Smart Buildings

Bravida’s Smart Building Automation Business Examined

In this Research Note, we examine the building automation business of Bravida Holding AB, a 100-year old Swedish company with a vision statement of “bringing buildings to life”.   This analysis is based on their 2021 Annual Report, investor presentations, growth strategy and M&A activities. Bravida operates in the Nordic market for technical service and installation of buildings and facilities. Bravida’s core market had total turnover of approx. SEK 291 billion in 2021, according to their 2021 Annual Report.  Bravida has a market share of approx. 7.6% in the Nordic region and is a market leader in Sweden, Norway and Denmark. Bravida provides end-to-end solutions for electrical systems, heating and plumbing, ventilation and other technical functions in buildings and facilities. Bravida has 12,000 employees and branches in 172 locations across the Nordics. Their shares are listed on the Nasdaq OMX Large Cap in Stockholm. In 2021, Bravida achieved its best-ever earnings, ending the year with sales of SEK 21.9 billion (USD 2.2 billion), […]

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In this Research Note, we examine the building automation business of Bravida Holding AB, a 100-year old Swedish company with a vision statement of “bringing buildings to life”.   This analysis is based on their 2021 Annual Report, investor presentations, growth strategy and M&A activities.

Bravida operates in the Nordic market for technical service and installation of buildings and facilities. Bravida’s core market had total turnover of approx. SEK 291 billion in 2021, according to their 2021 Annual Report.  Bravida has a market share of approx. 7.6% in the Nordic region and is a market leader in Sweden, Norway and Denmark.

Bravida provides end-to-end solutions for electrical systems, heating and plumbing, ventilation and other technical functions in buildings and facilities. Bravida has 12,000 employees and branches in 172 locations across the Nordics. Their shares are listed on the Nasdaq OMX Large Cap in Stockholm.

In 2021, Bravida achieved its best-ever earnings, ending the year with sales of SEK 21.9 billion (USD 2.2 billion), an EBITA margin of 6.9% and a record volume of orders.

In October 2021, two new business areas were launched: Building Automation and Technical Facility Management. They tie together Bravida's entire offering and enable them to support customers over the full lifecycle of their property. In building automation, Bravida connects the building’s technical subsystems to central systems that enable remote control and monitoring.

Bravida 2021 Annual Report

Bravida has started to build a building automation organization that can meet customers locally – dedicated automation departments in their local regions, working with other branches and supported by a central organization.

Acquisitions are one of the fundamental elements of Bravida’s growth strategy. Over the past five years, Bravida has made 71 acquisitions, which have increased annual sales by SEK 5,126 million, of which 20 acquisitions in 2021 offset organic growth of 0%.

In Denmark in January 2019, Bravida had already strengthened its capability, with its first acquisition in building automation. Insight Building Automation A/S, a supplier of advanced building management systems (BMS), based in Silkeborg and Roskilde with 22 employees and estimated annual sales of SEK 11 million. 

Two companies in Sweden and one in Finland were acquired in the new Building Automation business area in 2021.

  • Parts of Assemblin Oy’s automation business in Finland amounting to 65 employees and SEK 100 million in estimated annual sales, were acquired in September 2021. The acquisition includes building automation projects, maintenance and service units, and the resources required to fulfil contractual warranty obligations during the warranty periods of the projects.
  • Reglerteknik i Norr, a company based in northern Sweden with 8 employees and annual sales of SEK 14 million.
  • Norrstyr AB, a startup company founded in 2020 and based in Västerbotten, Sweden with 6 employees and estimated annual sales of SEK 11 million, was acquired in October 2021.

In the current year, building automation capabilities have been strengthened in Norway with the appointment of a business developer for the Building Automation business area. Håvard Kristiansen was the former Head of Project Execution in Siemens AS, where he was responsible for all project deliveries within the building automation segment in Norway.

And in Denmark, the acquisition of KT Elektric A/S announced in May 2022, strengthens their building automation capability in Aalborg and Copenhagen further. The company, founded in 1976, had sales of DKK 268 million in 2021 and has around 250 employees. The company specializes in service, building automation, industrial applications, installation and new-build projects, as well as major electrical and technology installation contracts.

Although the Nordic service and installation landscape is fragmented with many small firms, the building automation business area can expect competition from key players such as systems integration firm Nordomatic, the established global BMS vendors present in the Nordic region (eg. Schneider Electric, Siemens, Honeywell) as well as Finnish technical installation and maintenance company, Caverion.

This article was written by Daphne Tomlinson, Senior Research Associate at Memoori.

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