IK Partners (“IK”) is pleased to announce that the IK Small Cap III (“IK SC III”) Fund has signed an agreement to invest in Kran og Industri Service (“KIS” or “the Company”), a leading Norwegian provider of inspection and services for cranes and lifting equipment. IK is partnering with the Company’s management and employees; most of whom will be reinvesting as part of the transaction. Financial terms of the transaction are not disclosed.
Founded in Norway in 1987, KIS is a leading market participant in the crane inspection and service industry. The Company is equipment-agnostic and employs over 420 employees who serve approximately 4,600 clients. These clients are primarily in the Industrials sector and consider cranes mission-critical to their operations. KIS’ model is based on a full-service offering, covering both testing, inspection and certification as well as service and maintenance. The Company has a long history of providing safe and high-quality services for its customers and has established itself as the clear market leader in Norway.
KIS benefits from a strong platform in a comparatively under-professionalised sector, with solid systems infrastructure and a structured go-to-market strategy which targets the most attractive customer verticals. The Company has also already started its international expansion journey with add-on acquisitions in the Netherlands, laying the groundwork for further geographic diversification.
With the support of IK’s investment and sector expertise, KIS aims to continue its organic growth trajectory by winning new customers in its target markets and improving operational efficiency. Additionally, KIS plans to pursue inorganic growth in both existing and new markets to create a pan-European inspection and service player.
Svein-Frode Børsting, Chairman and Group CEO of KIS, said: “We are looking forward to working closely with the IK team to ensure that KIS solidifies its position as a leading inspection and service player in both Norway and the Netherlands. We are confident that, with their experience of building pan-European champions, we can further expand our position internationally and improve the product offering for our existing customer base to continue our already strong growth trajectory.”
Henrik Geijer, Partner at IK and Advisor to the IK SC III Fund, said: “We have been very impressed with the work already done by the KIS management team to build the market leader in the Norwegian market. With the support of IK’s investment and experience, the Company will be able to target new European markets and ensure that it continues to attract high-quality clients on a recurring basis. We look forward to working closely with Svein-Frode and his team to deliver continued success.”
For further questions, please contact:
IK Partners
Vidya Verlkumar
Phone: +44 (0) 7787 558 193
vidya.verlkumar@ikpartners.com
