Kuldeteknisk announces acquisition of FrioNordica for NOK 72M.

Norway M&A 21 August 2018
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Kuldeteknisk, a Tromsø, Norway-based company providing cooling technology solutions announced entering into an agreement to acquire FrioNordica.

The deal is estimated to be made at around for NOk 72M ($8.7M) and involves bringing the ownership of FrioNordica and Kuldeteknisk together in a new-established group, which will have a competitive product portfolio for international growth.

FrioNordica, led by CEO Ketil Røberg, is a leading manufacturer of refrigeration systems, with its head office and production facilities at Malmefjorden north of Molde, with a branch in Grimstad and a subsidiary in Chile.

Kuldeteknisk, led by CEO Anders Høifødt, is the leading service company for refrigeration installations in northern Norway, and ranks as a substantial provider of refrigeration and freezing solutions for land-based industry and the maritime sector.

Kuldeteknisk is owned by Nord Kapitalforvaltning which purchased a 63% stake in the company in 2017.