Waterland Invests in Leading Healthcare Facilities Provider Bano Group


Waterland Private Equity (”Waterland”) has agreed to invest in the growth of Bano Group (“Bano”), a leading international supplier of complete bathroom solutions to the healthcare sector. This marks Waterland’s first investment in Norway.

Bano is a developer, producer and distributor of limited mobility bathrooms, with a focus on nursing homes. Since its foundation in 1999, the company has grown to become a market leader in the Nordic region, with an annual revenue of NOK 331 million in 2020 and an average annual growth rate of 12% in the past five years. The company specializes in superior innovative solutions that improve the quality of life for the elderly and the working conditions for professional care providers. Bano’s flagship product is a patented rotating toilet that allows for easier and safer sanitary care, while optimizing space utilization. With 169 employees across Norway, Sweden, Finland, Denmark, the Netherlands and the UK, Bano is currently expanding its geographical footprint into new markets.

“Bano’s journey over the past two decades is immensely impressive. Through strong market focus, high product quality and innovative solutions that emphasise the consumers’ safety and well-being, Bano has achieved a unique market position in Europe. This makes Bano a perfect fit with Waterland’s investment strategy of supporting entrepreneurs in accelerating the growth of their companies. Bano will serve as our platform for growth within this market, and we look forward to supporting Bano’s management in enabling further expansion into new geographical markets and segments, such as home care,” says Kaspar Kristiansen, Managing Director, Waterland Nordic.

The market for mobility bathroom solutions is driven by fundamental growth trends that are accelerating due to an aging population in the Nordics, which is increasing demand for nursing home capacity. In addition, rising life expectancy and the onset of age-related diseases such as dementia are increasing the number of people in need of specialized care. Nursing home operators, especially in the Nordics, are increasingly focused on quality of care and working conditions for staff, which raises willingness to invest in high-quality products. As the only major producer in Europe exclusively focused on bathrooms tailor-made for the needs of elderly care, Bano has established a strong platform for continued growth. As an owner, Waterland will act as sparring partner to Bano’s management, leveraging its experience from previous accelerated growth cases and its wide team of investment professionals across its 10 offices in Europe.

“We have created a company that has established an international reputation as a trust-worthy provider of life-enhancing healthcare solutions in a sector with attractive development and growth opportunities. I couldn’t be prouder of Bano’s dedicated and purpose-driven staff, without whom we wouldn’t be where we are today. I am excited by the opportunities that lie ahead for Bano and I am convinced that we will greatly benefit from Waterland’s competencies, network, capital and extensive experience with professionalizing growth companies with global ambitions,” says Frode Lindvik, CEO of Bano.

Waterland is an independent private equity investment group that supports entrepreneurs in realizing their growth ambitions. With substantial financial resources and committed industry expertise, Waterland enables its portfolio companies to achieve accelerated growth both organically and through acquisitions. Waterland acts as an active shareholder in its portfolio companies, playing a key role in their strategic and operational development, growth and performance. To date, Waterland has executed over 700 acquisitions in over 100 platform companies.

“This is our first investment in Norway, and we look forward to supporting more Norwegian companies and entrepreneurs going forward,” adds Kristiansen.

Waterland will, together with Bano’s management, own 100% of the company. Following the investment, Bano’s day-to-day management will remain unchanged. The parties have agreed not to disclose the purchase price.

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