Imtech acquires Swedish energy and climate specialist Sydtotal
• Revenue target 2015 in Nordic region: 1 billion euro
Gouda, the Netherlands – Imtech N.V. (technical services provider in Europe) has acquired the Swedish energy and climate specialist Sydtotal. The acquisition will enable Imtech to strengthen its position significantly in the Swedish technical services market. With approximately 300 employees, Sydtotal achieves annual revenue of around 80 million euro. The acquisition will be paid in cash and will directly contribute to the earnings per share.
René van der Bruggen, CEO Imtech: ‘Within the context of our 2015 growth strategy, we want to achieve significant growth in the Nordic region (Sweden, Norway and Finland). Our revenue in this region in 2010 was around 600 million euro. We are aiming for approximately 1 billion euro revenue in 2015, to be achieved through a combination of healthy autonomous growth and supplementary acquisitions. The acquisition of Sydtotal fits well within this scenario. Sydtotal is a perfect match for Imtech and adds high-quality energy and climate control competences to our services portfolio. Particularly in the positively developing Nordic energy market, we expect to be able to achieve extra growth with this acquisition.’
Sydtotal was founded by the majority of its current management in 2000, and has since grown rapidly, mainly autonomously but also through supplementary acquisitions. The shares in Sydtotal are held by Priveq Investment (57%), a Swedish Private Equity fund, and management/employees (43%). The company specialises in energy technology, high-tech climate control solutions and HVAC (Heating, Ventilation & Air Conditioning). Sydtotal is a major player in the Swedish energy and climate control technology market, with national coverage and a leading position in the south of Sweden, the strongest region in the Swedish economy. Its headquarters is in Malmö. The company also has 11 branches in Sweden. The organisation has a variety of specialised business units for:
• project management and project execution;
• repairs, maintenance and management;
• production of special mechanical solutions for its own projects;
• saving energy by using special ICT solutions.
Sydtotal has a well-distributed client base and works for both the private and public sectors in a broad range of market segments in the building and industrial markets. Sydtotal is known in the market as a total solution provider with a good reputation and high-quality technical competences. As a total solution provider the company encompasses design, engineering, project execution, maintenance and management. Sydtotal is a modern company with its own CAM-based system (Computer Aided Manufacturing) for designing, engineering and planning projects with a direct link to subcontractors and suppliers, and its own production department, including digital invoicing based on EDI (Electronic Data Interchange).
The company increasingly focuses on green solutions, including substantial energy-saving projects. Examples are the MAX-lab of the University of Lund, and an energy project for packaging specialist Rexam. The business unit which operates at the interface between ICT and energy savings is also consultant for complex client issues. As a major player in this growth segment, Sydtotal occupies a seat in the Swedish Green Building Council.
The management of Sydtotal will continue their activities in the coming years, which guarantees continuity.
Next growth phase for Imtech Nordic
With some 4,600 employees and pro forma revenue in 2010 of around 600 million euro, Imtech Nordic is one of the strongest technical players in the Nordic region (Sweden, Norway and Finland). The strong position was created here through the acquisition of two major technical players, namely NVS in 2008 and NEA in 2010, together with a dozen smaller acquisitions. Imtech wishes to grow substantially in the Nordic region within the framework of its 2015 growth strategy. This will be achieved on the one hand through the further integration of NVS and NEA into a strong multidisciplinary service provider called Imtech Nordic. NVS specialises in mechanical solutions, while NEA specialises in electrical solutions. NVS is more oriented towards the building market, while NEA focuses mainly on the industry market. Together they have over 160 offices and more than 2,000 clients. Together the companies offer total technical solutions with high added value. Further strengthening through acquisitions is also part of Imtech’s strategic growth policy in the Nordic countries. In this context, the acquisition of Sydtotal adds new high-quality specialisations, both in energy technology and energy savings, and in high-quality air and climate control solutions. NVS, NEA and Sydtotal are familiar with each other from the market, and also work on a variety of projects together, for example the realisation of the City tunnel railway line in Malmö and the Swedbank Arena in Stockholm. Collaboration, cross-selling and knowledge exchanges will lead to both NVS/NEA and Sydtotal being able to achieve extra growth. Acceleration is particularly expected in the energy market.
Third Nordic acquisition this year
Earlier this year Imtech acquired two companies in Norway to strengthen its market position, namely Unireg, a specialist in software (building automation) and energy technology, and Elajo Installasjon, an electrical specialist in security, energy and technical automation. In Sweden Imtech acquired the small technical services provider Comfortgruppen.
Approval by the competition authorities
The acquisition is subject to approval by the Swedish competition authorities.
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