Rettig Group divests Nordkalk to SigmaRoc

Rettig Group Ltd (“Rettig Group”) has today signed an agreement to divest Nordkalk Corporation (“Nordkalk”), the leading limestone company in Northern Europe, to SigmaRoc Plc (“SigmaRoc”), and to become a significant shareholder in SigmaRoc with an ownership of around 8%. The transaction value is EUR 500 million on a cash- and debt-free basis. SigmaRoc is a UK-based construction materials group listed on the Alternative Investment Market of the London Stock Exchange.

Nordkalk is a leading limestone player focused on sustainable solutions. With a history since 1898 it delivers essential limestone-based raw material to numerous industries such as the pulp, paper, metals, mining, construction, and chemicals industries. Nordkalk’s solutions contribute to clean air and water as well as the productivity of agricultural land. Nordkalk has operations in more than 30 locations in Europe, and generated a turnover of EUR 276 million in 2020.

Rettig Group has been an owner in Nordkalk since 2003. During the recent years, Nordkalk has developed a new strategy and undergone a highly successful operational transformation with EBITDA increasing from EUR 53 million in 2018 to EUR 72 million in June 2021 (last twelve months), whilst continuing to improve its product and service offering.

“It has been a real privilege to work together with Nordkalk’s management team and Board of Directors in developing the company into a best-in-class business. Nordkalk is today a cost-competitive, future-proof business with a clear strategy to create value over the long-term. I am confident that we have found an excellent new owner for the company, and we are excited to continue the journey as a significant shareholder in SigmaRoc. This transaction supports the ongoing transformation of Rettig Group, and our re-investment in SigmaRoc is well-aligned with our investment strategy”, said Matts Rosenberg, CEO of Rettig Group and Chairman of the Board of Nordkalk.

”We are very grateful to Rettig Group for their support and commitment over the years. During my tenure as CEO since early 2019 we have been working decisively with the ambition to build a profitable, growing and sustainable business, with motivated and engaged employees. Today’s announcement is evidence of the progress we have made. We look forward to continue our development journey as a part of SigmaRoc”, said Paul Gustavsson, CEO of Nordkalk.

“Nordkalk is a leading, high-performing company within its addressable markets in Northern Europe, and as such fits very well into SigmaRoc’s buy-and-build strategy. We are impressed by the successful development work undertaken in the company over the recent years led by Paul Gustavsson and the management team, and look forward to support Nordkalk’s development as the company transitions into its next phase. We also welcome Rettig Group as a significant shareholder in SigmaRoc”, said Max Vermorken, CEO of SigmaRoc.

Completion of the transaction is subject to customary anti-trust approval from relevant authorities, which are expected to be obtained during the third quarter of 2021, and to approval by SigmaRoc’s extraordinary general meeting of the transaction and a directed share issue to finance it. SigmaRoc  intends to convene its general meeting for 2 August 2021.

Advium Corporate Finance and Avance Attorneys acted as advisors to Rettig Group.

Link to: Transaction summary presentation.

Further information:

Rettig Group:

Matts Rosenberg, CEO, Rettig Group: Tel. +358 40 745 5276


Paul Gustavsson, CEO, Nordkalk: Tel. +358 (0)50 385 8670


Max Vermorken, CEO, SigmaRoc: mav@sigmaroc.com

For all general media queries: ir@sigmaroc.com


Rettig Group is a leading Finnish family-owned investment company that creates value for generations through active and responsible ownership. Our core investments are eQ, Nordkalk, Purmo Group, and Terveystalo. We are also increasingly active in financial investments, including private equity fund- and co-investments. www.rettig.fi

Nordkalk is the leading company providing limestone-based products and solutions in Northern Europe. We deliver essential raw material to numerous industries and focus on sustainable solutions that help our customers reduce their environmental impact. Our solutions contribute to clean air and water as well as the productivity of agricultural land. With operations in more than 30 locations in Europe, we are always near our customers. The company employs around 820 people, and in 2020 it generated a turnover of EUR 276 million. Rettig Group has been an owner in Nordkalk since 2003. www.nordkalk.com

SigmaRoc PLC is an asset-backed AIM quoted company that invests, improves and integrates companies within the construction materials space in the UK and Europe. Currently operating five platforms in the UK, Wales, Belgium and the Channel Islands, Nordkalk will form the sixth platform in Northern Europe. The Group supplies a wide range of materials ranging from cement and asphalt to precast concrete products. In addition, the sixth platform will open a range of opportunities to incorporate limestone products to this offering. www.sigmaroc.com