No Dig Alliance strengthens its capabilities in Sweden with the acquisition of Horisonterra AB

• Horisonterra is a specialist in underground pipe installation through trenchless technologies.
• Swedish add-on for Ambienta expands the platform’s footprint in a c. €3bn, fast-growing underground infrastructure market.
• Acquisition deepens NDA’s capacity to deliver sustainable water infrastructure across the Nordics.

Milan/London/Paris/Munich/Stockholm, 10 September 2026 - Ambienta SGR S.p.A. ("Ambienta"), one of Europe’s largest asset managers exclusively focused on environmental sustainability, is pleased to announce that its portfolio company No Dig Alliance (“NDA” or the “Group”), a leading provider of sustainable trenchless water infrastructure solutions, has acquired Horisonterra AB (“Horisonterra”), a Swedish specialist in underground pipe installation using trenchless technologies. The transaction marks the platform’s fourth add-on under Ambienta’s ownership, advancing NDA’s strategic expansion in Sweden and strengthening the Group’s capabilities in low-emission, low-impact water infrastructure solutions. Horisonterra will become part of No Dig Alliance’s Riggtech business.

Based in Torsåker, Horisonterra employs 20 professionals and is a trusted specialist in trenchless underground pipe installation using horizontal directional drilling. Working with infrastructure contractors and public authorities across Sweden, the company contributes to the development and maintenance of essential underground utility networks, supporting reliable and sustainable water and wastewater infrastructure nationwide.

No Dig Alliance, which Ambienta acquired in 2025 through Ambienta Mid Cap IV, is a leading Nordic platform in underground water infrastructure service. Through a disciplined buy-and-build strategy, the platform continues to consolidate a historically fragmented market, expanding its technological capabilities while delivering measurable positive environmental impact, particularly through reductions in water leakage, energy loss, and disruptive excavation. The addition of Horisonterra further enhances NDA’s service offering and supports the continued transition towards lower-emission, trenchless solutions.

Across Europe, the need to modernise ageing water infrastructure is becoming increasingly urgent as utilities face growing climate-related pressures. Even in the relatively efficient Nordic region, leakage still accounts for 18% to 30% of total water supply, highlighting both the scale of inefficiency and the opportunity for improvement. With the addition of Horisonterra, Ambienta further strengthens a platform addressing these challenges through trenchless technologies, extended infrastructure lifecycles, and meaningful reductions in resource consumption, emissions, and operational disruption. 

Milena Torciano, Partner at Ambienta, commented: “Horisonterra is a strong addition to NDA, bringing specialist expertise, a solid position in Sweden and complementary trenchless capabilities. Together, we will continue to develop sustainable, low-impact solutions for critical water infrastructure across the Nordics. We are very pleased to welcome the Horisonterra team to NDA.”

Mattias Höglund, CEO at No Dig Alliance, added: “Horisonterra brings a strong combination of specialist know-how, local experience and trusted customer relationships that will be highly valuable to No Dig Alliance. By joining forces, we can build on these strengths, develop our offering in Sweden and create new opportunities across the Nordic region. We look forward to working together to deliver smarter and more sustainable solutions for critical water infrastructure.”

Bror Holmstedt, Founder of Horisonterra, added: “Having worked together on and off on various projects for many years, taking the next step feels natural. Together with Riggtech, we bring together a broad range of equipment and strong technical expertise, which will be a great advantage for our customers. We look forward to building on what already works well and creating an even stronger offering for our customers.”

About Ambienta

Ambienta is a European investment manager, founded in 2007, pioneering sustainable investing in environmental champions across private equity, public markets, and private credit. With offices in Milan, London, Paris, Munich and Stockholm Ambienta manages over €4 bn in assets and is backed by a global and growing investor base. The firm invests in companies driven by environmental megatrends and whose products or services improve Resource Efficiency or Pollution Control. Its science-driven approach identifies environmental champions of the real economy – businesses that deliver strong financial returns while generating measurable positive environmental impact.

An industry pioneer, Ambienta was one of the first UN PRI signatories in 2012 and attained B-Corp status in 2019. In 2020, Ambienta became IIGCC member and in 2023 committed to the Science-Based Targets initiative (SBTi). www.ambientasgr.com

Media Enquiries: ambienta@kekstcnc.com