Nordic Capital invests in Hjo Installation | Nordic Capital

Nordic Capital invests in Hjo Installation, a leading provider of sustainable installation services

  • The investment is made in partnership with the company’s management and founders and will aim to further accelerate Hjo Installation’s ambitious growth targets and support customers’ green transition

JULY 18 2023

Nordic Capital has entered into an agreement to invest in Hjo Installation, a Swedish industry leader providing multidisciplinary installation services and solutions. The company helps its customers optimise energy efficiency – and is set to benefit from increasing sustainability demands. In partnership with the company’s management and founders, Nordic Capital seeks to support Hjo installation’s continued growth.

 Since being founded in 2019, Hjo Installation has recorded impressive growth figures, completed 60 acquisitions and today owns 51 companies all over Sweden. The fast-growing enterprise, with its headquarters in Hjo in the Västra Götaland County and over 1,100 staff, has recorded an annual growth rate of 21 percent since 2021. The company is currently expected to present SEK 2.3 bn in revenues in 2023.

Hjo Installation’s innovative and decentralised approach, best-practice philosophy and multidisciplinary portfolio of services have laid a solid foundation for further growth. Hjo Installation is positioned to benefit from market trends, an ageing property stock in Sweden, loud calls for Sweden to invest more in housing, and increasing sustainability demands from customers. The company’s impressive growth since 2019, exciting acquisitions, and sustainability agenda further reinforce Nordic Capital’s confidence in the company’s business model and long-term strategy.

Nordic Capital will, in partnership with the company’s management and founders, support Hjo Installation’s growth trajectory. Nordic Capital has more than 30 years’ experience of accelerating growth, and Hjo Installation fits well into its focus of supporting growth companies with a sustainability profile.

“We’ve followed Hjo Installation for some time and have been impressed by their thriving strategy and vision to gather skilled installers and dedicated founders of local businesses all over Sweden. This is a good example of a growth company with a strong M&A agenda which Nordic Capital likes to invest in. We’re certain that Nordic Capital’s experience from supporting companies with similar ambitions, our extensive industry networks, and deep-sector knowledge will be an enabler for the company,” said Joakim Lundvall, Partner, Nordic Capital Advisors.

“We’re happy that Nordic Capital has come on board. I’m really proud of all our colleagues and experienced installers for making this possible and for their commitment to create a leading company in Sweden over a short period of time. We’re all looking forward to writing our next chapter in close partnership with Nordic Capital. Their experience and operational excellence will prove valuable for us on our growth trajectory,” said Christoffer Olbrich, CEO of Hjo Installation.

Hjo Installation is Nordic Capital Evolution Fund’s latest investment, following the acquisitions of Qred and Autocirc in Sweden, in Norway, Care Fertility in the UK, and Equipe Zorgbedrijven in the Netherlands. The Evolution Fund, a natural extension of Nordic Capital’s current strategy focus of addressing compelling subsectors in Northern Europe, targets investments in medium-sized companies and was raised in only three months in 2021. With EUR 1.2 billion in committed capital, the fund was substantially oversubscribed and met its hard cap, significantly exceeding its target, which underlined investors’ confidence in Nordic Capital’s team and model. Recent Evolution Fund investments underpin Nordic Capital’s ESG focus.

It has been agreed that the terms of the transaction shall not be disclosed. Completion of the transaction is expected in Q3 2023 and is subject to customary closing conditions, including relevant regulatory approvals.

Media contacts:

Nordic Capital
Elin Ljung
Head of Communication & Sustainability, Nordic Capital Advisors
Tel: +46 8 440 50 10

Hjo Installation
Christoffer Olbrich
CEO, Hjo Installation
Tel: +46 709 90 626

About Hjo Installation

Hjo Installation is a leading Swedish multidisciplinary installation service and solutions provider within the energy optimisation, electricity, and HVS (heating, ventilation and sanitary) segments. The fast-growing company has since foundation in 2019 followed an acquisition strategy prioritising profitable and local operators. With sustainability at its core, the enterprise comprises 51 local companies and strives to help its customers become more energy efficient and reduce their climate footprint. The decentralised and innovative organisation has its HQ in Hjo in the Västra Götaland Country and has presence all over Sweden. For more information, visit:

About Nordic Capital

Nordic Capital is a leading private equity investor with a resolute commitment to creating stronger, sustainable businesses through operational improvement and transformative growth. Nordic Capital focuses on selected regions and sectors where it has deep experience and a long history. Focus sectors are Healthcare, Technology & Payments, Financial Services, and selectively, Industrial & Business Services. Key regions are Europe and globally for Healthcare and Technology & Payments investments. Since inception in 1989, Nordic Capital has invested EUR 22 billion in over 130 investments. The most recent entities are Nordic Capital XI with EUR 9.0 billion in committed capital and Nordic Capital Evolution with EUR 1.2 billion in committed capital, principally provided by international institutional investors such as pension funds. Nordic Capital Advisors have local offices in Sweden, the UK, the US, Germany, Denmark, Finland, Norway and South Korea. For further information about Nordic Capital, please visit

“Nordic Capital” refers to, depending on the context, any, or all, Nordic Capital branded entities, vehicles, structures and associated entities. The general partners and/or delegated portfolio managers of Nordic Capital’s entities and vehicles are advised by several non-discretionary sub-advisory entities, any or all of which are referred to as “Nordic Capital Advisors”