Per Aarsleff Holding — M&A Activity 2026

Feb 19, 2026

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19 February 2026 Ref: JKJ/til

Aarsleff enters the Canadian market for trenchless pipe rehabilitation

Per Aarsleff Holding A/S has entered into an agreement to acquire 49.5% of the Canadian company LiquiForce Services (Ontario) Inc., which specialises in trenchless rehabilitation of service laterals. The total purchase price for 49.5% of the company is DKK 90.7 million.

LiquiForce is owned by the company Puris, which is among the largest No-Dig rehabilitation specialists in North America. Converted into Danish kroner, LiquiForce generated revenue of DKK 87.5 million in 2025, and EBIT amounted to DKK 8.3 million.

Aarsleff is one of world's leading companies within No-Dig rehabilitation, and Aarsleff's technology for rehabilitation of service laterals in particular makes Aarsleff an attractive partner for LiquiForce.

"Since the 1970s, we have developed and refined our trenchless pipe rehabilitation solutions, and today Aarsleff ranks among the world's leading specialists. As much as 75% of our revenue related to trenchless sewer rehabilitation comes from abroad, primarily from Northern Europe. Over the years, we have successfully introduced our No-Dig technology to several international markets, and the agreement with LiquiForce offers good opportunities and strong potential," says Jesper Kristian Jacobsen, Group CEO of the Aarsleff Group.

Aarsleff's LED technology, BlueLight, used for trenchless rehabilitation of service laterals, will now be introduced to the Canadian market. The jointly owned Canadian company will receive a licence to Aarsleff's technology, and Aarsleff will contribute by building equipment and training local employees. The expectation is that the technology upgrade will significantly increase efficiency. In addition, Aarsleff and LiquiForce will establish a jointly owned company in the United States, with the expectation that the collaboration can be expanded to a larger market.

The acquisition, effective as of today, does not affect Aarsleff's expectations for the 2025/26 financial year.

More information:

Group CEO Jesper Kristian Jacobsen, tel. +45 8744 2222.

Per Aarsleff Holding A/S Main office

Hasselager Allé 5 8260 Viby J Tel +45 8744 2222

Copenhagen Office

Industriholmen 2 2560 Hvidovre Tel +45 3679 3333

CVR no.: 24257977