Nowocoat Industrial A/S

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Waterland and Nowocoat enter partnership to accelerate growth

Waterland Private Equity invests in Nowocoat, which provides functional coating products and solutions with a strong sustainability profile for professional roof contractors, industrial customers and builders’ merchants.

At Nowocoat’s modern production facilities in Kolding and Falun, approximately 60 experienced employees develop and produce bespoke coating solutions in close collaboration with customers. Around 80% of revenue derives from sales of sustainable and water-based products, which prolong the lifespan of coated materials and ensure a much better working environment during the production process. The innovative products reduce CO2 emissions by lowering the energy consumption related to roof painting, coating of wooden floors and furniture as well as in connection with coating of industrial components.

After generating organic growth around 18% in 2018-2020, Nowocoat lifted revenue to around DKK 200 million in 2021. The development reflects general progress in sales to professionals, industrial customers and retailers. This progress was further strengthened in 2021 with the acquisition of Swedish AB Rötmotaverken with a production facility in Falun as well as a positive contribution from a significant contract for do-it-yourself products in the retail segment. In 2019, Nowocoat expanded the business through the acquisition and integration of Danish Lurrell Industries A/S, which provides products for industrial coating of wooden furniture.

”We have created a strong and profitable business by drawing on our year-long experience and unique technical competencies as we set new standards in the industry by developing sustainable quality solutions and products in close cooperation with our customers. At Nowocoat, we have always been passionate geeks with paint and varnish in our veins and a sharp focus on innovation and sustainability. We are pleased to welcome Waterland who share our perspective on the great opportunities in the market and will contribute with valuable competencies and capital to our development going forward,” says Ole E. Jensen, CEO of Nowocoat.

In the coming period, Nowocoat will expand its strong market position in the Nordics and build its international business. The continued progress will be ensured based on the well-invested production platform and by expanding the company’s roof paint solutions to adjacent markets in Europe, strengthening sales to existing and new industrial customers in Asia – where COVID-19 has temporarily curbed activity – and lifting sales through builders’ merchant chains and retailers across markets.

“We look forward to entering into a close partnership with the management and employees of Nowocoat, which is a well-run and well-invested company with great growth and development potential in a fast-paced market. We will cooperate to accelerate the expansion of Nowocoat’s sustainable solutions, which are sought after by customers because they are environmentally friendly and prolong the lifespan of building materials. We see great opportunities for accelerating growth by continuing the positive development of Nowocoat and expanding the business through targeted acquisitions,” says Kaspar Kristiansen, Managing Director Nordics, Waterland Private Equity.

Nowocoat’s management continues and will invest in the company alongside the current owners and Waterland, which becomes a majority shareholder with an ownership of 85%. The parties have agreed not to disclose the purchase price.

For additional information, please contact:

Nowocoat - Ole E. Jensen, CEO
Tlf. +45 30 30 32 34

Waterland - Kaspar Kristiansen, Managing Director
Tlf. +45 21 28 22 44

About Nowocoat

Nowocoat provides innovative, sustainable and functional high-performance coating products and solutions for professionals and industrial customers as well as builders’ merchants and other retailers. The company has 60 employees and was founded in 2014 with roots back to 1861. The coating products for roof painting, metal surfaces and wooden floors and furniture are manufactured at Nowocoat’s production facilities in Kolding and Falun, Sweden. Nowocoat is certified in accordance with ISO 14001 (environmental management) and has obtained DNV’s Sustainable Development Goal certification as the first and only Danish coating manufacturer, and around 80% of the company’s revenue derives from sales of sustainable and water-based products.

About Waterland

Nowocoat provides innovative, sustainable and functional high-performance coating products and solutions for professionals and industrial customers as well as builders’ merchants and other retailers. The company has 60 employees and was founded in 2014 with roots back to 1861. The coating products for roof painting, metal surfaces and wooden floors and furniture are manufactured at Nowocoat’s production facilities in Kolding and Falun, Sweden. Nowocoat is certified in accordance with ISO 14001 (environmental management) and has obtained DNV’s Sustainable Development Goal certification as the first and only Danish coating manufacturer, and around 80% of the company’s revenue derives from sales of sustainable and water-based products.

Environmental management can ensure an active response to the climate and improve your business strategy

Climate change and environmental initiatives are more closely linked than ever. Environmental management standard such as ISO 14001 can be a key factor in companies reducing their environmental footprints and increasing their contributions to meeting the targets agreed upon at COP26.


Nowocoat is based on Stålvej 3 in Kolding

Nowocoat is a family-owned business that can trace its roots back to 1861 which makes paints and varnishes for craftsmen, industrial production and the construction sector both in Denmark and abroad, and the products are made under the ISO 14001 environmental management standard and the certification that has been gained.

“We have worked with environmental management since the end of the 1980s, so it is anatural part of our management system. We are an international company, and ISO 14001 makes sense no matter what language or culture we are dealing with. When you can show your ISO 14001 credentials, you are respected, whether you are dealing with China or Sweden,” says CEO Ole Enevold Jensen.

The standards for environmental management provide a number of specific instructions for mapping how the company’s products and production processes impact the environment. The standard also deals with a large number of other issues such as waste management, the use of harmful substances, electricity consumption and transport.

“The environmental management standards are a tool that can be used to lead your company or organisation in the right direction when it comes to environmental issues. The company gets different tools to make a number of decisions on an informed basis, meaning one can work with reducing the environmental impact in a more targeted manner. By following the standard, you ensure that you reach your targets,” says Kasper Hillgaard Mühlbach, Chief Consultant at Dansk Standard.


Up to date with legislation

Nowocoat achieved the ISO 14001 certification in 2015, and it took more than a year to get the new routines, process and workflows integrated, but it has been worth the effort.

Environmental management ensures that we are acting in an environmentally responsible manner in relation to our local communities, customers, employees and suppliers. At the same time, the standard ensures that we will grow in a responsible manner in the long run.
Ole Enevold Jensen, CEO, Nowocoat


The certification also provides Nowocoat with a benchmark in relation to legislation and environmental trends.

“ISO 14001 is a very dynamic tool, since legislation is constantly changing. Legislation can be quite complicated, since it deals with both employees, products, production and the local community,” the CEO says.

Kasper Hillgaard Mühlbach from Dansk Standard echoes this sentiment.

“We are seeing the complexity of environmental legislation increasing, and it is becoming harder and harder for companies to stay up to date with the latest legislation. Here too the standard is a good tool for implementing processes that make this task easier,” he says.

Customers are demanding environmental management

At Nowocoat, environmental management is divided into four areas: The factory, including the employees, safety, energy and water consumption, products that are to be part of products manufactured by another producer, products that have a function, such as roof paint that absorbs less sunlight and, finally, advisory services to other companies.


“We no longer have to look things up in the manual, because what we do is according to the standard, but we are always considering whether we need to adjust our processes and workflows,” says Ole Enevold Jensen.

In his experience, Nowocoat’s customers expect the company to have an environmental management certification or some other measurable tool.

“We have acquired five companies in recent years, and the prerequisite for our acquisition was that they had to have an environmental certification,” he emphasises.

According to Kasper Hillgaard Mühlbach, the standard is important when a company wants to introduce a culture that cares about the environment.

"It serves as a stamp of approval for companies’ environmental work, and there is a branding value from being certified, as it shows the world that you are working in a targeted manner to reduce your environmental impact and that the data is valid."
Kasper Hillgaard Mühlbach, cheif consultant at Dansk Standard

Ole Enevold Jensen is also certain that the environmental management can be seen on Nowocoat’s bottom line.

“I like that we need to register everything such as events that could lead up to an accident. It forces employees to think things through, and we can then ensure that it is followed up on. When you do that, I am sure that environmental management pays off, since we avoid making the same mistakes over and over again,” he says.

The work with environmental management has meant that the company has had no wastewater emissions requiring the involvement of the authorities.

More competitive advantages

Kasper Hillgaard Mühlbach recommends that companies who want to introduce environmental management not only map which financial gains can be achieved but also look at what expectations customers and business partners have and will start to have in the next five years.

“Companies need to look at what they can do to become more attractive to their customers, business partners and future employees, and here the environment plays an important role. If you develop green products, this provides more market-related competitive advantages and it becomes easier to attract future talent to your company, since you have firm proof that you care about the environment,” Kasper Hillgaard Mühlbach points out.

He adds:

“A lot of people are talking about the green transition, and with an ISO 14001 certification, you get a tool that you can actually use to implement your strategy in this area. It is a systematic method that allows the company to constantly mature its managerial approach.”


With an environmental management standard, companies and organisations get a good and effective tool that can both reduce the most significant environmental impacts and make the environmental initiatives more credible. The standard also provides a financial payoff and can be used to document your environmental initiatives to the outside world.

Besides ISO 14001, which is the standard that defines the requirements for environmental management and can form the basis for a certification, Dansk Standard also works with other standards that can help companies with the implementation and improvement of things such as ISO 14004, which is a guide for how to implement environmental management in a company.

The companies can decide for themselves whether they just want to comply with the requirements of ISO 14001 or if they want to get certified under this standard.

Global environmental breakthrough for Danish paint and coating manufacturer

Nowocoat is the first Danish paint and coating manufacturer to have obtained international certification from DNV on the 17 UN Sustainable Development Goals



“DNV’s SDG certification shows that Nowocoat has elected to not simply commit itself to the SDGs they are focused on, but that they are proactively setting objectives for what they want to achieve with plans that are integrated into their business and which they can provide us documentation on. Nowocoat has thereby joined an exclusive club of Danish companies that don’t just say they are working on the goals, but can also prove that they are reaching their sustainability objectives,” said sales manager Kåre Appel Weng at DNV. “DNV’s SDG certification is harmonised with ISO’s High Level Structure. This means that Nowocoat has integrated its work on the UN SDGs into their existing management system, which DNV has certified for more than 15 years. This makes it much simpler in practice to work on the goals and incorporate them into daily routines and processes,” he added.

Sustainable development is an important aspect in all development at Nowocoat Industrial A/S and an integral component of the company’s management system. Nowocoat works systematically with the environment and quality management, and the company has already obtained ISO 9001 and 14001 certification.

“As an integral part of this work, we are also working on the 17 UN Sustainable Development Goals, commonly referred to as the SDGs. We are especially focused on the goals dealing with health and well-being, decent jobs and economic growth and responsible consumption and production. Yet the whole attitude on ensuring decent conditions from start to finish for people, products, health and the environment is also important to us. That is why it is natural for us to work on the three SDGs we have chosen to focus on, and I am incredibly proud and thrilled about the fact that we have now obtained certification. I am also convinced that this new recognition will contribute effectively to ensuring growth and sustainable solutions here at Nowocoat for the benefit of people and the environment,” said Ole Enevold Jensen, CEO of Nowocoat.

Sustainable and environmentally friendly products

Among other things, Nowocoat has demonstrated its ambitions in relation to the SDGs through specific environmental and quality objectives. In 2021, for example, these objectives include a unique and approved algae control agent that will replace products that are currently available on the market but which according to Nowocoat are illegal to use. “Our goal is for the product to be found in 80 percent of all of Denmark’s 500 DIY stores and garden centres in 2021. The consumption of illegal agents runs up to 40 million litres per year. Our approved algae control agent is expected to convert at least five percent of the market, corresponding to an expected sales volume of no less than 2 million litres in 2021,” Enevold predicted. He also highlighted the company’s so-called roof paint, which is certified under DGNB as a special sustainability label. “The product UV Lak is also ready to enter the market. The product is intended to replace solvent-containing coatings and reduce environmentally harmful emissions while also creating a better working environment.”

Earlier this year, Nowocoat acquired the Swedish paint company Rötmotaverken as part of its strategy to manufacture sustainable products. Additionally, Nowocoat has established a new global system that collects and manages all assignments worldwide, and this system is envisaged to ensure better management of resources and flow in the completion of assignments, creating a better working environment and higher well-being for the company’s employees.

Sustainable development and secure jobs

Jensen emphasised that development and innovation are what drive processes forward at Nowocoat. Responsible consumption and production are the driving force. “We work systematically with an environmentally sound handling of chemistry, products and waste in our production processes. That is why we are going for sustainable labels such as Ecolabel and DGNB and developing a UC coating that results in a massive reduction of emissions of volatile organic solvents. This process going hand-in-hand with ensuring decent, secure jobs, health and well-being and less exposure to hazardous chemicals. We spend a lot of resources on engaging, managing and supporting our employee in relation to sustainable development. Our Code of Conduct has been sent out to all our suppliers, and we ensure through dialogue that everyone is working with this set of ethical rules,” said Jensen.


About Nowocoat Industrial

  • Nowocoat Industrial A/S is an innovative paint and coating manufacturer with a portfolio of functional and durable coatings for mineral, wood and metal surfaces for industrial application.
  • The company has 36 employees, its head office is located in Kolding, and it has employees in Poland, China and Vietnam.
  • In 2019, Nowocoat Industrial acquired the company Lurrell Industries.
  • 80 percent of Nowocoat’s production is exported to markets in Northern Europe and Asia.
  • Expected revenue for 2021: DKK 220 million.
  • Expected result for 2021: +DKK 40 million before tax
  • Supplier to customers such as IKEA, Jysk, Wal-Mart and K-Markt.
  • In 2021, Nowocoat acquired the Swedish AB Rötmotaverken, which has been producing and developing special products for the paint industry since the 1920s. The company has a turnover of SEK 70 million and 20 employees.

About DNV and the SDG certification

  • The SDG certification was launched in 2019, and since then, 20 Danish companies have obtained certification according to the certification criteria.
  • These criteria are harmonised with ISO’s High Level Structure and can therefore be integrated into the companies’ existing management systems.
  • Certification requires that the company can provide documentation to DNV that they has committed itself to specific objectives in relation to the UN SDGs, that they have produced specific plans to improve their impact in relation to the UN SDGs and that they can document progress and concrete results.
  • DNV conducts at least one annual inspection visit at the company to ensure that the company is continuously working on improvements and continues to comply with the criteria.
  • DNV Business Assurance is one of the world’s leading certifying organs with activities in more than 100 countries and five offices in Denmark.

Danish firm Nowocoat is continuing its growth and has increased its turnover by more than 50 percent and DKK 70 million after acquisitions in Sweden

Danish, family-owned paint and lacquer manufacturer Nowo- coat Industrial A/S is continuing its massive growth and has already reached a turnover in excess of DKK 220 million this year. The background for this development is an ag- gressive marketing strategy based on high quality, service, and patented, environmentally friendly and sustainable products. An additional acquisition will be announced shortly.


After intense negotiations over the summer, Swedish paint and varnish factory AB Rötmotaverken is now part of Danish growth company Nowocoat Industrial A/S, which is based in Kolding. Nowocoat is thus cementing its growth strategy and has already reached a turnover of DKK 220 million in 2021, just seven years after the company’s establishment.


“From the beginning, we have focused on growth and earn- ings,” says Ole E. Jensen, CEO of Nowocoat Industrial A/S, announcing another acquisition in 2021, which will increase total revenue to DKK 350 million in 2022. “We have a healthy business with available capacity and finances that give us good business opportunities. We will use this to our advan- tage when the opportunity arises,” Ole E. Jensen states.


Nowocoat Industrial A/S will provide AB Rötmotaverken with more and new resources in the form of know-how, invest- ments and synergies. The company will continue to operate at its current address in Sweden, and AB Rötmotaverken’s CEO, Conny Alfsson, will continue to be responsible for day- to-day operations, sales and development.



“The merger will strengthen both companies. With Nowocoat Industrial, we can accommodate and deliver on more specific enquiries. The market is characterised by few very large actors, and this subjects customers to some limitations – not least in hardware stores and the consumer market. Often, suppliers more or less dictate the conditions under which the collab- oration is to take place, and with the increased capacity and the new products we will have available through our connec- tion to Nowocoat Industrial, in the future we will be able to service hardware stores significantly better and thus provide them with a higher degree of freedom in their purchases,” Conny Alfsson emphasises.


New business opportunities created the interest in taking over the Swedish company. “The acquisition of AB Rötmota- verken is a strategic investment that is about much more than increasing our volume in the market. The company offers products for both the industrial and consumer markets, and their sales channels for hardware stores in the Nordic region and their physical location give us advantages that we do not have in Kolding today. On the other hand, we now have a larger capacity, a wider product range and better facilities as well as innovation and know-how within functional sur- face treatment, which can greatly strengthen the business in Sweden,” Ole E. Jensen points out.



Nowocoat Industrial A/S expects to create further growth in both companies and win market shares following the ac- quisition of AB Rötmotaverken through, among other things, a common focus on sustainability.


“Technologically and scientifically, Nowocoat Industrial has very strong competences which will strengthen our position vis-à-vis consumers,” says Conny Alfsson, and is backed by Ole E. Jensen: “The consumer market is a growing market, and as consumers are becoming more aware of effective, du- rable and environmentally friendly alternatives to the wood protection, algae remover, wall paint or floor varnish they use today, I am sure we will stand strong in this market as well.”


About Nowocoat Industrial

> Nowocoat Industrial A/S is an
innovative paint- and lacquer
factory with a product portfolio
of functional and durable coatings
for mineral, wood and metal surfaces for industrial use.

> The company is headquartered and has its production
in Kolding, with employees in Poland, China and Vietnam.

> In 2019, Nowocoat Industrial A/S took over Lurrell Industries.

> Nowocoat Industrial A/S is environmentally certified according to ISO 9001 and ISO 14001.

> 80 percent of production is exported to markets in Northern Europe and Asia.

> Revenue 2020: DKK 123 million.

> Profits 2020: DKK 26.3 million before tax.

> Number of employees 2021: 36.

> Subcontractor for customers such as IKEA, Jysk, WallMart and K-Markt.

> AB Rötmotaverken has been producing and developing special products for the paint industry since the 1920s. In 2020, the company had a turnover of SEK 70 million, employing 20 people.


For further information: Contact Director Ole E. Jensen byphoneon+4530303234
or by email at:


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