In this Research Note, we examine the recent Triton announcement of a merger between its portfolio companies, Assemblin and Caverion to create a Northern European technical building installation and services group “providing the most comprehensive and cutting-edge solutions across the full lifecycle of the built environment”. We highlight the strategic rationale of the Caverion acquisition, the overall positioning of the new group, and key takeaways for the smart buildings business across the Nordic and DACH regions. This article is based on the 2023 annual reports of each company, an investor presentation of 7th March 2024, and our analysis of their building automation portfolios. We previously covered the extended bidding war for Caverion between Bain and Triton in 2022 and 2023, here and here. Strategic Rationale The acquisition of Caverion by Assemblin Group AB creates a stronger, more diversified, and resilient group. Clear market-leading positions are achieved in all Assemblin’s current geographies coupled with geographical diversification […]