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Corteco partners with three additional entrepreneur-owned firms to strengthen its market position
Corteco (a Celero Capital portfolio company) has partnered with the owners of three additional specialist firms – Neosol AB, Cityglas Entreprenad i Stockholm Aktiebolag and RT Fasadutomatik AB – to further strengthen Corteco's position within windows, façade automation, sunscreen and blackout solutions. The entrepreneurs and management team have reinvested approximately 30% of the proceeds from the transactions
Established in July 2022, Corteco is delivering complete solutions within Outer Shell renovation and maintenance to its customers. As of November 2022, Corteco had proforma sales of around SEK790 million and currently has around 180 employees.
The acquisition of the three companies represents an important step for Corteco in consolidating the Outer Shell market in the Nordics. Corteco is currently in dialogue with several other highly successful entrepreneur-owned companies and looks forward to expanding Corteco further in the near future.
Johan Örengård, interim CEO of Corteco, commented: “We are pleased to welcome three other specialist firms into the Corteco family. Improving the energy efficiency of buildings is at the core of what we do and the Companies that we have now partnered with will significantly strengthen our ability to deliver complete Outer Shell renovation and maintenance solutions to current and future customers. We look forward to continuing to build Corteco organically and through selected acquisitions.”
The CEOs of the three companies, Per Holmberg, Thomas Ritzler and Ulf Tångring, jointly commented: “Joining Corteco represents a natural evolution for us as we will be able to offer our services to a broader customer group. In addition, it will provide us with the opportunity to, by working together with the other Corteco companies, expand and deepen our relationships with our existing customers.”
Celero Capital was advised by Rene Partners, Hansen Advokatbyrå, Deloitte and BDO.
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About Neosol, Cityglas and Fasadautomatik
Neosol delivers, assembles and performs maintenance on sunscreen and blackout solutions for public and commercial properties. With more than 25 years of experience, Neosol is one of Sweden’s most prominent suppliers of such solutions for projects.
Cityglas is a turnkey provider of glass and window solutions to property and construction companies. Cityglas has a specialist competence within security and specialty glass solutions and also manufactures tailormade windows and doors in metal and wood in its factory in Rosenberg, Sweden.
Fasadautomatik is one of Sweden's largest suppliers of technical solutions within façades with a focus on sun / climate protection, motors for smoke and ventilation hatches and electrical solutions including any associated steering automation.
About Corteco
Established in 2022, Corteco is a leading provider of renovation and maintenance services in the Outer Shell market. 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. By leveraging the combined expertise within the group, Corteco can deliver complete solutions to its customers to help them achieve such benefits.
As of November 2022, Corteco had proforma sales of around SEK790 million and currently employs around 180 employees.
About Celero Capital
Established in 2022, Celero Capital is an independent private equity firm that focuses on making control investments in high-quality, niche-market leaders in the Nordic lower middle-market, specifically within B2B & B2C Services, Niche Industrials, and Consumer/E-Commerce sectors.
Celero Capital partners with owners and management teams who have a passion for developing their companies. Celero Capital seeks to accelerate this development by supporting management, throughout the investment journey, with its Celero Accelerator Modules (“CAMs”). The CAMs represent a key part of the hands-on support that Celero is able to provide to owners and management teams to help them realize the potential of a company.
