IPO: FSN Capital VI Takes Subsidiary InstallatørGruppen Public

Zurich/Munich/Copenhagen – Instal­la­tør­Grup­pen A/S (“Instal­la­tør­Grup­pen” or the “Company”), a leading provi­der of multi­di­sci­pli­nary tech­ni­cal instal­la­tion services in Switz­er­land and Denmark, was listed today on the Nasdaq in Copen­ha­gen for the first time. With this initial public offe­ring, which gene­ra­ted signi­fi­cant inte­rest among insti­tu­tio­nal and retail inves­tors inter­na­tio­nally, Instal­la­tør­Grup­pen has achie­ved a key mile­stone in its growth story with the support of FSN Capital. 

The offe­ring price was 2.00 euros per share, corre­spon­ding to a market capi­ta­liza­tion of appro­xi­m­ately 602 million euros follo­wing the comple­tion of the offe­ring. If the over-allo­t­­ment option is exer­cised in full, 80,499,850 shares will be placed, repre­sen­ting appro­xi­m­ately 27 percent of the total share capi­tal. Follo­wing the initial public offe­ring, FSN Capi­tal VI will hold appro­xi­m­ately 47 percent of the shares, provi­ded the over-allo­t­­ment option is exer­cised in full. 

Buy & Build Strategy

Instal­la­tør­Grup­pen was foun­ded in 2023 through the merger of eleven tech­ni­cal instal­la­tion compa­nies and has been pursuing an ambi­tious growth stra­tegy ever since: With the support of FSN Capi­tal, the group has to date comple­ted the acqui­si­tion of a total of 47 compa­nies, which—as inde­pendently opera­ting brands with their own manage­ment and custo­mer base—benefit from the group’s syner­gies and econo­mies of scale. In addi­tion to its home market of Denmark, the Swiss market has also played an important role in InstallatørGruppen’s buy-and-build stra­tegy since last year. With the 2025 acqui­si­ti­ons of A3 Haus­tech AG, W. Rokitzky AG, and Rohr Gebäu­de­tech­nik AG, as well as the most recent acqui­si­ti­ons of BP Elek­tro and Elek­tro Erti AG in 2026, five local Swiss play­ers are streng­thening the rapidly growing group. Since the group’s foun­ding, repor­ted reve­nue has risen from appro­xi­m­ately 187 million euros in 2023 to just under 495 million euros in 2025, with combi­ned reve­nue of 562 million euros and combi­ned adjus­ted EBITA of just under 55 million euros in 2025. 

“We are deligh­ted by the signi­fi­cant inte­rest in Instal­la­tør­Grup­pen and the trust placed in us by our new share­hol­ders. The stock market listing is a major mile­stone for our group and reflects the strong brand we have built toge­ther with our port­fo­lio compa­nies and employees. With our estab­lished market posi­tion in Switz­er­land and Denmark, we are ideally posi­tio­ned to conti­nue driving our group’s growth, parti­cu­larly through further acqui­si­ti­ons and expan­sion into new markets by 2027,” said Niels Eldrup Meidahl, co-foun­­der and Group CEO of Instal­la­tør­Grup­pen. “In FSN Capi­tal, we have found a part­ner that has maste­red the art of buy-and-build in its enti­rety. The expe­ri­ence of the FSN team—particularly in guiding compa­nies through their initial public offerings—has had a decisive impact on our deve­lo­p­ment. We are very grateful for this part­ner­ship and the trust placed in us,” Meidahl continued. 

Robin Mürer, Co-Mana­­ging Part­ner at FSN Capi­tal, added: “The initial public offe­ring is a strong endor­se­ment of InstallatørGruppen’s stra­tegy, busi­ness model, and long-term growth poten­tial. We are proud to have supported the group throug­hout its deve­lo­p­ment to date—including in Switz­er­land. Today’s listing not only marks an important step for Instal­la­tør­Grup­pen but also confirms the buy-and-build stra­tegy that FSN Capi­tal has consis­t­ently pursued —from Green Land­sca­ping in Fund III, through Instalco in Fund IV and Hånd­verks­grup­pen in Fund V, to Instal­la­tør­Grup­pen today. We have seen time and again that local cham­pi­ons in the busi­ness services sector can preserve their iden­tity and close ties to custo­mers while simul­ta­neously bene­fiting from the strength and oppor­tu­ni­ties of a larger group. Instal­la­tør­Grup­pen is a striking exam­ple of this convic­tion, and we look forward to accom­pany­ing the company into the next chap­ter of its growth story.”

About FSN Capital

FSN Capi­tal, one of Nort­hern Europe’s leading private equity firms, was foun­ded in 1999 and has four offices in Oslo, Stock­holm, Copen­ha­gen, and, since 2017, Munich. The four funds advi­sed by FSN Capi­tal have more than four billion euros under manage­ment; for its most recent Fund VI, 1.8 billion euros were raised for invest­ments in Scan­di­na­via and the DACH region. The funds make majo­rity invest­ments in growth-orien­­ted compa­nies to support them on their path to contin­ued success and to posi­tion them to be even more sustainable, compe­ti­tive, inter­na­tio­nal, and profi­ta­ble. FSN Capital’s team of more than 90 people (25 of whom are based in Munich) is commit­ted to inves­t­ing respon­si­bly and achie­ving market-leading returns, in keeping with the motto “We are decent people making a decent return in a decent way.” Current port­fo­lio compa­nies in Germany include Adra­gos Pharma, BoldR, Bäcker Görtz, Ecovium, impreg, Lobs­ter, Swash Group, and TASKING, among others. — www.fsncapital.com

About Instal­la­tør­Grup­pen

Instal­la­tør­Grup­pen is a leading provi­der of multi­di­sci­pli­nary tech­ni­cal instal­la­tion services in Switz­er­land and Denmark. The group consists of inde­pendently opera­ting compa­nies that have a strong local presence and in-depth tech­ni­cal exper­tise. The group offers solu­ti­ons prima­rily in the fields of plum­bing, heating, venti­la­tion, and air condi­tio­ning; refri­ge­ra­tion; and elec­tri­cal engi­nee­ring, as well as in selec­ted specialty areas such as sprink­ler systems, energy opti­miza­tion, buil­ding auto­ma­tion, fiber-optic infra­struc­ture, and solar systems. Instal­la­tør­Grup­pen serves as its custo­mers’ part­ner of choice in imple­men­ting the energy transition.