Celero Capital partners with three entrepreneur-owned firms to establish Corteco

Celero Capital has signed agreements with the owners of three specialist firms – Interoc Dörr & Fönster AB / Interoc Fasad AB, Fog & Fönsterservice i Stockholm AB and Specialbetong Sverige AB – to establish Corteco, a leading provider of renovation and maintenance services in the “Outer Shell” market to drive sustainable and energy efficient solutions. The entrepreneurs and management team will own approximately 25% of the new group.

By combining three high-quality companies, Corteco, at inception, will have a strong position in the Swedish market and be able to provide customers with complete solutions for their Outer Shell renovation and maintenance needs. As of April 2022, Corteco had proforma sales of around SEK670 million and currently employs around 140 employees.

The Outer Shell market – including products and services related to the façades, windows and roofs of buildings – is a sizeable and fragmented market that is currently enjoying strong tailwinds driven by the need for energy efficient and sustainable solutions for buildings. It is estimated that buildings are responsible for approximately 40% of energy consumption in the EU. By renovating the Outer Shell, significant improvements in terms of energy efficiency can be achieved which in turn reduces the climate footprint of the building and, in addition, often leads to significant cost savings for the owner.

The establishment of Corteco represents the first step for Celero Capital in consolidating the Outer Shell market in the Nordics. Celero is currently in dialogue with a number of other highly successful entrepreneur-owned companies and looks forward to expanding Corteco further in the near future.

Peter Möller, Managing Partner at Celero Capital, commented: “We are very excited to have partnered with these successful entrepreneurs to establish Corteco. Improving the energy efficiency of buildings is an important step in reducing the greenhouse gas emissions and Corteco has an important role to play in this respect. The creation of Corteco builds on Celero Capital’s experience both in terms of partnering with entrepreneurs and with buy-and-build strategies. We now look forward to rapidly developing Corteco by leveraging strong ESG-related industry tailwinds, reaping the benefits of working together as a group and by acquiring complementary businesses across the Outer Shell market”

The CEOs of the three companies, Johan Örengård, Esbjörn Hallgren and Leif Domberg, jointly commented: “We look forward to building Corteco together with Celero Capital. By working together as a group, we will be even better positioned to offer our customers sustainable and energy efficient solutions for all their Outer Shell needs. We see plenty of exciting growth opportunities ahead and look forward to exploring these together with our new partners.”

Celero Capital was advised by Rene Partners, Hansen Advokatbyrå, Arkwright, Deloitte and BDO.