Altor to acquire Nordic Climate Group – becomes majority owner


May 16 2022

Altor Fund V (“Altor”) has signed an agreement with Capillar Equity to acquire a majority stake in Nordic Climate Group (”NCG”). Completion is subject to approval of the competition authorities.

The entrepreneurs and management of NCG will continue to own a meaningful share of the company.

NCG is a services, installations and solutions company within the cooling and heating industry. NCG is the market leader in the Nordics with its full national coverage in Sweden and Norway with 50 legal operating entities. Pro forma revenues as per 30 April 2022 is estimated to be 2.2 bn SEK and NCG employs roughly 800 people. NCG is built on the principle of decentralized decision making with a focus on strong local entrepreneurship with the collective strength of being a leading national player and being able to offer one stop shop solutions.

NCG’s offering range from complex industrial solutions for refrigeration, freezing systems for large industrial companies, cooling solutions for the food and grocery industry, refrigerated sea water systems but also heating solutions (mainly heat pump installations) as well as comfort cooling and heating to create adequate and sustainable indoor climate.

NCG is active across a wide range of industries with strong underlying market growth, which is underpinned by numerous trends, mainly driven by the focus on sustainable and energy efficient solutions. This is partly driven by regulations, strong focus on replacing existing solutions having negative effects on the climate, increased demand for reliable and safe food logistics and handling solutions, increased demand for adequate and improved sustainable indoor climate, grocery industry going online and becoming more automated and growth in data centres.

“Together with Capillar Equity we have been on a mission to help our customers create the best sustainable and energy efficient climate solutions. Our strategic partnership with Altor will facilitate an acceleration of our ambitions and also make possible a further expansion and growth into new geographical areas” says NCG’s acting CEO Mats Åström.

“The investment builds on Altor’s DNA of partnering with great entrepreneurs, as well as our focus of investing in companies driving a green transition. We are impressed of Capillar Equity’s and the entrepreneurs’ creation of NCG and the group has already become the leading Nordic company in the sector and we believe that NCG’s growth journey has only just begun. We are also very excited to have Per Sjöstrand and Torbjörn Torell joining the board. We look forward to partnering with this leading and highly professional group of people to help them deliver on our joint ambition.” says Petter Samlin, Partner at Altor.

”We are very proud of having created NCG together with such competent and engaged entrepreneurs and management, and the relevance of being able to offer sustainable and smart energy efficient solutions has never been greater. With Altor onboard, I am fully convinced that we have selected a successor dedicated and well positioned to take NCG to the next level and to increase the already ambitious set targets for NCG”, says Johan Nylén, Partner at Capillar Equity.

About Altor

Since inception, the family of Altor funds has raised some EUR 8.3 billion in total commitments. The funds have invested in excess of EUR 5 billion in more than 85 companies. The investments have been made in medium sized predominantly Nordic companies with the aim to create value through growth initiatives and operational improvements. Among current and past investments are Eleda, Ludvig, OX2, Dustin and Gunnebo. For more information visit

About Capillar Equity

Capillar Equity invests in small cap companies active in predominantly business services with the ambition to create Nordic champions through accelerated horizontal industry consolidation. The firm has a developed an accelerated buy and build investment strategy, accessing private small cap companies throughout the Nordics, primarily in Sweden, Norway and Finland. Among current and past investments are Layer Group (previously Nordic Surface Group), Spolargruppen, Nordic Climate Group, C-medical and Nordic IT Services. For more information visit

Press contact

Karin Åström

Head of Communications

+46 707 64 86 59


Altor Team


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