Astorg, a prominent pan-European private equity firm, has successfully closed the Normec Continuation Fund, raising €1.4 billion. The fund is backed by lead investors CVC Secondary Partners, Pantheon, Lexington Partners, and Eurazeo, along with a diverse group of additional investors, including sovereign wealth funds, pension funds, asset managers, and family offices.

The Continuation Fund was created to acquire Normec, a leading independent player in testing, inspection, certification, and compliance (TICC) services, previously held in Astorg VII. The transaction was oversubscribed, attracting commitments from both existing Fund VII investors and new investors. Significant equity contributions also came from the Normec leadership team and the Astorg deal team. The raised capital will support Normec’s organic growth and acquisition strategies.

Normec, founded by CEO Joep Bruins, employs over 5,000 people across six European countries. Since Astorg's initial investment in 2020, Normec has seen substantial growth, more than quadrupling in size. This growth is attributed to strong organic performance, over 40 acquisitions, and international expansion across four verticals. The current management team will continue to lead Normec in partnership with Astorg.

François de Mitry, Chief Investment Officer of Astorg, highlighted the significance of this milestone, noting it follows a €1.3 billion continuation fund raised for IQ-EQ in 2022. He expressed gratitude to both existing and new partners for their support and enthusiasm for continuing the partnership with Normec as it enters its next growth phase.

Joep Bruins, Normec’s Group Chief Executive Officer, expressed pride in the team's accomplishments and excitement about continuing the successful partnership with Astorg. He emphasized that the transaction will bolster Normec’s pan-European leadership and support its international expansion.

This strategic move underscores Astorg's commitment to fostering growth and expansion within its portfolio companies, leveraging substantial investor support to drive forward ambitious business objectives.