Astorg has closed the Normec Continuation Fund, capitalised with €1.4bn by lead investors CVC Secondary Partners, Pantheon, Lexington Partners and Eurazeo, alongside sovereign wealth funds, pension funds, asset managers and family offices.
The fund was established to acquire Normec, a European provider of testing, inspection, and certification services, held in Astorg VII.
Commitments were from both existing Fund VII and new investors alongside equity contributions from Normec’s leadership team and Astorg’s deal team.
Following an initial investment in 2020, Normec has more than quadrupled its size through organic growth and over 40 acquisitions, according to a press statement. The current management team will continue to lead development of the firm in partnership with Astorg.
Founded by Joep Bruins, CEO of the Group, Normec employs over 5,000 across six European countries.
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