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Invested: 2019

Exit: 2022

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.

Our key levers of change were:

  • 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

  • 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 

  • 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

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.

Financial highlights 2019-2022


Group revenue increase


Group EBITDA increase

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