In this Research Note, we examine the Bemsiq AB business, based on their 2023 Group Overview, investor presentations, annual report of their parent company and the development of their buy and build strategy. Bemsiq, with headquarters in Gothenburg, Sweden, consists of a group of 7 companies and 511 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. The business unit reported 2022 revenues of SEK 1,334 million (around USD $125 million), with an organic growth in net sales of 13.1% and an operating margin of 22.8%. The Bemsiq building automation product portfolio is represented by four brands – Greystone, Produal, Sensortec and S+S Regeltechnik – with combined revenues of SEK 1,040 million in 2022. The metering offering is represented […]