Carel acquires large chunk of Kiona

Carel Industries has entered into a binding agreement to acquire an 82.4 per cent stake in Kiona Holding AS. Kiona is a leading Norway-based software-as-a-service (SaaS) provider of prop-tech solutions for energy consumption optimisation and building digitalisation in retail and industrial refrigeration, public, commercial and multi-residential facilities.

Based in Trondheim, Norway, Kiona was formed in 2021 following the collaboration of five synergetic companies with software and digital capabilities: IWMAC (Norway), Egain (Sweden), Cebyc (Norway), Moldeo (Sweden) and Alpha ECO (Switzerland).

Today, Kiona promotes itself as an advanced tech group and a leader in Northern Europe providing comprehensive SaaS solutions to reduce the environmental footprint of refrigeration systems and buildings through the control and optimisation of energy usage.

According to Kiona, it belongs to the “rule-of-40” European SaaS prop-tech solutions providers, counts 17 offices across eight countries, and employs about 150 people. Leveraging its footprint in northern Europe, the company already serves approximately 57,000 facilities and food retail stores across Europe.

Group CEO Francesco Nalini says the agreement marks Carel’s eleventh acquisition since its listing on the Milan stock exchange five years ago.

“This confirms once again our ability to consistently and promptly pursue ambitious growth objectives by external means”, says Nalini.

“Specifically, the acquisition of Kiona … with strong revenue 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.”

Kiona Founder and CEO Trond-Øystein Bjørnnes says 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,” says Bjørnnes. “Together, new global opportunities will also arise that will lead to further growth for Kiona solutions and employees.”