Nordic Modular Group conducts development, manufacturing, selling and rental of re-locatable buildings (modules) to public sector and enterprise customers in the Nordic countries

Company Description

Nordic Modular Group was founded in 1956 and conducts development, manufacturing, selling and rental of re-locatable buildings, so-called modules, for public sector and enterprise customers in the Nordic countries. Nalka acquired Nordic Modular Group from Kungsleden in 2014 and continued the development of the company until 2018, as the company was divested to Cramo.

During Nalka’s ownership, Nordic Modular Group’s operations focused on three business areas:

  • Temporent: offering rental of temporary modular set-ups with a primary focus on offices, schools and preschools
  • Flexator: manufacturing and sales of everything ranging from permanent, advanced buildings for professional purposes – to site huts
  • Nordic Modular Leasing: offers Flexator’s Swedish customers long-term leasing alternatives for relocatable buildings

During Nalka’s ownership period many initiatives focused on growth and expansion outside of Sweden were launched. Amongst other things, focused investments in the Finnish market were made, where a sizable module fleet and customer base were established, contributing to the overall Nordic presence.

Nordic Modular Group also invested in the modernization of the production process, focusing on increased efficiency and automation. With the ambition to broaden the target group, the new module platform Nova was developed – a module series primarily developed for private sector entrepreneurs.

In 2018 Nordic Modular Group’s Nordic operations had 240 full-time employees, more than 6000 available modules in its fleet, amassing to more than 250 000 sqm of rentable space.  In 2018 the company was acquired by Cramo which continue to run the operations as a part of Adapteo (an independent company which introduced on the stock market by Cramo in 2019).

Investment Information

Year of Entry2014
Year of Exit2018
Ownership stake98%
Turnover (2014)SEK 668m
Turnover (2018)SEK 878m
BuyerCramo Plc

Investment Rationale

The market for rentable modules was growing, a development partly fueled by the growing need of flexible solutions from both public and private actors.  In Nordic Modular Group, Nalka saw a company with a great history, high quality products and experienced management. We also identified great potential to become the leading Nordic actor within chosen segments.

Value Added

New M&A strategy

Increased size of investments (from SEK 60m 2014 to SEK 250m 2018) to increase the number of available modules and to enable growth


NMG launched a number of initiatives focused on growth and international expansion, amongst other things investments were made in the development of a sizable module fleet and customer base in Finland

Product development

Initiated the development of Nova – a module platform aimed at private sector entrepreneurs

Increased efficiency and capacity

Investments in production capacity and manufacturing site automation

”Nalka focused on the right things, where present, uncomplicated and agile. We received the support we needed in order to grow and to increase the value of the company.”

Per Johansson
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