Instalco continues to expand in Norway through the acquisition of electric company Frøland & Noss
Instalco strengthens its presence in the Norwegian market through the acquisition of the electric company Frøland & Noss in Bergen.
Frøland & Noss Elektro AS was founded by Frode Noss and Gunnar Frøland in 1997, and currently has approximately 130 employees. Through the acquisition, Instalco establishes itself in Bergen and strengthens its presence in the Norwegian installation market. The acquired company is expected to contribute annual sales of approximately SEK 150 million to Instalco.
“Frøland & Noss is a company with strong local presence which provides a good platform for expansion in Bergen and the surrounding area. We will among other things look to extend the business into ventilation. The company has had a stable profitability for many years and has long-term customer relationships”, said Per Sjöstrand, CEO of Instalco.
“Instalco’s model is a great fit with Frøland & Noss. We will keep our strong local identity while also benefitting from Instalco’s central functions and contributing to the other Norwegian units with best practice. Today, we run several projects on total contracts where we bring in other technical disciplines like ventilation, heating and plumbing, and we hope to be able to work together with other Instalco companies in future projects”, said Frode Noss and Gunnar Frøland at Frøland & Noss.
Instalco acquires 100% of the shares in Frøland & Noss with expected completion on 28 June 2017. The founders Frode Noss and Gunnar Frøland, who today have the roles of Head of Projects and Head of Large Accounts, will remain in the business.
For further information:
Adrian Westman, Head of IR
telephone + 46 735 09 04 00, e-mail firstname.lastname@example.org
Instalco is one of the leading installation companies in the Nordic region, active in the areas of heating, plumbing, electricity, cooling and industrial solutions. We work closely with customers, offering all the advantages of a local company, along with efficient collaboration and leadership. The operations are conducted through approximately 30 leading and highly specialised local units, with the support of a small central organisation. Instalco is listed at Nasdaq Stockholm under the ticker INSTAL. For further information, visit www.instalco.se.