Waterland Private Equity has become the majority shareholder in Norisol, a Danish provider of technical insulation, scaffolding and marine solutions, while MS2 Invest and other minority holders keep their stakes.

Since MS2 Invest acquired the firm in 2018, it has focused on core Danish operations, divested less profitable units and strengthened the organization. Norisol has since expanded into renewable energy, maritime, pharmaceuticals, data centers, food production, defense and carbon capture, working with MS2 Invest to professionalise processes, services and platforms.

The company employs over 800 people, posted an operating margin of 13% in 2025 and expects revenue to exceed DKr1bn ($154m) in 2026.

Waterland, with nine platform investments in the Nordic region since 2017, sees long‑term potential driven by energy efficiency, stricter regulation and growth in renewable energy and pharmaceuticals. Waterland believes this is the right time to bring in a majority shareholder to provide capital and expertise for the next phase.