Corteco acquires three leading companies in Norway and Sweden

Corteco has acquired Viking Entreprenør AS (“Viking”), CG Grundels Fönstersystem AB (“Grundels”) and Plåtslagaren GH Johansson AB (“Plåtslagaren”), solidifying its position in the Outer Shell renovation and maintenance market. Viking enhances Corteco's footprint in Norway, while Grundels, known for its energy-efficient window solutions, complements the Swedish business. This concludes an active first half of the year for Corteco, which also acquired Stockholm-based Plåtslagaren in April.

These three acquisitions enable Corteco to offer broader and more customised solutions to private property owners, construction companies, public customers, and housing cooperatives. The management teams of both Viking, Grundels and Plåtslagaren have reinvested and will continue to operate their successful businesses.

Established in July 2022, Corteco provides comprehensive Outer Shell renovation and maintenance solutions. Since inception, it has welcomed 14 companies, significantly enhancing its capabilities in windows, roofs, façades, and courtyard and garage renovations. As of May 2024, Corteco's proforma sales exceeded SEK 1,600 million, with around 520 employees.

Viking, founded in 2005 and led by CEO Sören Christensen, holds a strong position in Oslo and across Norway. Grundels, established in 1982 and led by CEO Conny Grundel, is a leader in energy-efficient window solutions in Sweden. Plåtslagaren, founded in 1982 and led by CEO Håkan Torhult has a strong position within traditional roofing and façade metalwork services. These acquisitions mark significant steps in consolidating the Nordic Outer Shell market. With Viking, Norway now accounts for more than 25% of Group revenues.

Fredrik Furgårdh, CEO of Corteco, commented: “The acquisitions of Viking, Grundels and Plåtslagaren are significant milestones for Corteco, reinforcing our position in sustainable Outer Shell renovation. We look forward to expanding our presence in Norway and Sweden, confident that Viking, Grundels and Plåtslagaren will be strong assets to our group.”

Corteco was advised by Stratema, Schjødt, PWC, BDO Sverige, Vadestra, Deloitte, Hansen Law.

For more information, please contact Peter Möller, Managing Partner at Celero Capital, at pm@celerocapital.com or on +46 70 373 33 18.

About Viking Entreprenor AS

Viking Entreprenør AS, based in Oslo, specialises in building renovation and rehabilitation across Norway, focusing on public customers and housing cooperatives. Viking has a turnover of over NOK 200 million and is known for sustainability and high-quality craftsmanship. For more information, visit https://www.vikingentreprenor.no/

About Grundels

Grundels, a specialist in energy-efficient window solutions, offers a technique as a smarter alternative to window replacement. Their product, Grundels Klimatruta, provides cost-effective energy and noise insulation. With over 30 years of experience and 650,000 installed units across Sweden, Grundels is an industry leader. For more information, visit https://www.grundels.se/

About Plåtslagaren

Plåtslagaren was founded in 1982 and has a strong position in the Stockholm area. The company specialises in traditional roofing and facade metalwork, such as copper work, band coverings, waterproofing, sedum, roof safety, roof painting, snow removal, and exterior maintenance. With 40 years of experience, Plåtslagaren is a reliable, stable, and quality-focused partner. For more information, visit https://www.platslagaren.se/

About Corteco

Established in 2022, Corteco is a leading provider of renovation and maintenance services for the Outer Shell market. Renovating the Outer Shell significantly improves energy efficiency, reducing climate footprint and costs. By leveraging the combined expertise within the group, Corteco can deliver complete solutions to its customers to help them achieve such benefits.

As of May 2024, Corteco’s proforma sales exceeded SEK 1,600 million, employing around 520 employees. For more information, visit https://corteco.nu/