CAREL industries acquires Kiona, powering energy efficiency and global growth

CAREL Industries S.p.A. has acquired an 82.4 percent stake in Kiona Holding AS, a leading Norwegian SaaS provider specialising in energy-efficient prop-tech solutions for various sectors, including retail and industrial refrigeration. The strategic deal aims to boost growth and strengthen the position of both companies in the digital services sector.

CAREL Industries S.p.A. sealed a significant deal to purchase an 82.4 percent stake in Kiona Holding AS, a prominent Norwegian Software as a Service (SaaS) provider. Kiona specialises in offering prop-tech solutions that optimise energy consumption and digitise buildings in various sectors, including retail and industrial refrigeration, public, commercial, and multi-residential facilities.  

Trondheim-based company Kiona has emerged as a prominent player in the tech industry since its inception in 2021. The company’s formation resulted from the merging of five successful companies, namely IWMAC and Cebyc from Norway, Egain from Sweden, Moldeo from Sweden, and Alpha ECO from Switzerland, all of which excelled in software and digital expertise. Today, Kiona has established itself as a leading tech group in Northern Europe, offering comprehensive Software as a Service (SaaS) solutions. These solutions aim to minimise the environmental impact of refrigeration systems and buildings by efficiently controlling and optimising energy consumption.

Notably, Kiona is part of the select group of European SaaS prop-tech providers adhering to the “rule-of-40” principle. The company boasts an extensive network, with 17 offices spanning across eight countries, and a workforce of around 150 employees. Leveraging its strong presence in Northern Europe, Kiona has already served approximately 57,000 facilities and food retail stores throughout Europe.

Francesco Nalini, CEO of the Group, commented: “The transaction announced today represents CAREL’s eleventh acquisition since its listing on the Milan stock exchange five years ago and once again confirms our ability to consistently and promptly pursue ambitious growth objectives by external means. Specifically, the acquisition of Kiona, an excellence in its reference sector with strong revenues growth and robust profitability, aligns perfectly with the Group’s strategy to strengthen its position in the digital services sector oriented towards energy efficiency. Furthermore, the combination of the two companies’ know-how, expertise, and human capital is expected to provide both with the opportunity to play a leading role in this market, both in Europe and overseas, opening up new business opportunities in an environment scenario where energy savings represents one of the most significant global challenges of the coming decades”.

Trond-Øystein Bjørnnes, founder & CEO of Kiona, commented: “The 50 years of CAREL’s history have been all about constant innovation and striving for excellence, which are also the goals of Kiona’s company culture. This shared philosophy and values, along with a focus on energy efficiency, have made the Italian Group the natural partner for our ambitious development goals. We share that our customers are at the core of everything we do, and now Kiona, together with CAREL, will be able to move forward to develop our services and products while strengthening market leadership. Together, new global opportunities will also arise that will lead to further growth for Kiona solutions and employees.”