Ramboll Acquires Envidan from Waterland

Rivean Capital and Engelmann Management Acquire Majority Stake in Engelmann

November 20, 2025

Industrial Services

European private equity firm Rivean Capital, together with Engelmann’s management, acquired a majority stake in Engelmann from funds advised by DPE Deutsche Private Equity. The investment supports Engelmann’s continued international expansion and product innovation in smart submetering technologies for heat, cooling, and water measurement.

Waterland Private Equity Takes Significant Stake in Auren

March 12, 2025

Professional Services

European private equity firm Waterland Private Equity has acquired a significant stake in Auren, a leading Spanish professional services firm specializing in audit, legal advisory, consulting, and corporate finance. The investment will support Auren’s international expansion, technology investment, and buy-and-build strategy while preserving the firm’s partners-led management; the deal remains subject to approval by the Spanish CNMC.

Waterland Private Equity Acquires Majority Stake in INCOSA

January 17, 2025

Industrial Services

Waterland Private Equity has agreed to acquire a majority stake in INCOSA, a Spain-based engineering consulting firm, in a deal that will see INCOSA's existing shareholders and management retain a significant stake. The investment will support INCOSA's service expansion, capability enhancement and footprint growth across energy, infrastructure, building and environmental management markets.

Rivean Capital Acquires Majority Stake in Valcon

December 30, 2024

Consulting

Rivean Capital will acquire a majority stake in Valcon, the Utrecht-based digital transformation consultancy, subject to ACM approval and consultation with Valcon's Dutch works council. Waterland will be replaced as majority investor but will remain a minority shareholder; the investment is intended to accelerate Valcon's organic and acquisitive growth, expand capabilities (including AI and data services) and strengthen its position across Northwestern Europe.

Waterland Private Equity Acquires Van Vulpen

January 13, 2023

Construction

Waterland Private Equity has acquired a majority stake in Van Vulpen from Mentha, with the current management reinvesting in the business. Van Vulpen is a Gorinchem-based specialist in underground infrastructure and horizontal directional drilling serving electricity, gas and water utilities; Waterland will support further growth and professionalization of the business.

Norvestor Acquires Majority Stake in Smartvatten (Envera Ltd.)

February 26, 2021

Environmental Services

A fund advised by Norvestor Advisory AS has agreed to acquire a ~60% majority stake in Envera Ltd., the company behind the Smartvatten water-monitoring solution. Smartvatten is a hardware-enabled SaaS provider for real-time water consumption monitoring across 7,000+ buildings in the Nordics and Benelux, headquartered in Espoo, Finland with ~40 employees; existing shareholders including Taaleri Circular Economy Fund and the founders will reinvest and retain the remaining equity.