Nord Kapital buys refrigeration specialist Kuldeteknisk

Nord Kapital has led the recruitment of a new CEO for the business as part of the deal, while the founders will take on market-focused roles in the business.

In the long term, the GP plans to expand Kuldeteknisk's geographic reach beyond Norway, while add-on acquisitions in Norway are likely in the near future, investment manager Anders Høifødt told unquote".

Kuldeteknisk is the last platform investment from the GP's second fund. Though the timeline and details are not yet determined, Høifødt said the PE firm will start looking into raising a third fund.

Small-cap-focused Nord Kapital had been interested in the company for some time, due to the GP's attraction to the refrigeration sector. The PE firm sees an opportunity to consolidate the fragmented refrigeration technology market in Norway, Høifødt told unquote". Due to underlying demand drivers in retail, marine and fishing industries, the GP views refrigeration as a buoyant sector with growth opportunities.

Nord Kapital sources deals on a proprietary basis in Norway, investing in local companies. Though it does have a sector-neutral mandate, the geographic focus allows for mostly resource-driven companies in the marine, natural resources, oil & gas, and tourism sectors.

Company
Headquartered in Tromso, Norway, Kuldeteknisk was founded in 2003 and develops environmentally friendly refrigeration components, primarily used in the fishing industry. It reported a 2016 turnover of around NOK 140m and employs 60 staff.

People
Nord Kapital – Anders Høifødt (investment director).
Kuldeteknisk – Tor Vangberg, Frode Berg (founders).

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• Topics
• Buyouts
• Nordics
• Industrials
• Norway