CAREL signs a binding agreement to acquire c. 82.4% of Kiona share capital

CAREL Industries S.p.A. ("CAREL" or the "Group") entered into a binding agreement to acquire a c. 82.4% stake in Kiona Holding AS ("Kiona" or the “Company”), a leading Norway-based Software as a Service (“SaaS”) provider of prop-tech (property technologies) solutions for energy consumption optimization and building digitalization in retail & industrial refrigeration, public, commercial and multi-residential facilities.

Headquartered in Trondheim (Norway), Kiona was formed in 2021 following the aggregation of 5 synergistic companies boasting top notch software and digital competences: IWMAC (Norway), Egain (Sweden), Cebyc (Norway), Moldeo (Sweden) and Alpha ECO (Switzerland). Today, Kiona is an advanced tech group, a leader in Northern Europe, providing comprehensive SaaS solutions to reduce the environmental footprint of refrigeration systems and buildings through the control and optimization of energy usage.

The wide range of digital solutions is aimed at the industrial and commercial refrigeration sectors, as well as multi-residential, commercial and public buildings, whether existing or newly built. Kiona is able to integrate multiple systems and technologies, regardless of the supplier and the degree of evolution, fully expressing its potential in the areas of monitoring, optimization and continuous improvement of energy efficiency. 

Kiona belongs to the “rule-of-40” European SaaS prop-tech solutions providers, counts 17 offices across 8 countries and employs c.150 people. Leveraging its well-established footprint in Northern-Europe, the Company already serves c. 57,000 facilities and food retail stores across Europe.

The transaction serves as a strategic move to further strengthen CAREL's positioning as a global leader in the HVAC-R industry, addressing the increasing digitalization and shift towards servitization of the sector, as Kiona is expected to materially enhance and accelerate the development of CAREL’s software and digital services offering.

Francesco Nalini, CEO of the 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, an excellence in its reference sector with strong revenues growth and robust profitability, 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”.

Trond-Øystein Bjørnnes, founder & CEO of Kiona, commented: “The 50 years of CAREL's history have been all about constant innovation and striving for excellence, which are also the goals of Kiona's company culture. This shared philosophy and values, along with a focus on energy efficiency, have made the Italian Group the natural partner for our ambitious development goals. We share that our customers are at the core of everything we do, and now Kiona, together with CAREL, will be able to move forward to develop our services and products while strengthening market leadership. Together, new global opportunities will also arise that will lead to further growth for Kiona solutions and employees.”