ADS to buy NDS for $1B in cash, closing early 2026, boosting U.S. water management presence and cutting costs.

Advanced Drainage Systems, Inc. (ADS) announced on September 23, 2025, it will acquire NDS Inc. from NORMA Group SE for approximately $1 billion in an all-cash deal, expected to close in early 2026. The acquisition, which includes anticipated tax benefits, values NDS at about 10 times its trailing adjusted EBITDA and is projected to be accretive to ADS’s earnings per share in the first year. NDS, which reported $313 million in revenue for the six months ended June 30, 2025, specializes in residential water management, access boxes, and irrigation solutions, with 90% of sales in the U.S. The deal aims to expand ADS’s presence in the water management sector, unlock over $25 million in annual cost synergies within three years, and enhance its distribution across retail, distributor, and e-commerce channels. The transaction will be funded through ADS’s existing cash and credit capacity, supported by its strong balance sheet and integration experience. Final closing remains subject to regulatory approvals and customary conditions.