Konstel

Credo invested in Konstel in 2019. Our mission was to build the #1 multi-local electrical installation group in Norway combining the agility, flexibility and local anchoring of smaller companies with the resources, bargaining power, community and system value of a group.

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Our key levers of change were:

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• Establish a clear strategic focus: (i) Grow through acquisitions of well-run installation companies, (ii) maintain local identity and leadership, and (iii) build a light group function to drive organic growth and margin improvement

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• Increase scalability of the business model: (i) Standardize M&A model, (ii) implement distributed business model with local autonomy, and (iii) centralize group functions to extract synergies 

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• Organize for the future: (i) Build new management team, balancing internal and external hires, (ii) establish career development plan, “Konstel Academy”, for local management and employees, and (iii) implement professional performance management

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In 2022, Konstel had taken the position as the leading multi-local electrical installation group in Norway. The company received strong incoming interest from consolidators looking to enter the Norwegian market. We chose to sell to Nimlas Group, a Nordic installation group owned by the private equity firm KLAR Partners. Together, Nimlas Group and Konstel represent a strong strategic platform for further growth and value creation in the Nordics.