From the
organisers of
Hillhead logo

SigmaRoc to acquire Nordkalk


Northern Europe’s leading limestone producer to be acquired by SigmaRoc for €500 million

LONDON-listed quarried materials group SigmaRoc plc have signed an agreement to acquire Nordkalk, Northern Europe’s leading limestone producer, from the Rettig Group based on a €500 million enterprise value on a cash-free, debt-free basis. The transaction will be consummated through a reverse takeover under AIM rules and Rettig Group will become a key shareholder of SigmaRoc with a c.8% stake.

Nordkalk will form SigmaRoc’s sixth platform and add a core limestone products stream to the Group, which also includes the five current platforms of Wales, the Channel Islands, Benelux, precast products, and dimension stone.


With more than 820 employees, Nordkalk’s own platform consists of more than 30 locations across 10 countries. In 2020 the company had a turnover of €276 million and underlying EBITDA of €67 million.

Circular economy products comprise 13% of Nordkalk’s sales volumes and the company also has a long history of using its by-products, which results in its material efficiency being more than 90% and rising. Nordkalk have also set out a clear ambition towards fossil-free and carbon-neutral operations.

Commenting on the transformational acquisition, SigmaRoc’s chairman, David Barrett, said: 'Nordkalk is a well-established and well-respected business with a substantial asset footprint spanning Northern Europe. It has a long history of success and much future potential. This acquisition creates a raft of new opportunities for SigmaRoc to capitalize on in the months and years ahead.’

SigmaRoc’s chief executive officer, Max Vermorken, added: ‘The acquisition of Nordkalk, Northern Europe’s leading limestone products company, is a great stepping-stone in the evolution of our Group, expanding our footprint across Northern European markets. We are purchasing a high-quality business at the right point in the cycle and at an attractive valuation.

‘Nordkalk meet all our stringent investment criteria as a self-contained and asset-backed business which will bring the Group significant earnings growth. We look forward to helping Nordkalk and their experienced management team on their path to continued success as we perpetuate their 120-year history, name and success.’

In all markets, the integration of Nordkalk will create a series of opportunities for SigmaRoc to further roll-out their proven ‘Invest, Improve, Integrate, Innovate’ model and expand through bolt-on acquisitions, and as long-term-minded owners, Nordkalk’s sites will continue to be developed through platform integration to ensure optimal geographical reach, while maximizing synergies and cross-selling.

Matts Rosenberg, chief executive officer of Rettig Group, commented: ‘As long-term owners of Nordkalk, we believe that the change of ownership comes at the right time and that it is the right strategic next step for Nordkalk’s business. As new shareholders in SigmaRoc, we will remain supportive of not just the future of Nordkalk, but also the entire SigmaRoc Group, and we look forward to many years of continued success and growth.’

The acquisition is expected to be completed during the third quarter of 2021.


Latest Jobs

Civil Engineer (Quarries)

Forestry and Land Scotland (FLS) is seeking a Civil Engineer (Quarries) for their South Region, to manage the quarries and stone production programme