Inin Group AS: Intends to acquire NSK Sweden, opening up the Nordic NDT and TIC market

20 Dec 2022 11:18 CET

20 December 2022 – Inin Group’s wholly owned subsidiary Nordic Inspekt Group AB
has agreed the principal terms of an agreement to acquire the Swedish accredited
testing, inspection and certification (TIC) and non-destructive testing (NDT)
player NSK – Nordisk Svets Kontroll AB (NSK Sweden).

“We have previously announced an objective of becoming the main challenger in
the rapidly growing Nordic NDT and TIC market. Acquiring NSK Sweden is a key
steppingstone towards realizing this ambition and will open up the Nordic market
for us. As a holder of all the industrial accreditations required to perform
non-destructive testing and pressure equipment inspection, NSK Sweden provides
us with the tools that will allow us to quickly ramp up our inspection
business,” says Øivind Horpestad, CEO of Inin Group.

In addition to Inin Group’s existing operation with construction and maintenance
of infrastructure, and inspection hardware and software through Elop Technology,
the Inspection business will be the group’s third operating segment.

ABOUT NSK SWEDEN

NSK Sweden is a specialist within non-destructive testing (NDT), inspection of
pressurized equipment, and inspection of lifting equipment – or so-called TIC
services. The company also provides quality assurance services. NSK Sweden holds
important accreditations in the Swedish market.

NSK Sweden has offices in Stenungssund and Varberg in the southwestern part of
Sweden. It has an extensive Swedish customer base within land-based process
industries such as petrochemicals, energy including hydropower, pulp and paper,
and others. Its customers include both the companies at the top of each value
chain as well as the contractors who perform construction and maintenance work
on their behalf.

In 2021, NSK Sweden delivered revenues of approximately SEK 20 million in 2021,
and EBIT of SEK 2.3 million. NSK Sweden employs 13 highly qualified inspection
specialists. Inin Group expects significant growth for NSK Sweden in 2023.

“Every time an industrial player makes a mechanical change to their technical
infrastructure, the welding work must be inspected by a TIC specialist to make
sure the work has been executed in line with approved industry standards. This
is what NSK Sweden does,” says Niklas Persson, head of Nordic Inspekt Group AB.

“Inspekt will provide clients and stakeholders an entrepreneurial approach
where, customer centricity, efficiency and innovation are of highest importance.
We expect that our contribution will lead to a significant growth in NSK next
year. In addition to organic growth in Sweden, NSK Sweden’s accreditations allow
us to operate in Finland and Norway too. Our goal is to become the benchmark
within NDT and TIC in the Nordic region within five years,” adds Niklas Persson.


THE TRANSACTION

Inin Group have agreed to the principal terms of an agreement where Nordic
Inspekt Group AB acquires 100 percent of the shares in Nordisk Svets Kontroll
AB.

The transaction is subject to customary closing conditions, satisfactory due
diligence, and final transaction documentation. The final share purchase
agreement is expected to be signed January 2022.


(ENDS)

For further information, please contact:
Øivind Horpestad, CEO of Inin Group, Tel: +47 910 00 626

About Inin Group AS
Inin Group is an industrial owner that invests into companies within
infrastructure and industry services niches in the Nordics. The group aims to
create value by identifying investment opportunities within profitable niches
with potential for development, consolidation and growth, working in
collaboration with portfolio companies to deliver sustainable growth and
superior profitability.

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