3 April 2023 - Inin Group's subsidiary Nordic Inspekt Group AB has signed an
agreement to acquire Swedish non-destructive testing (NDT) company Trygg
Inspection AB, thereby gaining a valuable foothold in the Swedish market.
Testing, inspection and certification (TIC) of infrastructure and industrial
assets is one of three operating segments of Inin Group. The group will utilize
M&A as a key strategy to build up a challenger in the rapidly growing Nordic NDT
and TIC market.
"We have significant growth ambitions in Sweden, and the acquisition of Trygg
Inspection is an important steppingstone towards a broader presence in the
Swedish market," says Øivind Horpestad, CEO of Inin Group.
ABOUT TRYGG INSPECTION AB
Trygg Inspection AB is a specialist within non-destructive testing (NDT)
services. The company also delivers technical consultancy services within
quality control and quality inspection.
The company's main clients are found within the energy, oil and gas and
manufacturing industries. Trygg Inspection has customers all over the southern
part of Sweden, but its strongest foothold is mainly on the west coast of
Sweden, in proximity to its two offices in Gothenburg (HQ) and Malmö. Trygg
Inspection was founded in 2019 by Thomas Trygg, and in 2020 Stefan Brusk joined
the company as its chief operating officer (COO). In 2021, Trygg Inspection
delivered revenue of SEK 5 million with earnings before tax of SEK 1 million.
Last year, the company established an office in Malmö and reached a revenue of
SEK 6,67 million. Today the company has six employees, which all are testing and
inspection specialists, Trygg Inspection have had a good start in 2023 and
expect to reach a revenue of SEK 8,5 million in 2023 With an expected EBIT of
SEK 1,7 million.
Following completion of the acquisition, Trygg Inspection AB will be re-named
Inspekt NDT AB. The company's founder, Thomas Trygg and the COO Stefan Brusk,
will continue in management positions in the company.
"We have worked together with the key people behind Trygg Inspection AB in the
past. We are well aware of their technical capabilities, business acumen and
personal qualities. They have a strong reputation in the Swedish market and a
fantastic network of current and potential customers. We look forward to
cooperating with them to develop a fast-growing challenger to the incumbent NDT
players in the Swedish market," says Niklas Persson, head of Nordic Inspekt
Under the terms of the agreement, Nordic Inspect Group AB acquires 100 percent
of the shares in Trygg Inspection AB, which is valued at SEK 5 470 566 in the
transaction. The transaction will be settled with 18,7% in cash and 81,3% in
shares in Nordic Inspekt Group AB.
Nordic Inspect Group is valued at SEK 60 million in the transaction.
"Although technical by nature, testing and inspection work is also people
business where companies choose the consultants that they trust the most. To
bring in key personnel as shareholders, making sure they share our long-term
ambitions, is therefore key to our growth strategy," adds Niklas Persson.
Both Nordic Inspekt Group AB and Trygg Inspection AB have signed the share
purchase agreement. Closing of the transaction is expected in April 2023.
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. For more information, please visit: www.inin.no