Your M&A Specialist in the Construction Industry

Construction Industry developments are driven by players reinforcing their competitiveness, by growing and expanding their product and service offerings, often through mergers and acquisitions. Such structural change is increasingly driven by international players, often with private equity firms as owners.

Our team, with extensive operational and M&A expertise in the construction industry, navigates the entire value chain from construction through maintenance and operations. Our combination of a well-established network, hands-on experience, and industry-specific expertise uniquely positions us to identify potential synergies between companies and deliver optimal solutions for our clients.

  • "Stratema's expertise and engagement in the sales process were highly valuable, as they had a deep understanding of WiseGate's value and market position. We were well-guided through each step of the deal, making us feel secure throughout the process. Collaborating with Stratema ensured a successful transition to Solwers, thereby contributing to WiseGate's further development."

    Patrik GranströmCEO - WiseGate Consulting AB
  • "Transtema really enjoys working with Stratema! Our productive and proactive dialogue has created numerous opportunities for us in Norway. We look forward to the next chapter of our successful long-term relation when Transtema continues its Nordic growth journey."

    Henning SvederCEO - Transtema
  • "Startema has proven to be highly effective in using its market insights to generate attractive acquisitions opportunities for Corteco. Being a committed transaction advisor, Stratema has been instrumental in helping Corteco establish a presence in the Norwegian market. We look forward to continuing our journey together and the next chapter of strengthening our market position in Norway further."

    Vilhelm SternHead of M&A - Corteco AB
  • "Credo Partners has learned to know Stratema as an idea generator and transactions advisor with a relentless commitment to the companies they work with."

    Victor EvensenPartner - Credo Partners
  • "Stratema contributes industry knowledge and execution capacity that enables ut to complete major acquisition processes whotout losing the focus on our business operations."

    Bjørn Sund CEO ÅF Norge AS

Industry Subsectors

    Ground works contractors

    Steep infrastructure investment growth in Norway and Sweden has increased ground works demand, which will remain high for years to come.

    Moreover, considerable maintenance and/or replacement needs have been identified in the water and sewage networks of the Nordic countries, where much of the infrastructure was established after World War II and is now coming to the end of its lifespan.

    Construction machinery is becoming ever more sophisticated, with GPS and laser guidance, thereby entailing larger investments, but improved efficiency.

    Ground works contractors have traditionally owned the machinery themselves. We are now seeing the emergence of construction machinery hire businesses.

    Rental companies and some larger construction contractors have acquired electric machinery for use in projects where strict environmental requirements are imposed.

    Efficient no-dig methods for laying pipes (drilling/strutting) or cables (trenching/ploughing) are becoming more widespread.

    Building contractors

    The construction of new residential buildings has fluctuated somewhat in recent years, coming nearly to a complete halt in 2023. Future developments are expected to involve a strong rebound in 2025 with an anticipated decline in interest rates.

    The construction of new non-residential buildings (commercial buildings and public buildings) has remained fairly stable over the last few years, and little overall change is anticipated.

    Rehabilitation, conversion and extension works represent a steadily growing market for both residential and non-residential buildings. The market is characterised by a small number of large contractors and several smaller niche players.

    The profitability of the main contractors has been rather modest for many years, but more of them appear to be focusing on profitability rather than volume now and for the period ahead.

    Many of the established niche players have strong profitability and focused operations. There is continual consolidation, with large players acquiring smaller companies, but activity in this segment has been fairly moderate thus far. The consolidation of various niches is, however, expected to accelerate since this is a focus for private equity players.

    Technical consultants

    Until a few years ago, the leading technical consultancy firms in the Nordic region were largely focused on construction and infrastructure planning.

    Consolidations in the last few years have resulted in the large technical consultancy firms having expanded their remit to include architecture, project management, geomatics, industrial processes, energy, digitalisation, etc. The structure of the industry has therefore changed to one of many small specialists and a few large companies with a broad service range. The large projects are therefore now awarded to the main companies, with the small companies either working on smaller/specialised engagements or being subcontracted by the leading players.

    The market for the construction of new buildings and the rehabilitation of existing buildings has been fairly stable, with a slight upturn in recent years. However, the infrastructure market in the Nordic region is booming, with the strongest growth for technical consultants being experienced by those engaged in infrastructure planning and management.

    We are observing a gradual tendency for architects to become more closely involved in detailed construction planning and entering into closer cooperation with, or becoming part of the same company structure as, engineering consultants. The profitability and efficiency of technical consultants and architects has improved, partly due to extensive adoption of digital tools and systems (BIM).

    Facade installation and rehabilitation

    Until 2018, the facade industry was highly fragmented, comprising many small companies. AF Håndverk then began to gather some of these players in Norway, similar to Fasadgruppen in Sweden, which by 2022 had grown to nearly 40 companies in the group spread across Sweden, Norway, and Denmark.

    Other groupings with a slightly broader service offering, such as Håndverksgruppen, and various gatherings of painters, have also undergone some consolidation in the Nordic market.

    The rationale behind this consolidation is that the groups obtain better purchasing conditions and can collaborate on larger projects.

    Furthermore, it provides a better opportunity to directly engage with major clients instead of acting as a subcontractor to general contractors.

    Plant and equipment hire

    The rental industry is experiencing strong growth, driven both by overall expansion in the construction sector and an increasing preference for renting rather than owning.

    There is consolidation occurring in the segment for smaller equipment and machinery (general rental), where regional players are being acquired by larger national and international entities.

    Furthermore, some major contractors have separated their machinery and equipment into dedicated companies that rent internally and externally. Larger construction machinery has traditionally been owned by construction contractors, but some have separated their equipment fleets and started rental services, primarily internally, but also with growing external volumes.

    The industry is expected to grow due to the higher inclination towards renting and the involvement of foreign entities in larger projects, leading to increased demand for equipment rental. Consolidation is also driven by the ability to offer national services to clients across the country or even across the Nordic region.

    HVAC and electrical installation

    Digitalization and the green shift have accelerated the adoption of energy-efficient solutions in building structures. Consequently, we witness the emergence of businesses specializing in control systems for heating, ventilation, and cooling, alongside all the entities installing the physical facilities (heat pumps, ventilation units, air conditioning, ducts, pipes, electrical cables/films, and lighting).

    Customers, particularly in commercial buildings, increasingly demand more sophisticated equipment controlled by automation. Furthermore, the green shift involves electrification on a larger scale and in various sectors of society (cars, boats, heating, etc.).

    Electrical solutions are also more extensively integrated with ventilation, heating/HVAC systems, video, audio, and data networks in buildings. Additionally, more electrical systems are being installed in infrastructure such as roads and railways than before.

    This places greater demands on the expertise of electrical installation companies in automation and data, leading some players to establish interdisciplinary offerings that cover the entire spectrum of installations.

    Interior contracter

    The interior design market, encompassing glass walls, partitions, and furnishings, is predominantly active in the rehabilitation and remodeling of existing building structures (approximately 60%).

    The market for rehabilitation and remodeling is steadily growing. During periods of economic growth, owners of commercial buildings frequently make changes to adapt structures to new tenants, while during downturns, there is an increased demand for remodeling vacant spaces to attract new tenants or repurpose them for alternative uses, such as converting offices into hotels.

    The demand also rises as property landlords compete for tenants by enhancing standards, similar to how retail stores compete for customers with attractive interiors.

    Projects in this sector are distributed among general contractors who often use interior design entities as subcontractors, especially in new construction projects. Additionally, some medium-sized project companies handle parts of the work internally and some with subcontractors.

    Smaller rehabilitation projects often go directly to specialist companies. A new trend in this market is clients requesting sustainable solutions, involving the use of recyclable materials and practices.

    There has been some consolidation in this market in recent years, and it appears to be increasing with interest from Private Equity in this segment.

Our Latest Transactions

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Our Latest Transactions

Rejlers aquires Solvina

07.03.24 | 


Solwers acquires WiseGate

09.01.24 | 


Corteco AB acquires A. Hansen Gruppen

19.12.23 | 


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