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In this Research Note, we examine what’s behind Carel’s acquisition of a majority stake in Kiona, a Norwegian Saas player in building management, energy management and refrigeration management. Our article is based on Carel investor presentations and reports from the seller, Swedish private equity firm Summa Equity. Carel Industries SpA is an Italian public company manufacturing control products for HVAC and refrigeration applications, with 2022 revenues of €544.9 million (+29.6% compared to 2021). Their control products are sold to Original Equipment Manufacturers (OEMs) of HVAC equipment and in the food retail and food service segments of the commercial refrigeration market. Headquartered in Trondheim (Norway), Kiona was formed in 2021 following the merger of 5 synergistic companies providing software and digital competences: IWMAC (Norway), Egain (Sweden), Cebyc (Norway), Moldeo (Sweden) and Alpha ECO (Switzerland). Kiona provides SaaS solutions to reduce the environmental footprint of refrigeration systems and buildings through the control and optimization of energy usage. […]
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In this Research Note, we examine Kieback&Peter, one of the long-established German manufacturers and systems integrators of building automation solutions and services. This analysis is based on last month’s publication of their annual company accounts. We also highlight their recent product launches, the planned new headquarters, and a 2025 acquisition. Kieback&Peter GmbH & Co. KG […]
In this Research Note, we examine CBRE’s recent announcement of the creation of a new Building Operations & Experience business segment, in conjunction with the acquisition of Industrious, a US provider of flexible workplace solutions. We assess the changes to the former Global Workplace Solutions business and comment on the Industrious acquisition and the state […]
This Research Note explores what’s behind Yardi Systems’ recent acquisitions of Hubble and Deskpass in the coworking sector. We focus on Yardi’s strategic rationale for acquiring these two firms, the company’s prior acquisitions in the sector, and the current state of coworking in the office market. Yardi Profile Founded in 1984 by Anant Yardi and […]
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