Strategic move by Industrie De Nora in the business of Water TechnologiesThe Italian group, listed on Euronext Milan and active in electrochemistry, water treatment systems and sustainable solutions, has signed an agreement for acquire 100% of Bw Water, a Singapore-based company specializing in water treatment solutions.
The operation has an expected Enterprise Value included between 61,5 and 66,5 million dollarsie the closing is expected for July 1, 2026, subject to customary conditions precedent, including antitrust clearance from the German Federal Competition Authority and certain third-party consents. For De Nora, this represents a strategic move as the group aims to build a more integrated global platform, focused not only on products but also on turnkey solutions for industrial clients and high-growth markets.
A strategic move in the water market
Bw Water brings with it a international presence A diversified company with a strong presence in Southeast Asia, an engineering hub in the Philippines, manufacturing facilities in Malaysia and Germany, and a presence in the United States and Italy. The company operates as an Engineering, Procurement, and Fabrication (EPF) service provider and has over 30 years of experience in desalination systems.
For De Nora, the entry of BW Water allows for rstrengthen the value chain, increase customer proximity, and expand its offering towards end-to-end solutions. The industrial scope of the operation focuses specifically on sectors such as semiconductors, desalination, mining, pharmaceuticals, and food & beverage, sectors in which the demand for treated water, ultrapure water, and advanced technological systems is increasingly central.
The goal is to combine De Nora's technological expertise with Bw Water's engineering and integration capabilities to improve the execution of large-scale projects and capture tenders and orders that require comprehensive solutions.
Growing numbers and a backlog of 190 million
BW Water closed 2025 with revenues of $91,5 million, up 7% from 2024 and more than double the $40 million recorded in 2023. As of April 2026, the backlog stood at approximately $190 million, which is expected to convert into revenues between 2026 and 2027. Based on this backlog, expected revenues for the current year are around $130 million. Normalized EBITDA as of December 31, 2025, was approximately $3 million. De Nora, however, expects to activate initial cost synergies of approximately $7 million annually, to be implemented progressively over three years, with approximately 30% already expected starting from 2027. The group estimates that, together with greater discipline in project execution, these synergies could favor the gradual alignment of BW Water's profitability with that of De Nora's Water Technology Systems business.
From the point of view of multiples, the operation is enhanced at approximately 0,7 times 2025 revenues and approximately 0,5 times estimated 2026 revenues. Also considering the annual synergies at full capacity, the multiple on 2025 normalized EBITDA is between 6,2 and 6,7 times, depending on the final Enterprise Value.
Bank financing and unchanged guidance
The consideration at closing, in terms of Equity Value, iswill range from $53,1 million to a maximum of $61,5 million, depending on the level of trade receivables at the end of June. The final value of the transaction will be determined in the third quarter, following the completion of the financial statements at the closing date.
From Nora will finance the acquisition through bank debt, primarily through a €60 million five-year Term Loan Facility. The financing is provided by a pool of financial institutions including UniCredit, acting as Global Coordinator, Banca Nazionale del Lavoro, Crédit Agricole Corporate and Investment Bank, Crédit Agricole Italia, Intesa Sanpaolo, and Mediobanca. An option to integrate KPIs related to ESG objectives is also envisaged, to be defined in the coming months with the support of Crédit Agricole CIB, acting as Sustainability Coordinator.
The group clarified that the guidance 2026 The results and financial framework already disclosed to the market refer to organic growth and do not include the effects of the acquisition of BW Water. Finally, the dividend policy has been confirmed, with a payout of up to 25% of consolidated net profit.
De Nora aims for the billion-dollar mark
With the consolidation of BW Water, De Nora is moving closer to a 2025 pro-forma revenue level close to one billion eurosThe combined backlog in the Water Technologies Systems segment exceeds €350 million, a figure that strengthens visibility into the growth prospects of the new platform.
"The global water challenges, driven by increasing scarcity and the need to ensure the security of water supplies, require integrated and global-scale solutions – declared Ad, Paolo Dellachà De Nora aims to play an active role in addressing these challenges, creating value for shareholders and customers while having a positive impact on people and the environment. The acquisition of BWW is fully consistent with our long-term water treatment strategy, which involves combining a product-centric model with a customer-centric approach focused on turnkey solutions. This transaction represents a key step in strengthening our position along the value chain and entering high-potential markets such as semiconductors, desalination, mining, as well as pharmaceuticals and food. We are confident that this acquisition will generate significant value, supported by the Group's consolidated track record in post-M&A integration, as demonstrated in transactions such as the acquisition of the Severn Trent Water Purification platform nearly a decade ago. We are also pleased to welcome the BW Water team and continue to build on our long-standing relationships with customers and partners.”
"This acquisition represents a step change in the Group's ambition to build a global, solutions-oriented water treatment platform, moving beyond the traditional product-based business model. With a combined backlog in the Water Technologies Systems segment exceeding €350 million, we aim to accelerate growth by offering a broad range of integrated, industry-specific technologies and solutions capable of addressing needs ranging from high-quality water to ultrapure water to biological treatment, in a context where water resources are becoming increasingly strategic," added CEO Marwan Nesicolaci by De Nora Water Technologies.
