Nimlas Group
Founded 2021 · 17 employees on LinkedIn · 1 known investors
Nimlas is a decentralised group of about 150 local companies providing technical building installations — including electrical systems, plumbing, heating, and ventilation — for homes, businesses, and communities. It operates across the Nordics and is expanding across Europe, with a focus on making buildings more energy-efficient.
Also known as Nimlas · Nimlas AB · Nimlas Group AB
Investors · 1
Company profile
researched Aug 2026Nimlas Group AB is a Nordic technical installations and service group operating through a decentralised structure of local companies. The group provides electricity, plumbing, heating and sanitation, HVAC, ventilation, cooling and refrigeration, fire safety and automation installations, plus related services such as design and security, for residential, commercial and public buildings. Work spans new installations, upgrades of existing building stock, maintenance and reactive service.
The group states it comprises around 150 companies and more than 5,000 skilled professionals across Sweden, Finland and Norway, with stated ambitions to expand across Europe. Local operating companies are led by entrepreneurs who retain market-facing decision-making, while the group provides support functions, procurement power, financial discipline and shared tools. Country organisations operate as Nimlas Sweden (Linköping), Nimlas Finland (Espoo) and Nimlas Norway (Lier), with group headquarters at Drottninggatan 32 in Stockholm.
Nimlas positions technical installations as central to building energy performance, noting that buildings account for around 40 percent of Europe's energy use and that three quarters of Europe's building stock requires upgrading to meet EU energy efficiency targets. Nimlas Group AB is owned by funds managed by KLAR Partners.
Founding story
The group was founded in 2021, at which point it had SEK 1.5 billion in net sales, and set out to build a decentralised group of local installation companies backed by group-level scale.
Business model
Nimlas operates as an acquisitive holding group: it buys, starts and grows local installation companies that continue to serve their own regions under a decentralised model, while the group centralises procurement, financing, financial control and operational tools. Growth combines organic expansion with a steady programme of bolt-on acquisitions and greenfield company launches.
Revenue is generated by the group's local operating companies from technical installation projects and ongoing service and maintenance work for homes, businesses and communities, across electrical, plumbing/heating, ventilation, cooling, automation and fire safety disciplines.
Traction
Net sales grew from SEK 1.5 billion at founding to SEK 9,230 million reported for 2025 (up 11 percent from SEK 8,294 million, of which 2 percent organic) and SEK 10,081 million pro forma. Pro forma adjusted EBITA for 2025 was SEK 822 million (8.2 percent margin) with operating cash flow of SEK 768 million. Nineteen acquisitions were completed in 2025, adding roughly SEK 1.5 billion in acquired net sales, and the workforce exceeded 5,000 across 140+ companies at year-end, rising to a stated 150 companies.
Latest developments
In 2026 the group continued its acquisition programme: Nimlas Finland agreed to acquire Speweld Service Oy in July 2026, entering industrial technical services, and Nimlas Sweden acquired Building Management Systems Technology & Green Tech Solutions AB in August 2026. Further announced transactions include Avitor Sähkö Oy in Finland and Jönköpings Rörtjänst AB in Sweden, alongside the launch of Sandbäckens El in Helsingborg. Nimlas AB, the bond-issuing subsidiary, published interim reports for Q1 and Q2 2026.
▸Full profile — market position, technology, go-to-market, geography, history, risks & controversies
Market position
Nimlas describes itself as a leading Nordic technical installation and service group and reports an adjusted EBITA margin of 8.2 percent for 2025, which it characterises as placing it among the most profitable Nordic installation groups and as market-leading among larger peers. It reported becoming multidisciplinary in all three of its countries during 2025.
The stated differentiators are a decentralised model that keeps decision-making with local entrepreneur-led companies, combined with group-level scale in procurement, financing and operational tooling, and a diversified footprint across markets, geographies and service areas in a sector the company describes as resilient and structurally supported by building energy-efficiency requirements.
Technology
The group's offering covers electrical systems, plumbing and precision piping, heating and sanitation, HVAC and ventilation, cooling and refrigeration, fire safety, building automation and building management systems, positioned as means of improving the energy efficiency and reliability of both existing and new buildings.
Go-to-market
Customer relationships are held locally by the individual member companies, which are described as trusted regional partners close to everyday customer needs, while the group adds scale in financing and procurement. New market coverage is added principally through acquisitions of established local installers and, in some cases, by launching new companies in target cities.
Owners and occupiers of residential, commercial and public buildings in the Nordics, including property owners undertaking energy renovation of existing stock and developers of new buildings; the Finnish arm has also entered industrial technical services.
Geography
Operations in three countries — Sweden, Finland and Norway — across more than 130 locations, with group headquarters in Stockholm and country offices in Linköping (Sweden), Espoo (Finland) and Lier (Norway); the company states it is expanding across Europe and targets entry into new markets under its growth strategy.
History
Nimlas was founded in 2021 with SEK 1.5 billion in net sales and has grown to more than SEK 10 billion through acquisitions and organic growth across Sweden, Norway and Finland. In March 2025 it issued a EUR 325 million senior secured bond, tapped for a further EUR 50 million in July 2025, when it announced reaching SEK 10 billion in pro forma revenue and a 2–20–2 strategy (SEK 2bn EBITA, SEK 20bn net sales, two new markets by 2029). It published its 2025 annual report in April 2026 and subsequently set a '4–40–4' target of SEK 4 billion EBITA, SEK 40 billion net sales and four new markets by 2031, continuing acquisitions in Sweden and Finland through 2026.
Risks & controversies
The company notes it operated through what it describes as the toughest market conditions in thirty years, with sustained price pressure and organic growth of only about 2 percent in 2025. Its growth depends on continued acquisitions financed partly by debt; it has EUR 375 million of senior secured bonds outstanding maturing in 2030 and carries non-investment-grade ratings of B/Stable from Standard & Poor's and B2/Stable from Moody's.
Compiled by commissioned research from 8 cited public sources — announcements, filings, and press listed under research sources below.
Key figures
latest reportedCompany-reported or press-reported figures, each dated to when it was claimed — not independently audited.
Timeline · 13
launches, deals, and filingsNimlas Sweden acquired BMS & Green Tech Solutions as part of its continued growth programme.
Nimlas Finland signed an agreement to acquire Speweld Service Oy, marking the group's entry into industrial technical services.
Annual report for financial year 2025 published, reporting net sales of SEK 9,230m, 19 acquisitions, operating cash flow of SEK 768m and a workforce of more than 5,000 across 140+ companies.
The group reported pro forma net sales of SEK 10,081 million and adjusted EBITA of SEK 822 million for full-year 2025, with organic net sales growth of 2.1 percent adjusted for currency.
Nimlas strengthened its Finnish service network by acquiring Tampere-region medium-voltage specialist Avitor Sähkö Oy.
Acquisition strengthening the group's position in the Swedish region of Småland.
Nimlas Sweden launched a new electrical company, Sandbäckens El, in Helsingborg as part of its growth strategy.
The group announced it had reached SEK 10 billion in pro forma revenue and set a 2–20–2 strategy of SEK 2bn EBITA, SEK 20bn net sales and entry into two new markets by 2029.
Nimlas issued EUR 50 million in new senior secured notes to support continued expansion, bringing total outstanding senior secured bonds to EUR 375 million.
Nimlas issued senior secured notes raising EUR 325 million in March 2025; the bond was issued on 21 March 2025 and matures 21 March 2030 (3M Euribor + 450bps, ISIN NO0013505826).
Norwegian platform company Konstel became multidisciplinary through the acquisition of Teca Group, giving Nimlas NOK 3 billion pro forma turnover in Norway.
Swedish subsidiary Sandbäckens strengthened its position as a multidisciplinary player in Stockholm through the acquisitions of Nordvalvet and Caeli.
Nimlas entered northern Sweden by acquiring two full-service companies in electrical, ventilation, HVAC and control systems in Luleå and Skellefteå.
Dated company events from announcements, filings, and press; legal rows summarize public dockets and regulator releases.
▸Research sources · 8
primary sources listed
- Nimlas Groupnimlasgroup.com · web
8 public sources were cited for this profile; the first-party ones are listed here.
Frequently asked questions
- What does Nimlas Group do?
- Nordic group of ~150 local technical installation companies delivering electrical, plumbing, HVAC, fire safety and automation work.
- Who are Nimlas Group's investors?
- Nimlas Group's investors include Klar Partners.