Nordic Climate Group expands in Norway with Reftec acquisition

4/06/2024, 06:49

Trondheim. Photo: HWR

Nordic Climate Group is growing its Norwegian operations through the acquisition of Reftec AS, headquartered in Trondheim. The purchase also includes the subsidiary Rana Kulde in Mo i Rana. With Reftec joining the group, Nordic Climate Group strengthens its position in Trøndelag as well as other parts of Norway where the company is represented.

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Reftec specializes in energy-efficient cooling and heating solutions using natural refrigerants in the property sector. Founded in 2007, Reftec has 14 employees and together with Rana Kulde generated revenue of NOK 78 million in the 2023 financial year. Nordic Climate Group, established in 2021, has a turnover of SEK 4 billion and around 1,550 employees across more than 80 local companies in Denmark, Sweden, Norway and Finland.

Reftec is being acquired from the former partners Erik Dyrseth, Per Bjørnaas and Jonny Andersen, who owned 81 percent of the company in equal parts, as well as from employees holding the remaining 19 percent stake. The basis for Nordic Climate Group’s operations is a strong local market position. This means Reftec will continue working under its local brand, like other companies in the group. The former owners will remain in their current roles, operations will continue as before, and customer projects will be prioritized.

“We have built a stable business with good financial development. But to take the next step, we want to be part of a larger team. We have forward-leaning and technically skilled employees who like development, energy optimization and natural refrigerants. So we want to ensure we have the best conditions for further growth. We feel Nordic Climate Group provides that,” says Erik Dyrseth, CEO of Reftec.

“The acquisition of Reftec is a welcome and important step for Nordic Climate Group, which now has a strong base in Norway’s third-largest municipality. Additionally, Reftec is another group company focused on natural refrigerants. In line with society’s growing interest in sustainability, it is valuable to have more companies like Reftec in our group,” says Fredrik Gren, CEO of Nordic Climate Group.

Nordic Climate Group was formed in 2021 and consists of over 80 local companies with around 1,550 employees. It is owned by a broad group of founders, employees and Altor Fund V.

The translation was written by an AI system, though the original text was authored by a human.