FSN's Instalco makes eight bolt-ons in Nordic region

Katharina Semke
10 March 2016

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FSN Capital's Instalco Group, a Swedish plumbing and electrical installation company, has acquired eight competitors.

Following the acquisition, Instalco will include 18 member companies with operations in three countries. It is expected to have a consolidated turnover in excess of SEK 2bn in 2016.

Previous funding
In March 2014, FSN acquired five companies in Sweden to form Instalco Group. The deal, which saw FSN acquire 80% of the companies, was initiated by FSN together with Per Sjöstrand, the former CEO of installation groups NEA and Midroc Electro. The owners of the five businesses became shareholders in the holding company.

The deal represented a significant investment from FSN's fourth fund, which reached a final close on SEK 5.25bn in November 2013. The fund was oversubscribed, with an initial target of SEK 5bn (€565m).

Company
Romerike Elektro is an electrical installation service in the Romerike region (north of Oslo, Norway). The company offers its customers electrical installations for renovations and new constructions, as well as maintenance. The company employs 40 people and has sales of around NOK 60m. It was founded in 1996.

AR Prosjekt is also based in Romerike, Norway. It offers electrical installations, mainly targeting larger construction projects, such as shopping malls, hotels, hospitals and schools. The company was founded in 2007 and has a turnover of around NOK 30m.

Voltmen is an electrical installation company active in the region of Helsinki, Finland. Its main focus areas are servicing public authorities and corporates. Voltmen has 16 employees and a turnover of around €1.6m.

Founded in 1982, Ohmegi is an electrical installation company active in the Stockholm market. The company has a turnover of around SEK 170m and employs 120 people. It delivers complete solutions for electrical, telecom, technical and security installations, in addition to maintenance services.

El Expressen is an electrical installation company founded 1986 in southern Sweden that focuses on servicing and smaller projects. El Expressen has a turnover of around SEK 30m and 18 full-time employees.

Founded in 1995 and based in Linköping, Sweden, Vallacom offers electrical, cable TV, fibre network, solar power and energy-efficiency installations. It has sales of around SEK 75m and 50 employees.

Bi-Vent is a contracting and service company specialising in heating and plumbing installations. It has a turnover of around SEK 110m, 50 employees and manages approximately 300 service agreements throughout southern Sweden.

Based in Malmö, Sweden, electrical service company Elpågarna was founded in 1988. Currently it has 20 employees and revenues of around SEK 25m.