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Making concrete form work

  • Fund III
  • Formworks Systems
  • Entry 2017
  • Exit -
  • Sales €60 million

NOE Schaltechnik is one of the world’s leading providers of innovative concrete formwork technology. Up until the early 1950’s, concrete was cast in forms, tailor-made for each project out of wood. This was a costly and time-consuming approach, as most of these forms could only be used once. Entrepreneur Georg Meyer-Keller invented a universal steel formwork system with reusable components. Construction plant dealer Jakob Noe marketed the system and in 1957, NOE-Schaltechnik Georg Meyer-Keller KG was founded. Today, the family-owned company has a global presence with its formwork systems, but with much larger competitors in the market, it needed capital and expertise to realize necessary growth.

Several years after the reunification of Germany, the building market slumped. In an effort to get their balance sheet lighter, many construction companies opted to rent building materials, instead of buying them. This was a change NOE quickly had to adapt to as well. Today, the company equally rents out and sells products, with the rental part requiring more or less continuous investment. Nimbus saw the potential of NOE’s superior formwork products and, with hands-on experience in the construction industry, was able to come up with a plan of approach for NOE that will allow the company to grow in the market they helped invent.

For NOE, choosing to work with Nimbus meant choosing an engaged, long-term investor. Not only were we able to provide the necessary capital injection for NOE’s rental fleet, but we also got involved in the exigent restructuring of the company, parting with declining markets like Russia and the Balkan, and focussing more on core markets like Germany, The Netherlands, Switzerland, Poland and France. NOE’s future looks bright, backed by a booming economy and continuous innovation.

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