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We invite you to join us in building Denmark’s next building-services champion.
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Investing in an Attractive Group with a Strong Growth Outlook

We invite you to join us in building Denmark’s next building-service leader. The Mendole Group has a 10-year track record, with more than 85 employees, a turnover of DKK 109 million, and is already profitable. Looking ahead, we aim to grow Mendole to DKK 500 million in turnover by 2028 through mergers and acquisitions—becoming a leading installer driving the green energy transition in Denmark, and a long-term partner to building owners seeking reliable, energy-efficient solutions they can trust.

Mendole represents a compelling investment opportunity, built on a proven and profitable platform. The company is already cash-flow positive and has established a solid track record in the Danish market, providing a strong foundation for continued expansion.

The Nordic installation and service market remains highly fragmented, presenting a clear consolidation opportunity. With abundant acquisition targets, Mendole is well-positioned to capitalize on this environment through a disciplined growth strategy. The Group’s synergistic structure creates significant advantages, enabling cross-selling and delivering multiplier effects across its subsidiaries. This “synergy wheel” not only enhances operational efficiency but also strengthens customer relationships and long-term value creation.

Mendole has also developed an attractive M&A pipeline, particularly among succession-driven, owner-led companies. This focus allows for disciplined, low-risk acquisitions that integrate seamlessly into the Group’s existing operations while expanding market presence. Looking ahead, a potential IPO is expected to serve as a catalyst for growth, providing acquisition currency in the form of shares, along with enhanced liquidity and financing flexibility.

Underpinning Mendole’s growth journey is an experienced leadership team. The Board and management bring extensive expertise and a proven track record in building successful, market-leading businesses—further reinforcing the Group’s ability to deliver on its ambitious strategy.

Why invest in Mendole

The technical installation sector in Denmark (roofing, plumbing, ventilation, electrification) has an annual turnover of approx. DKK 82 billion according to IBIS World data, spread across more than 6,000 companies. Around 80% of players have a turnover under DKK 50 million, making the market highly fragmented.At the same time, the industry is facing a significant generational shift: According to the Danish Employers’ Association, Denmark is expected to lose 75,000 skilled craftsmen by 2030, and approx. 30% of business owners in the sector are over 55 years old — with only a fraction having a succession plan.This creates a large opportunity space for Mendole to drive value-creating consolidation, combining professional structure with local anchoring.

2024 NimTag NimTag Service Nim El Nim Energy Polaris Light Mendole HQ Koncern
Revenue DKK 85 M DKK 23 M DKK 1.9 M DKK 1.7 M DKK 3 M DKK 0 M DKK 109 M
EBITDA DKK 5.3 M DKK 0.5 M DKK 0 M DKK 0.3 M DKK -0.2 M DKK -1.5 M DKK 4.1 M
2024 NimTag NimTag Service Nim El Nim Energy Polaris Light Mendole HQ Koncern
Revenue DKK 85 M DKK 23 M DKK 1.9 M DKK 1.7 M DKK 3 M DKK 0 M DKK 109 M
EBITDA DKK 5.3 M DKK 0.5 M DKK 0 M DKK 0.3 M DKK -0.2 M DKK -1.5 M DKK 4.1 M

With over 10 years of experience in the installation industry, the Mendole companies have built a turnover of DKK 109M (2024) and a deep understanding of market dynamics and customer needs. This provides a solid foundation for value creation through a one-stop-shop model, where customers gain access to bundled solutions within roofing, plumbing, ventilation, and electrification. The expected customer value is high due to reduced complexity, better coordination, and access to broad expertise through one consolidated partner.

  • Focus: Acquisition of well-run, owner-managed companies with revenue of DKK 20–150 million and EBITDA margin >6%.
  • Geography: Start in Zealand, expand across Denmark.
  • Goal: Acquire 4–6 companies over the next three years, with a total group turnover of DKK 500+ million and EBITDA margin of 8.5%.

Synergies

  • Procurement: Expected 1–2% reduction in material costs through shared supplier contracts.
  • Administration: 2–4%-point reduction in admin costs through shared finance and IT.
  • Capacity Utilization: Improved staffing plans across companies.
  • Dan Lauritzen (CEO): 10 years of commercial experience in the installation sector; previously led M&A at Kaffebryggeriet.
  • Kim Truelsen (CEO, NimGruppen): 20 years of operational experience in the building sector.
  • Kirsten Kirkhoff (Outsourced CFO): Certified public accountant with 12+ years supporting the company.
  • Henrik Theisler (Board): Strong profile with experience in construction and consolidation.
  • Thomas Kaas Selsø (Board): Financial profile with IPO and acquisition experience.
  • Anders Bang Olsen (Board): Industry expert with M&A background.
  • Knud Juul Truelsen (Board): Decades of leadership experience with background of mechanical engineering and global turnkey projects.

Mendole views ESG as a growth driver, not a compliance burden:

  • Energy efficiency: Plumbing, ventilation, and electrification are directly linked to CO₂ reduction and energy savings.
  • Green projects: Around 10% of 2025 turnover is expected to come from energy optimization and sustainable solutions.
  • Governance: IPO brings transparency and clear.

This differentiates Mendole from traditional roll-up models that focus primarily on short-term financial gains

  • Proven Growth: Historical growth from DKK 10M to DKK 120M in 10 years.
  • Attractive Margin: Target to reach 8.5% EBITDA margin through synergies.
  • Clear Differentiation: Partnership model with owner-managers, green profile, and local identity.
  • Low Risk: Focus on well-run companies with stable cash flows and strong customer base.
  • Strong Governance: IPO ensures capital access, transparency, and brand strength.

Mendole’s IPO is a tool for growth and liquidity — for both the company and its owner-managers. It offers investors two return mechanisms:

  1. Value appreciation through multiple expansion, synergies, and EBITDA growth.
  2. Liquid exit opportunity via the stock exchange.

The IPO is not just about capital — it’s about strategic independence. Mendole aims to become a self-reliant company with long-term growth focus. At the same time, the IPO provides flexibility for investors to trade shares when it suits them best.

Strengths

  • Well-documented roll-up case in a highly fragmented market.
  • Stable revenues from essential technical services (“need-to-have”).
  • Green growth profile in a sector driving energy efficiency and CO₂ reduction.
  • Strong management team with 10+ years’ experience in industry, consolidation, and IPOs.
  • Attractive risk profile focusing on well-run companies and aligned incentives for owner-managers.
  • Risks
    Mendole is a growth company focusing on long-term success over short-term profits — no guarantee of yearly surplus in the short run.
  • The company operates in a historically cyclical sector, vulnerable to economic fluctuations.
  • As a new player in the micro-cap segment, liquidity may be limited for investors looking to sell shares.

Financial Reports

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