Swedish private equity firm Altor has acquired a majority stake in Nordic Climate Group (NCG), a leading cooling and refrigeration contractor in Sweden and Norway that focuses on energy-efficient and natural-refrigerant-based systems.
The deal is currently under review by the Swedish Competition Authority.
NCG, which was previously co-owned by Capillar Equity, offers services for commercial and industrial refrigeration, heat pumps and air-conditioning. It also specializes in servicing and building ice rinks using natural refrigerants like ammonia/NH3 (R717) and CO2 (R744).
According to the group’s website, NCG aims to be a role model in sustainable climate solutions and drives development towards a climate-smart future with systems that consume less energy, use natural refrigerants, have a long service life and produce fewer emissions.
“We know that the refrigeration industry has a major impact both now and in the future, and that energy efficiency, a sustainable approach and a minimal climate footprint are something everyone benefits from,” said NCG.
“We know that the refrigeration industry has a major impact both now and in the future, and that energy efficiency, a sustainable approach and a minimal climate footprint are something everyone benefits from.”Nordic Climate Group
Formed in May 2021, NCG has experienced significant growth during its first year. According to a recent statement, the group currently consists of 55 local businesses across Sweden and Norway with more than 800 employees. It has sales of 2.2 billion Swedish kronor (US$221 million).
“We are impressed by how Capillar and the local co-owners in just over a year have created a group that is already the market leader in its industry,” said Petter Samlin, Partner at Altor. “We believe that this is just the beginning of Nordic Climate Group’s growth journey, [and] we look forward to working with Nordic Climate Group’s professional and competent team to support them in our common ambition.”
Altor, a family-run fund that focuses on companies across the Nordic region, uses its investments to drive the green transition and promote a sustainable future for business, society and the environment.
“With Altor as the new main owner and strategic partner, we can continue to run our mission and expand and grow in new geographical markets,” said Mat Åström, acting CEO of NCG.
The sustainability of cooling and heating in Sweden
Working in partnership with Swedish-Finnish engineering consultants AFRY and Gröna Städer (“Green Cities”), a civil society organization campaigning for more sustainable cities in Sweden, NCG is working to highlight the benefits of sustainable cooling and heating in Sweden.
“We see that there is a great need for a coordinated planning of infrastructure for heating, cooling and electricity supply in the cities,” said Mattias Andreassen, Vice President and Head of Business Area Buildings at AFRY. “By planning for a circular use of both heat and cooling, energy can be saved in several places.”
Using data and case studies from NCG and its member companies, the collaboration will look at how energy efficiency and natural refrigerants can reduce the country’s emissions.
“We have really good installers who have unique knowledge of how smart installations can save energy for properties, industries and entire districts,” said Anders Ekdahl, Head of Sales and Strategy at NCG.
Part of this work will include the production of a report, which will be published in early July. The report will identify areas where modern cooling and heat pump technology could contribute to solving problems linked to climate change and to meeting the ambitious energy efficiency goals of both Sweden and the EU.
“In this report, we want to highlight the good examples and show both public actors and commercial real estate companies what savings there are to make, both financially and in climate emissions,” continued Ekdahl.
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