June 2026
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Largest Waste & Environmental Services Public Companies in Sweden
Benchmark revenue and EBITDA valuation multiples for public comps like
Munters Group, Absolent, Studsvik, QleanAir and Enviro Systems.
 | Munters Group AB is a provider of energy-efficient air treatment and climate control solutions predominantly within the food, pharmaceutical and data center and other sectors. The company operates in segments, which are: AirTech, Data Center Technologies, and FoodTech. The majority of the revenue is generated from its AirTech segment, which manufactures and markets products and solutions for controlling humidity and improving the indoor climate. Geographically, a majority of its revenue is generated from the United States and the rest from China, Germany, the United Kingdom, Canada, Sweden, and other markets. | $22 | +47% | $4B | $5B | 2.8x | 18.8x | ||
| Absolent Air Care Group AB manufactures and sells filtration technology for industrial process air. Its products are used in CNC operations, quenching, die casting, and related applications. The company has two segments: Industrial and Commercial Kitchen. | $21 | -9% | $240M | $257M | 1.8x | 11.1x | ||
| Studsvik AB provides engineering and consultancy services to the international nuclear power industry. The company offers fuel and materials testing, fuel and reactor management software as well as lifecycle management of nuclear and radioactive hazards, decommissioning of nuclear facilities, and designing radioactive waste management processes. Its segments are Fuel and Materials Technology, Waste Management Technology, Scandpower, Decommissioning and Radiation Protection Services and Other. | Nuclear+2 | $25 | +48% | $215M | $224M | 2.3x | 19.4x | |
| QleanAir AB is a provider of clean indoor environment solutions. The company’s business model is based on rental contracts for modular solutions with a full-service offer. Its solutions are developed using filter technology that traps, filters and recycles indoor air. The product portfolio consists of stand-alone air cleaners (Air Cleaners), solutions for protection against passive smoking (Cabin Solutions) and flexible, modular cleanrooms (Cleanrooms). The company’s main markets are EMEA, APAC and the Americas. | $2 | +14% | $34M | $48M | 1.0x | 5.9x | ||
| Scandinavian Enviro Systems AB functions as a recycling company in Sweden. Its technology enables changing the chemical composition and the physical phase of the tire material during the process. The company operates recycling facilities for recovering carbon black, oil, steel, and gas from waste tires. | $0 | -70% | $29M | $21M | 6.4x | (0.6x) | ||
| Norditek Group AB is an environmental technology company with a focus on mobile and flexiblerecycling facilities in the Waste, Gravel & Rock and Biomass segments. | $1 | -21% | $19M | $23M | 2.0x | 9.8x | ||
| Bioextrax AB is engaged in the development and production of bio-plastics granules, organic hydrolyzed protein, and keratin fibers. | $0 | -19% | $13M | $12M | 149.3x | (7.1x) | ||
| Bawat Water Technologies AB markets its patented ballast water management system globally, a cost-efficient, flexible, and sustainable solution to the problem of ballast water treatment. It offers ballast water solutions to the maritime industry in three categories; a ship BWMS for retrofit and new builds, a mobile containerized solution for multiple vessel usage in a port, on a ship or for rigs, and Ballast Water as a service for contingency services in port. Geographically, the company generates a majority of its revenue from Europe, and the rest from Asia and North America. | $0 | +70% | $11M | $16M | 7.2x | (14.4x) | ||
| Saxlund Group AB is an environmental technology company. The company develops, manufactures and services plants and equipment for the production of environmentally-friendly and resource-efficient energy. | $1 | +53% | $10M | $10M | 0.4x | 7.6x | ||
| Axolot Solutions Holding AB is a Swedish environmental technology company that sells systems for industrial water treatment. This is done by offering a proprietary patented solution based on well- proven basic technology. | $0 | -41% | $9M | $8M | 6.7x | (14.6x) | ||
| Gomero Group AB is engaged in the energy sector. The company develops technical systems and associated services to be able to predict and automate maintenance in various industrial processes. The firm offers technically connected products for measurement, control and data analysis. Its customers are found in energy distribution, energy storage and energy production as well as in the electricity-intensive industry. | $1 | -42% | $5M | $4M | 0.7x | 9.4x | ||
| Circhem AB is primarily involved in the solvent recycling process which includes recycling and purification of industrial chemicals. It offers solution that enables the industry to reduce its emissions and at the same time increase profitability. | $0 | -68% | $3M | $4M | 3.5x | (3.5x) | ||
| LightAir AB is engaged in manufacturing and selling of air purifiers used for different industrial purposes such as traffic pollution, pet allergen, industrial pollution, smoke, and others. Its Air purifiers products include IonFlow Signature, IonFlow Evolution, IonFlow Style, IonFlow Surface, and others. The company distributes its products in Europe, Asia, and North America. | $0 | -33% | $3M | $793K | 0.5x | (1.0x) | ||
| Rentunder Holding AB manufactures and sells mobile boat bottom washers. It offers stationary boat washers for motor and sailing boats up to 12, 14 and 16 meters in length and a mobile boat bottom wash for motor boats up to 8 meters. | $0 | -35% | $447K | $334K | 0.7x | (1.0x) | ||
| Median | $1 | -20% | $12M | $14M | 2.1x | 2.7x |
Financial data powered by FactSet and Morningstar. Valuation multiples as of current fiscal year. For more data, start your free trial here.
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