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. […]