Hayfin is pleased to announce that it acted as sole lender in the refinancing of Norvestor-backed Serwent, a Norway-based provider of underground infrastructure maintenance (UIM) services.

Serwent provides recurring, non-discretionary traditional pipe and relining services underpinned by periodical maintenance requirements. The company serves a diverse range of customers across end-markets in the public and private sectors in Norway, Sweden and Denmark. Serwent is well-entrenched in the regional UIM market, which is poised for continued expansion with tailwinds from an ageing infrastructure stack and a tightening regulatory backdrop.

The transaction strengthens Serwent’s position on the back of its acquisition of Swoosh, and provides meaningful capacity to support its consolidation of a fragmented market.

Marco Ferrari, Managing Director, Private Credit, Hayfin Capital Management commented: “Serwent is a Nordic market leader in a resilient niche, with a competitive moat cemented in scale and regional density. We are delighted to partner with Norvestor as well as Aleksander, Fredrik and the Serwent team – supporting its expansion in Sweden with the acquisition of Swoosh and throughout the next chapter of its growth journey. The transaction reflects sustained momentum for Hayfin in the Nordics, where we continue to see a strong pipeline of opportunities for our Direct Lending strategy.”