The HVAC industry in the Nordics plays a critical role in maintaining comfortable and sustainable environments across residential, commercial, and industrial spaces. Companies range from large corporate players specializing in installations and systems design to smaller local firms focusing on smart solutions and maintenance services. With an increasing push towards energy efficiency and sustainability, innovations such as smart thermostats and adaptive ventilation systems are gaining traction. Notably, the region’s commitment to green technologies has spurred growth in heat pump solutions, showcasing a robust future in energy-efficient heating and cooling as companies adapt to new environmental regulations and customer demands.

This list features a mix of corporate giants and investment firms, all active in the HVAC sector. Headquartered primarily in Sweden, these entities vary in size from small companies to large corporations with over 10,000 employees. Founded as early as 1866, some of these investors concluded multiple strategic deals in 2024, reflecting their commitment to growth. Notable players include Beijer Ref with significant acquisitions, alongside EQT Group, a major private equity firm making impactful investments in the HVAC space.

Top 13 HVAC Investors in the Nordics

1. Beijer Ref

• Website: beijerref.com
• Type: Corporate
• Headquarters: Stockholm, Stockholm, Sweden
• Founded year: 1866
• Headcount: 5001-10000
• Number of deals in 2024: 6
• LinkedIn: beijerref

Beijer Ref AB, founded in 1866 and based in Stockholm, Sweden, is a prominent wholesaler and manufacturer specializing in refrigeration and HVAC solutions. The company offers a diverse range of products, including refrigeration systems, air conditioning solutions, and heat pumps, primarily catering to installers and businesses in the food retail and commercial sectors. Beijer Ref has a strong emphasis on environmentally friendly technologies and operates through a vast network of subsidiaries and branches across various regions. In recent years, Beijer Ref has made significant strides in the HVAC sector through strategic acquisitions. Notably, the acquisition of 80% of Inventor A.G. S.A. allowed Beijer Ref to penetrate the Greek market, while the acquisition of Lumelco S.A. strengthened its position in Southern Europe. Additionally, the agreement to acquire 51% of HVAC Consolidated in Australia aligns with its growth strategy in the region. These transactions highlight Beijer Ref's active role in the HVAC industry and its commitment to expanding its market reach.

2. Instalco

• Website: instalco.se
• Type: Corporate
• Headquarters: Stockholm, Stockholm, Sweden
• Founded year: 2014
• Headcount: 1001-5000
• Number of deals in 2024: 2
• LinkedIn: instalco

Instalco is a service company based in Stockholm, Sweden, specializing in installation and consulting in plumbing, electrical, ventilation, and industrial services. Founded in 2014, Instalco operates through a decentralized model, allowing local companies to maintain their identity while benefiting from shared resources and best practices. The company has made significant strides in the HVAC sector, particularly through its acquisitions. Notably, Instalco acquired VentPartner i Sverige AB, which specializes in complete ventilation solutions, enhancing its operations in key Swedish regions. Additionally, the acquisition of Haug og Ruud VVS AS, a company based in Norway that provides heating and plumbing services along with ventilation, further solidifies Instalco's presence in the HVAC market. These strategic acquisitions reflect Instalco's commitment to expanding its HVAC service offerings and capabilities.

3. NIBE Industrier AB

• Website: nibe.se
• Type: Corporate
• Headquarters: Markaryd, Kronoberg, Sweden
• Founded year: 1952
• Headcount: 5001-10000
• LinkedIn: nibe-ab

NIBE Industrier AB, founded in 1952 and based in Markaryd, Kronoberg, Sweden, is a corporate investor specializing in energy-efficient heating and cooling solutions. The company operates primarily in the energy sector, focusing on sustainable solutions that cater to homeowners and property managers. NIBE has made several strategic acquisitions to strengthen its presence in the HVAC industry, including the acquisition of Rhoss in 2018, Tempeff in 2017, and Enertech Global, LLC, which specializes in heat pumps. Notably, in 2016, NIBE acquired the Climate Control Group from LSB Industries Inc. for USD 364 million, which encompasses six HVAC companies, thereby enhancing its portfolio in sustainable energy and indoor climate solutions. Most recently, in June 2023, NIBE announced an agreement to acquire the Dutch Group Climate for Life for an enterprise value of EUR 640 million, further solidifying its commitment to the HVAC sector.

4. Lindab Group

• Website: lindab.com
• Type: Corporate
• Headquarters: Grevie, Skåne, Sweden
• Founded year: 1959
• Headcount: 1001-5000
• Number of deals in 2024: 6
• LinkedIn: lindab

Lindab Group, founded in 1959 and based in Grevie, Skåne, Sweden, is a corporate investor specializing in ventilation systems and building products. The company focuses on providing energy-efficient solutions for both residential and commercial properties, catering to construction companies and contractors. Lindab has been actively expanding its presence in the HVAC industry through strategic acquisitions. Notable transactions include the acquisition of R-Vent, a leading manufacturer and distributor of ventilation products in the Netherlands, and Acomat International, a French ventilation wholesaler. Additionally, Lindab acquired a majority stake in Centrum Klima, a prominent Polish HVAC systems manufacturer. These acquisitions reflect Lindab's commitment to enhancing its product offerings and market reach within the HVAC sector.

5. Swegon Group

• Website: swegon.com
• Type: Corporate
• Headquarters: Gothenburg, Västra Götaland, Sweden
• Founded year: 1961
• Headcount: 1001-5000
• Number of deals in 2024: 3
• LinkedIn: swegon-ab

Swegon Group, founded in 1961 and based in Gothenburg, Sweden, specializes in indoor climate solutions, providing a comprehensive range of HVAC products including air handling units, air purifiers, and climate management systems. The company serves a diverse clientele across various sectors that require efficient HVAC solutions to maintain optimal indoor environments. Swegon operates globally and focuses on manufacturing and technical support for its products. In recent years, Swegon has made significant acquisitions to strengthen its market position, including the acquisition of Dalair Ltd, a British manufacturer of bespoke air handling units, in December 2022, and HC Groep, a Dutch indoor climate technology firm, in July 2024. Additionally, Swegon acquired Barcol-Air Group, a supplier of radiant ceiling systems, in June 2022, further enhancing its offerings in the European market. These transactions highlight Swegon's active role in the HVAC industry and its commitment to expanding its product portfolio and market reach.

6. Bravida

• Website: bravida.se
• Type: Corporate
• Headquarters: Stockholm, Stockholm, Sweden
• Founded year: 2000
• Headcount: 10001+
• LinkedIn: bravida

Bravida is a corporate investor based in Stockholm, Sweden, founded in 2000. It is a leading technical service provider specializing in the installation and maintenance of various systems, including electrical, heating, sanitation, ventilation, and security systems. Bravida serves property owners and facility managers across the Nordic region, ensuring that essential systems function reliably and efficiently. In recent years, Bravida has made several strategic acquisitions to enhance its service offerings in the HVAC context. Notably, they acquired Runevads VVS Teknik AB, a plumbing company, to strengthen their position in the Halland region, and Profire Sprinkler AB, which focuses on installation and service in the Mälardalen region. These transactions reflect Bravida's commitment to expanding its HVAC capabilities and solidifying its presence in the market.

7. Systemair Group

• Website: systemair.com
• Type: Corporate
• Headquarters: Skinnskatteberg, Västmanland, Sweden
• Founded year: 1974
• Headcount: 5001-10000
• LinkedIn: systemair

Systemair Group, founded in 1974 and based in Skinnskatteberg, Sweden, is a corporate investor specializing in HVAC solutions. The company offers a comprehensive range of products, including fans, air handling units, and air conditioning systems, catering to various industries such as healthcare, education, and hospitality. Systemair is committed to sustainability and energy efficiency in its operations. Notably, Systemair has made several strategic acquisitions to enhance its position in the HVAC market. These include the acquisition of Viking Air Conditioning, a leading South African manufacturer of air handling units, and 2VV, a Czech company specializing in air handling units and air curtains. Additionally, Systemair acquired Koolair, a Spanish manufacturer of air distribution products, further solidifying its footprint in the HVAC sector. Through these transactions, Systemair aims to leverage synergies and expand its market share, particularly in Europe and emerging markets like India.

8. Munters

• Website: munters.com
• Type: Corporate
• Headquarters: Stockholm, Stockholm, Sweden
• Founded year: 1955
• Headcount: 1001-5000
• Number of deals in 2024: 4
• LinkedIn: munters

Munters is a climate control solutions provider based in Stockholm, Sweden, specializing in energy-efficient products for industrial and agricultural applications. Founded in 1955, the company has established itself as a leader in the HVAC industry, offering a range of products including dehumidifiers, air cleaning systems, and cooling solutions. Munters serves various sectors, including battery production and food agriculture, where precise climate control is essential for enhancing productivity and sustainability. In 2023, Munters expanded its footprint in the HVAC market by acquiring an Indian air conditioner firm for $72 million, highlighting its commitment to growth in emerging markets. Additionally, the acquisition of Zeco Aircon Limited, a significant player in the Air Handling Unit segment, further enhances Munters' dehumidification offerings in India. Their acquisition of EDPAC, an Ireland-based manufacturer of data center cooling equipment, underscores their strategy to strengthen their presence in the European data center market. Furthermore, the acquisition of Reventa, a German company specializing in climate control systems for livestock buildings, showcases Munters' diverse applications of HVAC technology. These transactions reflect Munters' strategic focus on expanding its HVAC capabilities and market reach.

9. EQT Group

• Website: eqtgroup.com
• Type: Private Equity
• Headquarters: Stockholm, Stockholm, Sweden
• Founded year: 1994
• Headcount: 1001-5000
• Number of deals in 2024: 30
• LinkedIn: eqt-partners

EQT Group is a prominent investment firm based in Stockholm, Sweden, specializing in private equity, infrastructure, real estate, growth equity, and venture capital. Founded in 1994, EQT serves institutional investors by managing diverse investment portfolios across various sectors and geographies. Among their notable transactions, EQT acquired Beijer Ref, a leading distributor of HVAC and refrigeration products, for approximately $1.1 billion in December 2020. This acquisition highlights EQT's commitment to the HVAC industry. Additionally, their earlier acquisition of Sabroe Refrigeration in 1996 further emphasizes their involvement in the HVAC sector, as Sabroe is known for its refrigeration solutions, which are integral to HVAC systems. These transactions demonstrate EQT's strategic interest in the HVAC market, making them a significant player in this industry.

10. Indutrade Life Science

• Website: indutrade.se
• Type: Corporate
• Headquarters: Stockholm, Stockholm, Sweden
• Founded year: 1978
• Headcount: 1001-5000
• Number of deals in 2024: 14
• LinkedIn: indutrade-life-science

Indutrade Life Science is a corporate investor based in Stockholm, Sweden, founded in 1978. The company is part of an industrial group that focuses on developing and acquiring companies with high technical expertise across various technology and industrial sectors. Indutrade emphasizes long-term relationships with its customers and operates through a decentralized structure, allowing its subsidiaries to maintain independence while benefiting from the group's resources. Notably, Indutrade has made several strategic acquisitions relevant to the HVAC industry, including Verplas Ltd, a UK manufacturer of plastic ventilation products, which enhances their portfolio in the HVAC market. Other acquisitions, such as Recair Oy, Thermotech, and Filtration, further demonstrate their commitment to expanding their capabilities in areas related to heating, ventilation, and air conditioning solutions. These transactions indicate that Indutrade Life Science is actively engaged in the HVAC sector, making them a significant player in this investment category.

11. Assemblin

• Website: fi.assemblin.com
• Type: Corporate
• Headquarters: Helsinki, Uusimaa, Finland
• Founded year: 2000
• Headcount: 201-500
• LinkedIn: assemblin

Assemblin is a corporate investor based in Helsinki, Uusimaa, Finland, founded in 2000. The company operates as a technical service provider specializing in building technology and maintenance, offering a comprehensive range of services including installation, renovation, and maintenance of HVAC, plumbing, and electrical systems. Assemblin's customer base includes businesses and organizations that require reliable technical solutions for their facilities. In recent years, Assemblin has made several strategic acquisitions to enhance its capabilities in the HVAC sector. Notable transactions include the acquisition of Ehlin & Larsson AB in January 2022, a company focused on ventilation and building management systems, which bolstered Assemblin's expertise in air-treatment installations. Additionally, Assemblin acquired KK-Kylmäpalvelu in November 2020, further expanding its presence in the HVAC market. Other acquisitions, such as NGL Energientreprenad and Luftkompaniet, also reflect their commitment to strengthening their service offerings in building maintenance and HVAC solutions.

12. Almi

• Website: almi.se
• Type: Venture Capital
• Headquarters: Stockholm, Stockholm, Sweden
• Founded year: 1994
• Headcount: 201-500
• Number of deals in 2024: 7
• LinkedIn: almi-ab

Almi AB is a financial services company based in Stockholm, Sweden, founded in 1994. It specializes in providing loans, risk capital, and business development support to small and medium-sized enterprises (SMEs) in Sweden. Almi aims to enhance the growth and competitiveness of these businesses by offering tailored financial solutions and guidance. Among its notable transactions, Almi has invested in Airmove, which raised funds in a seed round, potentially indicating a focus on air movement solutions relevant to the HVAC sector. Additionally, Almi has been involved in funding other startups like Enrad AB and EasyServ, which may also have applications in the HVAC industry. These investments reflect Almi's commitment to supporting innovative companies that could contribute to advancements in HVAC technologies.

13. Danfoss

• Website: danfoss.com
• Type: Corporate
• Headquarters: Nordborg, Denmark
• Founded year: 1933
• Headcount: 10001+
• Number of deals in 2024: 2
• LinkedIn: danfoss

Danfoss is a corporate investor based in Nordborg, Denmark, founded in 1933. The company specializes in industrial solutions related to climate, power, and sensing technologies, with a strong emphasis on energy efficiency and sustainability. Danfoss has made significant strides in the HVAC industry through strategic acquisitions, including LeanHeat, which specializes in AI-driven heating optimization for buildings, and Chatleff Controls Inc., which enhances their offerings in the residential air conditioning market. Additionally, their acquisition of AAIM Controls, a supplier in the North American industrial refrigeration market, further solidifies their role as a key player in HVAC solutions. With a global focus on innovative technologies aimed at decarbonization and industrial automation, Danfoss is well-positioned as an investor in the HVAC sector.

HVAC Insights: Key Investors in the Nordics

Investor	Headquarter	Size	Founded	Deals 2024
Beijer Ref	Stockholm, Stockholm, Sweden	5001-10000	1866	6
Instalco	Stockholm, Stockholm, Sweden	1001-5000	2014	2
NIBE Industrier AB	Markaryd, Kronoberg, Sweden	5001-10000	1952	0
Lindab Group	Grevie, Skåne, Sweden	1001-5000	1959	6
Swegon Group	Gothenburg, Västra Götaland, Sweden	1001-5000	1961	3
Bravida	Stockholm, Stockholm, Sweden	10001+	2000	0
Systemair Group	Skinnskatteberg, Västmanland, Sweden	5001-10000	1974	0
Munters	Stockholm, Stockholm, Sweden	1001-5000	1955	4
EQT Group	Stockholm, Stockholm, Sweden	1001-5000	1994	30
Indutrade Life Science	Stockholm, Stockholm, Sweden	1001-5000	1978	14
Assemblin	Helsinki, Uusimaa, Finland	201-500	2000	0
Almi	Stockholm, Stockholm, Sweden	201-500	1994	7
Danfoss	Nordborg, Denmark	10001+	1933	2

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