Instalco grows the business in Bergen, Norway

Instalco is acquiring Grevstad & Tvedt AS in Bergen, Norway, thereby becoming multi-disciplinary for technical installations in the region. The company has 70 employees and annual sales of around SEK 110 million.

Instalco has been represented in the Bergen area since 2017, when it acquired FN Elektro & Ventilasjon. Now, with the acquisition of Grevstad & Tvedt, the business is expanding into the heating, plumbing and ventilation area. The company offers services to companies and individuals in conjunction with new construction, renovation and service. They work with heating, plumbing, cooling and sprinkler systems.

“We’ve been looking for a company that would be a good fit with FN Elektro & Ventilasjon for quite some time and now we’ve found a great match. Grevstad & Tvedt has a very high level of expertise, and it is also growing in the area of service, making it a nice fit with the Instalco model. They already currently collaborate with FN Elektro & Ventilasjon and now, we will be able to develop that collaboration further,” says Roger Aksnes, Business Area Manager for Instalco Norway.

The main owners of Grevstad & Tvedt are Anders Grevstad, (42 years old) and Kasper Tvedt, (38 years old). They will remain in their current roles after the acquisition.

“We are very excited about joining Instalco, not only because of the larger network it will give us, but also because we will be helping to set up a strong, multi-disciplinary business for Instalco in the Bergen region. With our expertise and focus, we want to be a part of continuing to grow Instalco’s business in Norway,” says Anders Grevstad, CEO of Grevstad & Tvedt.

Instalco will acquire 100 percent of the shares in Grevstad & Tvedt AS and it will take possession during August 2022.

For further information

Fredrik Trahn, Head of IR & Communications, phone +46 70 913 67 96, e-mail fredrik.trahn@instalco.se

Instalco is one of the leading installation companies in the Nordic region, active in the areas of heating, plumbing, electricity, cooling, technical consulting and industrial solutions. We offer project planning, design, installation, service and maintenance of systems installed at properties and facilities throughout Sweden, Norway and Finland. The operations are conducted through approximately 120 leading and highly specialised local companies, 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