Inin Group’s subsidiary Nordic Inspekt Group AB has signed an agreement to acquire Swedish non-destructive testing (NDT) company Trygg Inspection AB, thereby gaining a valuable foothold in the Swedish market.
Testing, inspection and certification (TIC) of infrastructure and industrial assets is one of three operating segments of Inin Group. The group will utilize M&A as a key strategy to build up a challenger in the rapidly growing Nordic NDT and TIC market.
“We have significant growth ambitions in Sweden, and the acquisition of Trygg Inspection is an important steppingstone towards a broader presence in the Swedish market,” says Øivind Horpestad, CEO of Inin Group.
About Trygg Inspection AB
Trygg Inspection AB is a specialist within non-destructive testing (NDT) services. The company also delivers technical consultancy services within quality control and quality inspection.
The company’s main clients are found within the energy, oil and gas and manufacturing industries. Trygg Inspection has customers all over the southern part of Sweden, but its strongest foothold is mainly on the west coast of Sweden, in proximity to its two offices in Gothenburg (HQ) and Malmö. Trygg Inspection was founded in 2019 by Thomas Trygg, and in 2020 Stefan Brusk joined the company as its chief operating officer (COO). In 2021, Trygg Inspection delivered revenue of SEK 5 million with earnings before tax of SEK 1 million. Last year, the company established an office in Malmö and reached a revenue of SEK 6,67 million. Today the company has six employees, which all are testing and inspection specialists, Trygg Inspection have had a good start in 2023 and expect to reach a revenue of SEK 8,5 million in 2023 With an expected EBIT of SEK 1,7 million.
Following completion of the acquisition, Trygg Inspection AB will be re-named Inspekt NDT AB. The company’s founder, Thomas Trygg and the COO Stefan Brusk, will continue in management positions in the company.
“We have worked together with the key people behind Trygg Inspection AB in the past. We are well aware of their technical capabilities, business acumen and personal qualities. They have a strong reputation in the Swedish market and a fantastic network of current and potential customers. We look forward to cooperating with them to develop a fast-growing challenger to the incumbent NDT players in the Swedish market,” says Niklas Persson, head of Nordic Inspekt Group AB.
Under the terms of the agreement, Nordic Inspect Group AB acquires 100 percent of the shares in Trygg Inspection AB, which is valued at SEK 5 470 566 in the transaction. The transaction will be settled with 18,7% in cash and 81,3% in shares in Nordic Inspekt Group AB.
Nordic Inspect Group is valued at SEK 60 million in the transaction.
“Although technical by nature, testing and inspection work is also people business where companies choose the consultants that they trust the most. To bring in key personnel as shareholders, making sure they share our long-term ambitions, is therefore key to our growth strategy,” adds Niklas Persson.
Both Nordic Inspekt Group AB and Trygg Inspection AB have signed the share purchase agreement. Closing of the transaction is expected in April 2023.