Published 25 sep 2024

Accelerating Growth with Konstel’s Acquisition of Elteam AS

Nimlas Group drives growth in the Nordics with Konstel’s Strategic Acquisition of Elteam AS

We are happy to announce Konstel's latest acquisition of Elteam AS. Konstel is the Norwegian organization of Nimlas Group, and this strategic acquisition strengthens Konstel’s presence in the Norwegian region of Trøndelag, enhancing its capacity for large residential and commercial projects, and contributes to Nimlas' objective of reaching 12 billion SEK in revenue and a 10% EBITA.

Established in May 1990, Elteam AS has become a solid player in the Norwegian electrical project market, working with both public and private sector clients. The company's expertise in electrical systems design and calculation has positioned them as leaders in large-scale residential and commercial projects, as well as the service market for standard electrical installations, tele/data systems, and fire alarm systems.

"We are delighted to welcome Elteam AS into our group. Their proven track record of growth and strong performance makes them a valuable addition to Konstel and Nimlas. With their expertise, we are better equipped to drive profitable, sustainable growth in the project market," says Terje Myhre, CEO of Konstel.

Elteam AS employs 100 skilled professionals and achieved a turnover of approximately SEK 159 million in 2023. This acquisition boosts Konstel’s revenue toward NOK 2.3 billion and strengthens its network of 31 electrical companies and 1,285 employees across Norway.

Konstel already has several local companies with high competence in delivering electrical services to large commercial projects across the regions Østlandet, Trøndelag, and Møre og Romsdal, and the acquisition of Elteam AS further strengthens this expertise. Elteam AS brings extensive knowledge and experience in complex project execution, which complements and strengthens Konstel’s proficiency in the project market.

"This acquisition fits seamlessly into Nimlas' strategy of driving growth through sustainable practices and strategic acquisitions. With Elteam AS on board, we continue to increase our capacity to deliver high-quality installation projects while remaining focused on our sustainability goals," says Mikael Matts, CEO of Nimlas Group.

Completion of the acquisition is pending approval from the Norwegian Competition Authority.

About Nimlas Group

Nimlas Group is a leading Nordic technical installation services company, with over 130 locally managed businesses operating through Sandbäckens in Sweden, Konstel in Norway, and QMG in Finland. With more than 4,000 dedicated employees, we provide a full range of technical services including heating, sanitation, electricity, automation, ventilation, cooling/refrigeration, fire safety, and related services such as design, security, and energy optimization.

Nimlas vision is to become the most profitable installations group driving sustainability in the Nordics, providing the best environment for companies to grow. The group has an annual turnover of approximately SEK 8 billion. Learn more at www.nimlasgroup.com.