Kingspan takes control of Swedish firm Nordic Waterproofing 

Kingspan chief executive Gene Murtagh. 

Cavan-based insulation company Kingspan has acquired a controlling stake in the Swedish company Nordic Waterproofing Holding as it seeks to further expand its roofing and waterproofing division.

On Friday last week, Kingspan completed the purchase of 26.5% of Nordic Waterproofing’s shares bringing its total ownership to 62.6%.

In a statement, Kingspan said this is a “further significant milestone” in the growth of their roofing and waterproofing division.

“Nordic Waterproofing is a leading provider of waterproofing solutions in Northern Europe with a presence in 10 countries,” it said.

“This development, together with the recent acquisition of IB Roofing in the US and our existing business, takes the Group's annualised consolidated roofing and waterproofing revenues to approximately €1bn.” 

Kingspan had previously made attempts to take over the Swedish company. In October last year, after acquiring over 30% of the company, Kingspan offered €230m to buy out the remaining shares.

Kingspan was required to make an offer for the remaining 70% of shares under the Swedish Takeover Act. shareholders had until February 1 to accept the offer. 

After this period was extended, Kingspan opted to walk away from the deal.

This new increased ownership of Nordic Waterproofing does not trigger any obligation for Kingspan to make a mandatory public offer for the other outstanding shares.