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Carel to acquire majority stake in Kiona

Carel Industries SpA has entered into a binding agreement to acquire a 82.4% stake in Kiona Holding AS, a Norway-based 'Software as a Service' provider of property technology solutions for energy consumption optimisation and building digitalisation in retail and industrial refrigeration, public, commercial and multi-residential facilities.

Headquartered in Trondheim (Norway), Kiona was formed in 2021 following the aggregation of five companies with top of the range software and digital competences - IWMAC (Norway), Egain (Sweden), Cebyc (Norway), Moldeo (Sweden) and Alpha ECO (Switzerland). The business counts 17 offices across eight countries and employs about 150 people. Leveraging its well-established footprint in Northern Europe, the company already serves around 57,000 facilities and food retail stores across Europe.

Francesco Nalini, chief executive of Carel, commented: 'The transaction announced today represents Carel's eleventh acquisition since its listing on the Milan stock exchange five years ago and once again confirms our ability to consistently and promptly pursue ambitious growth objectives by external means. Specifically, the acquisition of Kiona... aligns perfectly with the Group's strategy to strengthen its position in the digital services sector oriented towards energy efficiency. Furthermore, the combination of the two companies' know-how, expertise, and human capital is expected to provide both with the opportunity to play a leading role in this market, both in Europe and overseas, opening up new business opportunities in an environment scenario where energy savings represents one of the most significant global challenges of the coming decades.”

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