The HVAC contracting industry in the Nordics focuses on providing heating, ventilation, and air conditioning services, vital for both residential and commercial buildings. Companies in this sector range from large multi-service firms to specialized local contractors that install and maintain complex HVAC systems. As energy efficiency and environmental responsibility gain priority, the industry is shifting toward sustainable solutions, including innovative heat pump technology and smart home integrations. With increasing demand for indoor climate control driven by climate change and urbanization, the HVAC sector in the Nordics is set for growth, offering ample opportunities for investment and collaboration.

In 2024, the group of investors includes corporate giants and private equity firms, primarily located in Sweden and Norway. These investors range from established firms like Bravida and Danfoss, which boast thousands of employees, to smaller, focused investors like Intera Partners. Most were founded between the 1930s and 2000s, indicating stability and experience in the sector. The investments cover both local and international scope, with significant deal activity reflecting the robust interest in the HVAC contracting space as companies actively seek to innovate and expand their service offerings across the Nordic region.

Top 14 HVAC Contracting Investors in the Nordics

1. 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 corporate investor based in Stockholm, Sweden, specializing in installation and consulting services across various fields, including 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. Notably, Instalco has made several strategic acquisitions to enhance its HVAC capabilities, including:1. **VentPartner i Sverige AB** - Acquired on July 1, 2020, this company specializes in complete ventilation solutions, significantly bolstering Instalco's operations in key Swedish regions.2. **Haug og Ruud VVS AS** - Acquired on February 24, 2020, this Norwegian company focuses on heating and plumbing, adding valuable ventilation services to Instalco's portfolio.3. **URD Klima Sandnes AS** - Acquired on September 11, 2023, this acquisition further establishes Instalco's presence in the HVAC market in southern Norway.These transactions highlight Instalco's commitment to expanding its HVAC service offerings and its strategic focus on the HVAC contracting industry.

2. 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 headquartered in Stockholm, Sweden, is a prominent wholesaler and manufacturer specializing in refrigeration and HVAC solutions. The company provides a comprehensive 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 focus on environmentally friendly technologies and operates through a vast network of subsidiaries and branches across multiple regions. In recent years, Beijer Ref has made significant strides in the HVAC contracting industry through strategic acquisitions. Notably, in 2022, they acquired a 51% stake in Australian air conditioning companies AAD and HVAC Consolidated, enhancing their growth strategy in Australia. Additionally, they strengthened their position in Southern Europe by acquiring Lumelco S.A., a leading Spanish air conditioning company, in 2018. Other relevant acquisitions include a 70% stake in Chillaire Solutions in 2012 and the acquisition of 80% of Inventor A.G. S.A., which allowed them to enter the Greek market. These transactions underscore Beijer Ref's active role in the HVAC contracting sector and its commitment to expanding its market presence.

3. 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 essential systems, including electrical, heating, sanitation, ventilation, and security systems. With over 10,000 employees, Bravida operates across multiple locations in the Nordic region, serving property owners and facility managers to ensure reliable and efficient system functionality. Notably, Bravida has made several strategic acquisitions to enhance its position in the HVAC contracting space. For instance, the acquisition of Runevads VVS Teknik AB in 2021 allowed Bravida to strengthen its service offerings in plumbing and HVAC in the Halland region. Additionally, the acquisition of J. Beese VVS and Blik A / S in December 2020 further emphasizes Bravida's commitment to expanding its HVAC capabilities. These transactions highlight Bravida's active role in the HVAC contracting industry, making it a significant player in the market.

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. In recent years, Lindab has made significant strides in the HVAC contracting industry through strategic acquisitions. Notably, they acquired a 51.8% stake in Centrum Klima S.A., a leading Polish HVAC systems manufacturer, enhancing their market presence. Additionally, Lindab acquired R-Vent, a top manufacturer and distributor of ventilation products in the Netherlands, and Acomat International, a French ventilation wholesaler, to strengthen their foothold in key European markets. These transactions reflect Lindab's commitment to expanding its influence in the HVAC sector and supporting contractors with high-quality products and solutions.

5. NIBE Industrier AB

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

NIBE Industrier AB is a corporate investor based in Markaryd, Kronoberg, Sweden, specializing in energy-efficient heating and cooling solutions. Founded in 1952, NIBE Energy Systems offers a diverse range of products, including heat pumps, hot water heaters, and smart home technology, catering to homeowners and property managers seeking reliable climate control systems that minimize energy consumption. NIBE has made significant strides in the HVAC contracting industry through strategic acquisitions. Notably, they acquired the Climate Control Group from LSB Industries Inc. in 2016, which encompasses six HVAC companies, enhancing their position in sustainable energy and indoor climate solutions. Additionally, their acquisition of Enertech Global, LLC, a North American heat pump firm, and other companies like Rhoss and Tempeff, further illustrate their commitment to the HVAC sector. With a focus on sustainable solutions, NIBE Industrier AB is well-positioned as a key player in the HVAC contracting industry.

6. 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 wide range of products, including fans, air handling units, and air conditioning systems, catering to various industries such as healthcare, education, and hospitality. Systemair has made several strategic acquisitions to strengthen its position in the HVAC market. Notable transactions include the acquisition of Viking Air Conditioning, a leading South African manufacturer, and International Airconditioning Products Pvt Ltd in India, which allows for local production of air-handling units. Additionally, Systemair acquired Koolair, a Spanish company specializing in air distribution products, and Lautner Energiespartechnik GmbH, a German firm focused on high-efficiency rotary heat exchangers. These acquisitions reflect Systemair's commitment to expanding its capabilities and market reach in the HVAC sector, emphasizing their focus on sustainability and energy efficiency.

7. 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 founded in 1994, specializing in private equity, infrastructure, real estate, growth equity, and venture capital. Based in Stockholm, Sweden, EQT serves institutional investors by managing diverse investment portfolios across multiple sectors and geographies. Notably, EQT has made significant investments in the HVAC sector, including the acquisition of Beijer Ref AB, a leading player in the HVAC market, for approximately $1.1 billion. This transaction highlights EQT's strategic interest in the HVAC industry, complementing their broader investment strategy that spans various sectors. Additionally, EQT has been involved in other acquisitions, such as GETEC and Spie Telba Group, which, while not directly related to HVAC, showcase their extensive experience in managing and growing companies across different industries.

8. 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 diverse range of products including air handling units, air purifiers, and climate management systems. The company serves various sectors that require efficient HVAC solutions to maintain optimal indoor environments. Swegon operates globally and has made significant strides in the HVAC contracting industry through strategic acquisitions. Notable transactions include the acquisition of Dalair Ltd, a British manufacturer of bespoke air handling units, which strengthens Swegon's position in the UK and Ireland market. Additionally, their acquisition of HC Groep, a Dutch indoor climate technology firm, further enhances their market presence. Other relevant acquisitions include Barcol-Air Group, which specializes in radiant ceiling systems, and Safegard Systems, a manufacturer of intelligent smoke and fire control systems. These transactions reflect Swegon's commitment to expanding its HVAC product offerings and capabilities, reinforcing its role as a significant player in the HVAC contracting industry.

9. 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 providing dehumidifiers, air cleaning systems, and cooling solutions. Munters serves a diverse range of sectors, including battery production and food agriculture, where precise climate control is essential for enhancing productivity and sustainability. In 2023, Munters made significant strides in the HVAC industry by acquiring an Indian air conditioner firm for $72 million, marking its expansion into the Indian market. Additionally, they acquired ZECO Aircon Limited for an estimated enterprise value of INR 6 billion, enhancing their dehumidification offerings in the air handling unit segment. In 2022, Munters acquired EDPAC, an Ireland-based manufacturer of data center cooling equipment, for MEUR 29, further expanding their presence in the European data center market. These transactions highlight Munters' commitment to strengthening its HVAC capabilities and its strategic focus on growth within the 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 specializes in 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 acquisitions relevant to the HVAC contracting industry, including Thermotech, which specializes in heating and cooling solutions, and Recair Oy, which may also have applications in HVAC systems. Their recent acquisition of OCI B.V., which focuses on customized assemblies for energy and water applications, further demonstrates their commitment to sectors that intersect with HVAC needs. Overall, Indutrade's strategic acquisitions reflect a strong alignment with the HVAC contracting industry.

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 bolster its position in the HVAC contracting market. Notable transactions include the acquisition of Ehlin & Larsson AB, a ventilation and building management systems company, which enhances their capabilities in air-treatment installations and energy projects. Other significant acquisitions include NGL Energientreprenad, Luftkompaniet, Samsons Rör, and Essén Rör, all of which further solidify Assemblin's commitment to expanding its HVAC service offerings and expertise.

12. CapMan

• Website: capman.com
• Type: Private Equity
• Headquarters: Helsinki, Uusimaa, Finland
• Founded year: 1989
• Headcount: 51-200
• Number of deals in 2024: 4
• LinkedIn: capman

CapMan Oyj is a private equity investment management firm based in Helsinki, Finland, founded in 1989. The firm specializes in private equity, real estate, infrastructure, and natural capital investments, serving institutional investors with diverse strategies aimed at sustainable returns. CapMan has a strong presence in the Nordic markets and leverages its expertise to manage funds and drive value creation. Notably, CapMan has made significant investments in the hvac contracting sector, including the acquisition of KotiSun Group, which focuses on renovations of service water, heating, and drainage systems. This investment highlights CapMan's commitment to the hvac industry. Additionally, their acquisition of Aro Systems Oy and Hydroware Innovation, which are involved in related sectors, further emphasizes their engagement in the hvac contracting space.

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, particularly in climate, power, and sensing technologies. With a workforce of over 10,000 employees, Danfoss operates globally, focusing on innovative technologies that address decarbonization and industrial automation challenges. Notably, Danfoss has made several strategic acquisitions in the HVAC sector, including LeanHeat, which specializes in AI-driven heating optimization for buildings, and Chatleff Controls Inc., enhancing their presence in the residential air conditioning market. Additionally, their acquisition of AAIM Controls strengthens their position in the North American industrial refrigeration market, further solidifying their commitment to HVAC solutions.

14. FSN Capital Partners

• Website: fsncapital.com
• Type: Private Equity
• Headquarters: Oslo, Oslo, Norway
• Founded year: 1999
• Headcount: 51-200
• LinkedIn: fsn-capital

FSN Capital Partners is a private equity investment firm based in Oslo, Norway, founded in 1999. The firm specializes in managing investments across various sectors, including services, green transition, industrials, and technology. FSN Capital has a notable track record in the HVAC contracting industry, having acquired Instalco, a significant player in the HVAC and electrical installation market, in March 2014. Additionally, they have recently acquired Alvent A/S, a leading supplier of ventilation solutions in Denmark, as part of a strategic partnership aimed at enhancing technical installation services. These transactions highlight FSN Capital's commitment to investing in companies that drive growth and innovation within the HVAC sector, catering to institutional investors and pension funds seeking sustainable returns.

HVAC Contracting Insights: Key Investors in the Nordics

Investor	Headquarter	Size	Founded	Deals 2024
Instalco	Stockholm, Stockholm, Sweden	1001-5000	2014	2
Beijer Ref	Stockholm, Stockholm, Sweden	5001-10000	1866	6
Bravida	Stockholm, Stockholm, Sweden	10001+	2000	0
Lindab Group	Grevie, Skåne, Sweden	1001-5000	1959	6
NIBE Industrier AB	Markaryd, Kronoberg, Sweden	5001-10000	1952	0
Systemair Group	Skinnskatteberg, Västmanland, Sweden	5001-10000	1974	0
EQT Group	Stockholm, Stockholm, Sweden	1001-5000	1994	30
Swegon Group	Gothenburg, Västra Götaland, Sweden	1001-5000	1961	3
Munters	Stockholm, Stockholm, Sweden	1001-5000	1955	4
Indutrade Life Science	Stockholm, Stockholm, Sweden	1001-5000	1978	14
Assemblin	Helsinki, Uusimaa, Finland	201-500	2000	0
CapMan	Helsinki, Uusimaa, Finland	51-200	1989	4
Danfoss	Nordborg, Denmark	10001+	1933	2
FSN Capital Partners	Oslo, Oslo, Norway	51-200	1999	0

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