AshGrove Capital provides €26 million credit facility to Smartvatten
London, October 29, 2025 – AshGrove Capital is pleased to announce the completion of a €26 million senior secured investment into Smartvatten, a leading Finland-based provider of sustainable digital water management solutions across Northern Europe. Alongside the sponsor, Norvestor, AshGrove will support Smartvatten with the acquisition of LeakLook, a Finnish pioneer in submetering and IoT-enabled water monitoring, as well as facilitating Smartvatten’s continued organic growth.
Smartvatten is the Nordic market leader in water analytics and together with LeakLook, the combined business will monitor real-time water flows at over 40,000 properties across more than 30 countries. The company helps clients reduce administrative burden, save water through advanced analytics, detect leaks and support with achieving ambitious ESG goals.
AshGrove was introduced to the opportunity by Norvestor, reflecting AshGrove’s growing presence in the Nordic market and prior experience in supporting Nordic software businesses. AshGrove previously invested in Position Green, another Norvestor-backed market leader in September 2024. The Smartvatten transaction highlights AshGrove’s ability to provide Nordic companies with flexible, bespoke capital solutions that scale with businesses as they pursue both organic and acquisitive growth.
Samuli Kytö, Vice President at AshGrove Capital, commented: “Smartvatten is a clear regional leader in an increasingly important segment of the sustainability and digitalisation agenda. Having worked with businesses and sponsors across the Nordic market for many years, we are pleased to support Smartvatten’s next phase of growth with a flexible credit solution tailored to its needs. This investment reflects our strong commitment to partnering with high-quality European companies within B2B Software & Services where we see the potential to unlock long-term value.”
This marks the eighth investment from AshGrove Specialty Lending Fund II, which closed on its €650 million hard cap in November 2024.
About Smartvatten
Smartvatten provides intelligent water management solutions for property portfolios, municipalities, and utility companies across Europe. Our mission is to make water use visible, manageable, and sustainable through real-time data, actionable insights, and IoT innovation across the cycle of water.
For more information, please visit: www.smartvatten.com.
About AshGrove Capital
AshGrove Capital is an independent pan-European provider of tailored funding solutions for ambitious small and medium-sized enterprises across Europe. The firm specialises in supporting B2B software and services companies with resilient business models, partnering with founders as well as businesses backed by venture capital, growth equity, and private equity investors. Through a combination of flexible capital and active collaboration, AshGrove empowers companies to accelerate growth, pursue strategic acquisitions, and unlock long-term value.
For more information, please visit: www.ashgrovecap.com.
About Norvestor
Norvestor is a leading private equity company focusing on mid-market buyouts in the Nordic region. The team has worked together since 1991, making it one of the most experienced private equity teams in the Nordics, having executed 94 investments with more than 500 add-on acquisitions, in addition to executing 60 exits, including 16 IPOs. Norvestor seeks to invest in growth companies in the Nordic mid-market that have the potential to achieve a leading Nordic or international position, typically through organic growth, acquisitions across fragmented industries or by geographic expansion. Norvestor currently advises and manages funds with a committed capital of close to EUR 5.2 billion.
For more information, please visit www.norvestor.com