without excavation. It also positions Ambienta as a key player in a vital sector addressing environmental challenges and urban infrastructure modernization in the Nordics. The transaction is expected to close in the second half of 2025, after which further strategic growth and consolidation activities are likely.
- By investing in No Dig Alliance (NDA), a private equity firm, Ambienta is now poised to finance and grow the Nordic trenchless real-estate sector with a focus on biodiversity, as NDA uses trenchless technology to minimize construction waste, reduce urban disruption, and lower carbon emissions.
- Under Ambienta's management, NDA is set to expand its operations beyond Sweden, Norway, and Finland, benefiting from the finance, expertise, and sustainability-oriented growth trajectory that Ambienta brings to the table, as the latter continues to identify and scale environmental champions.
- With its newly launched small-cap investment strategy dedicated to companies aligned with environmental trends, Ambienta is accepting and investing in businesses like NDA that deliver measurable improvements in sustainability, especially in underpenetrated and fragmented sectors, while ensuring positive ESG outcomes.
