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In this Research Note, we examine the Bemsiq AB business, based on their 2023 financials, investor presentations, annual report of their parent company and the development of their buy and build strategy. For a detailed review of their building automation brands, see our previous article in September 2023.
Bemsiq, with headquarters in Gothenburg, Sweden, consists of a group of 7 companies and 519 employees providing building automation field devices including HVAC sensors, transmitters, and room controllers (78% of 2022 revenues) and energy metering products, including gateways, communication modules and IoT sensors.
The group is a separate business area within Investment AB Latour, the listed Swedish mixed investment group.
Bemsiq 2023 Financials
Bemsiq reported 2023 revenues of SEK 1,583 million (around USD $151 million), a 7.3% increase in organic growth versus the prior year, and an operating margin of 23.1%.
Eelectron Spa Acquisition
On 15th January 2024, Investment AB Latour, through its wholly-owned subsidiary Bemsiq AB, acquired 51% of the shares in Eelectron S.P.A.
Established in 1994, Eelectron is a KNX technology specialist and has over 25 years of experience in the development of hardware and software devices for smart building, energy efficiency, and hospitality applications with a strong focus on design and technology.
The company has its head office and manufacturing in Milan (Italy) and customers around the world. Products are used at airports, hotels, hospitals, museums, administrative and office buildings, as well as in smaller commercial buildings and in private residential property.
Eelectron, as a part of onboarding Bemsiq as the new majority owner in the company, has simultaneously acquired IPAS GmbH, a German developer and manufacturer of KNX and DALI building automation devices. Together, Eelectron and IPAS have about 60 employees, an estimated annual revenue of EUR 26 million and a profit level well above Latour’s financial target.
Bemsiq has in recent years created a strong position within the building automation field device market in Europe and North America, and the investment in Eelectron expands Bemsiq’s product range with a full-service KNX product offering, with the ambition of growing the cooperation and ownership over time.
Bemsiq is continuing its buy-and-build strategy of profitable growth in the building automation field device market.
This article was written by Daphne Tomlinson, Senior Research Associate at Memoori.
