Argos Wityu has acquired Norline AG

Norline AG

Norline AG is the largest provider of outsourcing services in the heating, ventilation, air conditioning and plumbing sector in Switzerland. Founded in Zurich in 1986, Norline has become a key actor of the energy transition. Norline is the leading outsourcing partner to building technology installers, especially in the process of exchanging old fossil fuel heating systems with new sustainable heat pumps. Norline’s services cover every step from earth probe drilling and taking out the old system, to ensuring a just-in-time delivery of the new heat pump and the installation of floor heating systems. The procurement and installation of the new equipment is carried out by the installer at a later stage.

The Deal

Argos Wityu has reached an agreement with the existing shareholders to become majority shareholder. The common objective will be to accelerate the Norline’s growth by expanding geographically, broadening the customer base and expanding the service offering, while continue maintaining its leading market position and continue investing in sustainable innovations. Lincoln International supported Argos in arranging the most suited and competitive financing in a timely manner to finance part of the acquisition.

Our Perspective

Dominik Spanier, Managing Director in Lincoln International’s Capital Advisory Group, commented, “We are pleased to have assisted Argos in arranging a financing to support its acquisition of Norline. The business model of Norline, which supports the energy transition from fossil fuels to sustainable energy, was very compelling to lenders. With our experience in the sector, we assisted Argos in partnering with financial institutions that understand those growth dynamics and were able to provide a flexible financing package.”


Argos is an independent European private equity group that supports the growth of mid-size businesses and backs their management teams. Argos was founded in 1989 and operates across Europe. It currently has more than €1.4 billion assets under management under both its middle market and climate action investment strategies. Argos focuses on complex transactions that encourage transformation and growth as well as a close relationship with management. They identify opportunities to unlock the potential of the companies they support, enabling them to innovate and grow while generating significant and sustainable value.

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