MV-Jäähdytys Oy and Altor backed NCG to form one of the largest specialized Nordic players in cooling & heating

23 sept 2022

Nordhaven advised MV-Jäähdytys Oy and its owners on the sale of the company to Altor backed Nordic Climate Group (NCG). Following the transaction NCG will be the largest specialized player for installations and maintenance work in the cooling & heating sector in the Nordics. The combined entity has operations in Sweden, Norway, and Finland, and it also has an active expansion strategy outside its current operating region. Following the ownership change, MV-Jäähdytys plans to further accelerate its organic and non-organic growth in Finland.

MV-Jäähdytys is a market-leading specialized player in Finland for cooling & heating services. Some 80% of the company's revenues are based on service, with approx. 2,000 clients covering over 45,000 devices across a range of industries. One unique differentiating factor for MV-Jäähdytys is digitalization: through its IT platform the company collects and utilizes different types of data in its operations that facilitate higher quality service for its entire customer base.

MV-Jäähdytys has been majority-owned by Finnish private equity investor Korona Invest since 2018. During Korona Invest's ownership period the company has become the leading pure play service company in its sector in Finland. Since 2018, MV-Jäähdytys has grown its sales from approx. €7 million to close to €30 million, multiplied its service base from less than 10,000 to over 45,000 devices, and hired close to 200 professionals.

Juho Mäkiaho, partner at Korona Invest, comments: "Once again Nordhaven has done a tremendous job in exceeding expectations set for the MV-Jäähdytys exit process! The preparations for a competitive sales process while also advising on pre-process discussions is both resource and time intensive. All this was done with a high service level, in a highly committed professional manner - and without forgetting a good sense of humor. The outcome for the sellers as well as for the future of MV-Jäähdytys is excellent!".

Timo Lappalainen, leader of the Nordhaven team responsible for guiding the sale process states: "We are proud to have again provided significant added-value for our customer in an international exit arrangement. We believe that there will be many transactions coming up under the "minimizing climate footprint and maximizing energy efficiency" theme during the next 12-24 months".

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