Nordic Capital Evolution invests in Hjo Installation, a leading provider of sustainable installation services

Nordic Capital has entered into an agreement to invest in Hjo Installation, a Swedish industry leader providing multidisciplinary installation services and solutions. The company helps its customers optimise energy efficiency – and is set to benefit from increasing sustainability demands. In partnership with the company’s management and founders, Nordic Capital seeks to support Hjo installation’s continued growth.

Since being founded in 2019, Hjo Installation has recorded impressive growth figures, completed 60 acquisitions and today owns 51 companies all over Sweden. The fast-growing enterprise, with its headquarters in Hjo in the Västra Götaland County and over 1,100 staff, has recorded an annual growth rate of 21 percent since 2021. The company is currently expected to present SEK 2.3 bn in revenues in 2023.

Hjo Installation’s innovative and decentralised approach, best-practice philosophy and multidisciplinary portfolio of services have laid a solid foundation for further growth. Hjo Installation is positioned to benefit from market trends, an ageing property stock in Sweden, loud calls for Sweden to invest more in housing, and increasing sustainability demands from customers. The company’s impressive growth since 2019, exciting acquisitions, and sustainability agenda further reinforce Nordic Capital’s confidence in the company’s business model and long-term strategy.

Nordic Capital will, in partnership with the company’s management and founders, support Hjo Installation’s growth trajectory. Nordic Capital has more than 30 years’ experience of accelerating growth, and Hjo Installation fits well into its focus of supporting growth companies with a sustainability profile.

“We’ve followed Hjo Installation for some time and have been impressed by their thriving strategy and vision to gather skilled installers and dedicated founders of local businesses all over Sweden. This is a good example of a growth company with a strong M&A agenda which Nordic Capital likes to invest in. We’re certain that Nordic Capital’s experience from supporting companies with similar ambitions, our extensive industry networks, and deep-sector knowledge will be an enabler for the company,” said Joakim Lundvall, Partner, Nordic Capital Advisors.

“We’re happy that Nordic Capital has come on board. I’m really proud of all our colleagues and experienced installers for making this possible and for their commitment to create a leading company in Sweden over a short period of time. We’re all looking forward to writing our next chapter in close partnership with Nordic Capital. Their experience and operational excellence will prove valuable for us on our growth trajectory,” said Christoffer Olbrich, CEO of Hjo Installation.

Hjo Installation is Nordic Capital Evolution Fund’s latest investment, following the acquisitions of Qred and Autocirc in Sweden, in Norway, Care Fertility in the UK, and Equipe Zorgbedrijven in the Netherlands. The Evolution Fund, a natural extension of Nordic Capital’s current strategy focus of addressing compelling subsectors in Northern Europe, targets investments in medium-sized companies and was raised in only three months in 2021. With EUR 1.2 billion in committed capital, the fund was substantially oversubscribed and met its hard cap, significantly exceeding its target, which underlined investors’ confidence in Nordic Capital’s team and model. Recent Evolution Fund investments underpin Nordic Capital’s ESG focus.

It has been agreed that the terms of the transaction shall not be disclosed. Completion of the transaction is expected in Q3 2023 and is subject to customary closing conditions, including relevant regulatory approvals.


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