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The growth of IoT devices being deployed in commercial buildings remains strong in 2025, driven by declining hardware costs, enhanced wireless connectivity, increased demand for energy efficiency and operational automation, as well as the rising capabilities of edge computing. Data from our latest study indicates that the installed base of IoT devices in commercial buildings […]

In this Research Note, we explore the smart lighting controls business of Plejd AB, a Swedish public company supplying the Nordic market. We explore their 2024 financial highlights, CEO commentary, market development, and channel approach, based on their 2024 Year-End Report, which was published on 7th February 2025. Plejd Profile Founded in 2009 and headquartered in Mölndal, Sweden, Plejd AB is a publicly traded company on Spotlight Select. The company has deployed over 1 million smart lighting systems, over 5 million installed devices and has over 50,000 installers. Plejd Group reports revenues of approx. $60.6 million with 212 employees across Sweden, Norway, Finland, Netherlands and Germany. 2024 Financial Highlights Net sales amounted to TSEK 662,334 (513,387), which is an increase of 29.0 % compared to the same period last year. The gross margin amounted to 53.6 % (54.4). Operating profit before depreciation (EBITDA) amounted to TSEK 202,627 (115,032), which corresponds to an operating margin before […]

In this Research Note, we examine the Data Center business of Schneider Electric, based on their 2024 Full Year Results, Presentation, and Earnings Call of 20th February 2025. We also highlight previous acquisitions and growth for this key vertical, before assessing the competitor landscape and ranking of the major building infrastructure suppliers in the data center end-market. Schneider Electric Data Center Infrastructure Schneider Electric is a key player in the data center infrastructure market, providing an extensive portfolio of products, systems, software and services for the data center vertical. There has been strong growth in both Enterprise and larger Data Center settings, where AI is a driver. The company have seen an acceleration in the data center market in the last two years, driven by cloud computing, digital transformation, and large language models. Data Center Portfolio Schneider Electric CEO commented on the Group’s position in the data center market, based on their broad portfolio of low […]

In this Research Note, we examine the HVAC and building automation business of Carrier, based on their Q4 Earnings Presentation and Conference Call, 11th February 2025, and 2024 10K Report, covering their financial performance and aftermarket and digital business. Carrier Profile Following its portfolio transformation over the last 2 years, Carrier Global Corporation has repositioned itself as a global leader in intelligent climate and energy solutions with a focus on providing differentiated, digitally enabled lifecycle solutions to its customers. The portfolio includes industry-leading brands such as Carrier, Viessmann, Toshiba, Automated Logic and Carrier Transicold that offer HVAC, building automation, refrigeration, and cold chain transportation solutions. They also provide a broad array of related building services, including audit, design, installation, system integration, repair, maintenance and monitoring. Carrier has two reportable business segments: HVAC and Refrigeration. 2024 Financial Highlights Carrier’s 2024 sales of $22.5 billion increased 19% compared to the prior year, including organic sales growth of […]

In this Research Note, we examine the Bemsiq AB business, based on their 2024 financials and the Year-End Report of their parent company presented on 11th February 2025 and the development of their buy and build strategy. Bemsiq Profile Bemsiq, with headquarters in Gothenburg, Sweden, consists of a group of 9 companies and 615 employees providing building automation field devices, including HVAC sensors, transmitters, room controllers, energy metering products, and including gateways, communication modules and IoT sensors. The group, a separate business area within Investment AB Latour, the listed Swedish mixed investment group, reported $179 million revenues in 2024. 2024 Financial Highlights Latour AB Investor Presentation, 11 February 2025 Bemsiq reported 2024 revenues of SEK 1,956 million, 23.6% growth versus prior year. Net sales grew organically by 3.7%, adjusted for exchange rate effects and acquisitions. 2024 acquisitions contributed with a strong growth, amounting to 20% for the full year. Even though several product development investments […]

This Research Note explores what’s behind the recent acquisition of Apleona, a German technical facility management business by Bain Capital, the European private equity firm. Our focus is on the strategic rationale of Bain Capital to acquire this firm, Apleona’s prior acquisitions in facility management, and its strategic investments in digital building services. Bain Capital Transaction Details European private equity firm, Bain Capital has agreed to acquire Apleona from private equity firm PAI Partners, in a deal with a reported value of around €4B ($4.2B). PAI Partners acquired Apleona from EQT in December 2020 for a total transaction value of approximately €1.6B. Apleona Profile Based in Neu-Isenburg near Frankfurt am Main, Apleona successfully closed the merger with Gegenbauer, another German facility and real estate service provider as of July 3, 2023, creating a European industry leader with 40,000 employees in more than 30 countries. Its core business is integrated facility management with a strong focus […]