Inin Group AS — M&A Activity 2022

Dec 20, 2022

Inin Group AS: Intends to acquire NSK Sweden, opening up the Nordic NDT and TIC market

Inin Group AS: Intends to acquire NSK Sweden, opening up the Nordic NDT and TIC market

20 December 2022 – Inin Group’s wholly owned subsidiary Nordic Inspekt Group AB has agreed the principal terms of an agreement to acquire the Swedish accredited testing, inspection and certification (TIC) and non-destructive testing (NDT) player NSK – Nordisk Svets Kontroll AB (NSK Sweden).

“We have previously announced an objective of becoming the main challenger in the rapidly growing Nordic NDT and TIC market. Acquiring NSK Sweden is a key steppingstone towards realizing this ambition and will open up the Nordic market for us. As a holder of all the industrial accreditations required to perform non-destructive testing and pressure equipment inspection, NSK Sweden provides us with the tools that will allow us to quickly ramp up our inspection business,” says Øivind Horpestad, CEO of Inin Group.

In addition to Inin Group’s existing operation with construction and maintenance of infrastructure, and inspection hardware and software through Elop Technology, the Inspection business will be the group’s third operating segment.

ABOUT NSK SWEDEN

NSK Sweden is a specialist within non-destructive testing (NDT), inspection of pressurized equipment, and inspection of lifting equipment – or so-called TIC services. The company also provides quality assurance services. NSK Sweden holds important accreditations in the Swedish market.

NSK Sweden has offices in Stenungssund and Varberg in the southwestern part of Sweden. It has an extensive Swedish customer base within land-based process industries such as petrochemicals, energy including hydropower, pulp and paper, and others. Its customers include both the companies at the top of each value chain as well as the contractors who perform construction and maintenance work on their behalf.

In 2021, NSK Sweden delivered revenues of approximately SEK 20 million in 2021, and EBIT of SEK 2.3 million. NSK Sweden employs 13 highly qualified inspection specialists. Inin Group expects significant growth for NSK Sweden in 2023.

“Every time an industrial player makes a mechanical change to their technical infrastructure, the welding work must be inspected by a TIC specialist to make sure the work has been executed in line with approved industry standards. This is what NSK Sweden does,” says Niklas Persson, head of Nordic Inspekt Group AB.

“Inspekt will provide clients and stakeholders an entrepreneurial approach where, customer centricity, efficiency and innovation are of highest importance. We expect that our contribution will lead to a significant growth in NSK next year. In addition to organic growth in Sweden, NSK Sweden’s accreditations allow us to operate in Finland and Norway too. Our goal is to become the benchmark within NDT and TIC in the Nordic region within five years,” adds Niklas Persson.

THE TRANSACTION

Inin Group have agreed to the principal terms of an agreement where Nordic Inspekt Group AB acquires 100 percent of the shares in Nordisk Svets Kontroll AB.

The transaction is subject to customary closing conditions, satisfactory due diligence, and final transaction documentation. The final share purchase agreement is expected to be signed January 2022.

(ENDS)

For further information, please contact:

Øivind Horpestad, CEO of Inin Group, Tel: +47 910 00 626

About Inin Group AS

Inin Group is an industrial owner that invests into companies within infrastructure and industry services niches in the Nordics. The group aims to create value by identifying investment opportunities within profitable niches with potential for development, consolidation and growth, working in collaboration with portfolio companies to deliver sustainable growth and superior profitability.