Harper & Vedel was founded in 2012, is based in Gentofte and employs 26 full-time consultants. The company delivers advanced process and engineering services to clients in biotechnology, pharmaceuticals, nutraceuticals, food and specialty chemicals, with a focus on advisory from early strategy through to operational optimization. In the most recent financial year, the company generated approximately DKK 40 million in revenue.

“We are very pleased to welcome Harper & Vedel to XPartners. They add high-caliber process expertise to our Danish platform and complement our existing companies with early value-chain advisory and strong commercial governance. Together, we can create even greater client value in a sector of strategic importance to the Danish economy,” says Rasmus Ødum, Managing Director, XPartners Denmark.

The company’s client base consists of leading Nordic life science players with long-term investment plans, providing stable demand and strong conditions for integrated deliveries within the group.

“We look forward to becoming part of XPartners and continuing to develop our services together with more specialists. With a solid client base and highquality standards, we can contribute proven process expertise while further strengthening long-term partnerships with our clients,” says Lene Holmskov, Managing Partner, Harper & Vedel.

About Harper & Vedel
Harper & Vedel is a specialized Danish consultancy founded in 2012 and based in Gentofte. The company provides process and engineering advisory to clients in biotechnology, pharmaceuticals, nutraceuticals, food and specialty chemicals. Services include concept and strategy studies, critical staff assignments, process flow management and decision support, helping clients from early choices through to operational optimization and capacity modelling.

Founded in 2018, TKAB is located in Kiruna, Gällivare and Luleå. The company delivers advanced design and engineering within automation, electrical power, energy, ventilation and HVAC, as well as project management, technical leads, construction management, training and commissioning of various process plants. In the 2024 financial year, the company generated just over SEK 26 million in revenue and has grown significantly in 2025.
 
“TKAB gives us an important, long-term presence in northern Sweden and strengthens the group’s capacity in industrial electrical and control engineering. The team combines extensive experience from the mining sector with a pragmatic execution focus that fits well with our model. We also see significant collaboration opportunities within XPartners,” says Magnus Trollius, Managing Director of XPartners Sweden.
 
TKAB’s assignments include, among other things, replacement of switchgear during maintenance shutdowns, design of new electrical and control installations in industrial and office environments, and new safety systems with emergency-stop functions. TKAB works closely with industrial processes from feasibility through commissioning and training, with high requirements on availability and minimised downtime.
 
“We are very pleased to become part of XPartners. The group gives us great opportunities to collaborate across multiple disciplines and share expertise, methods and resources. At the same time, it gives us the freedom and confidence to continue running our business on our own terms and to invest long term in our team and capabilities,” says Simon Lahti, co-founder of TKAB.
 
About Teknikkonsulterna i Norrbotten AB (TKAB)
TKAB is an engineering consultancy founded in 2018 with offices in Kiruna, Gällivare and Luleå. The company specialises in design engineering, advanced constructions and process optimisation for the industrial sector, with a clear niche in mining. Services include design engineering, project management, construction management, technical leads, training and plant commissioning.

Third quarter, July–September 

• Net sales increased by 147% to MSEK 747 (303) 
• EBITA excluding items affecting comparability increased by 119% to MSEK 105 (48), corresponding to a margin of 14.1% (16.0) 
• EBITA increased by 146% to MSEK 69 (28), corresponding to a margin of 9.2% (9.4) 
• EBIT increased by 162% to MSEK 68 (26), corresponding to a margin of 9.1% (8.7) 
• Profit after tax increased to MSEK 16 (-18) 
• Net debt amounted to MSEK 2,059 (721) 

Period, January–September 

• Net sales increased by 175% to MSEK 2,114 (769) 
• EBITA excluding items affecting comparability increased by 161% to MSEK 342 (131), corresponding to a margin of 16.2% (17.0) 
• EBITA increased by 174% to MSEK 230 (84), corresponding to a margin of 10.9% (10.9) 
• EBIT increased by 183% to MSEK 229 (81), corresponding to a margin of 10.8% (10.6) 
• Profit after tax increased to MSEK 60 (4) 
• Net debt amounted to MSEK 2,059 (721) 
• Adjusted EBITDA LTM (pro forma) was MSEK 666¹ 
• Net debt/Adjusted EBITDA LTM (pro forma) was 3.1x (2.2) at period-end 

Significant events during and after the third quarter 

• Eight acquisitions closed during the quarter, with a further six completed after quarter-end, in total, 30 companies have joined during the year 
• Magnus Trollius has been appointed Managing Director of XPartners Sweden and took office in November 
• Christian Nørgaard Madsen has been appointed Managing Director of XPartners Norway and will take office in January 2026 
• The Group’s bond was admitted to trading on Nasdaq STO FN Transfer Market 
• The parent company has changed its name to XPartners Group AB (publ) 
• The Group’s Board of Directors has been expanded, with Olaf Demuth being elected to the Board 

Comments from President and CEO Sonny Mirborn:

“Stable Results and Strong Growth

XPartners Group delivered a stable third quarter with solid growth and improved earnings. Net sales increased by 147% year-on-year to MSEK 747. EBITA including items affecting comparability rose to MSEK 69, corresponding to a margin of 9.2%, while EBITA excluding items affecting comparability increased to MSEK 105, corresponding to a margin of 14.1%.

Financial development
The market continues to show a mixed picture, with variations between competence areas and geographies. Sweden developed steadily with healthy demand and sound margins. Norway also delivered strong results, and we see good opportunities for continued profitable growth. In Denmark delayed project starts in the life science sector had some slight impact on earnings and margins, while a solid market in other areas kept overall demand stable. Finland continues to grow profitably in a gradually improving market, with increasing collaboration opportunities and network effects as more companies join.

Eight acquisitions closed in the quarter
We remain positive on the acquisitions market and work methodically to build and pursue a pipeline of successful, well-managed companies. Interest in becoming part of XPartners remains strong, with many high-quality entrepreneur-led businesses approaching us. During the quarter, eight acquisitions closed, strengthening our capabilities, broadening the customer base and increasing network effects. In parallel, we are preparing for growth in Germany and the Netherlands by strengthening local leadership, establishing governance and readying processes for further expansion.

Entrepreneurship as a business model 
Our goal is to build one of Northern Europe’s leading platforms in the built-environment sector by supporting entrepreneur-led specialist companies. Companies that join our group continue to run their businesses and retain their brand, leadership and culture. At the same time, they gain access to more customer relationships, deeper specialist competence, business-development and leadership support, and the financial stability that enables long-term decisions. XPartners is building a group where collaboration drives profitable organic growth, and well-selected acquisitions strengthen both the customer and employee offering.

In summary, our entrepreneurial model continues to demonstrate its strength through solid results, stronger collaboration between companies, high employee engagement and strong appeal to new entrepreneurs. We will continue to bring together leading specialist companies to accelerate the sustainable development of the built environment and create long-term value for our customers, our companies and society at large.”

¹ Defined and calculated in accordance with terms and conditions of the senior secured floating rate bonds 

This is a translation of the Swedish original. The Swedish text is the binding version and shall prevail in the event of any discrepancies.

Founded in 1970, the company has approximately 40 employees and is based in Oslo. Nosyko combines building and equipment planning with user and operational perspectives. The focus on workflows, functional requirements and operational needs ensures integrated deliveries from early stages through to procurement. Nosyko complements XPartners’ companies and strengthens the group’s position in a stable and important segment. In the most recent financial year, the company generated approximately NOK 93 million in revenue.

“We are very pleased to welcome Nosyko to XPartners. Their expertise in planning, project management and procurement naturally complements our technical disciplines. Together, we can deliver more integrated solutions in complex hospital, campus and research projects and continue our growth journey in Norway,” says Sonny Mirborn, CEO of XPartners Group.

Nosyko’s client base consists mainly of public-sector clients such as regional health authorities, university hospitals and research institutions. Projects are characterised by long cycles, stable demand and low sensitivity to economic fluctuations.

“We look forward to close collaboration with other specialists within XPartners while continuing to develop Nosyko on our own terms. With the strength of the collective, we become an even stronger and more complete partner that benefits both clients and collaborators,” says Tonje Bay-Eriksson, CEO of Nosyko.

“We are very pleased that Nosyko is now part of XPartners. This strengthens our opportunities for continued growth in the Nordic market and provides us with a broad network of expertise to collaborate with in future projects,” says Rolf C. Jerving, former Chairman of the Board and part of Nosyko for more than 30 years.

About Nosyko AS
Nosyko is an Oslo-based consulting company founded in 1970. The company provides advisory, project management and procurement support for complex building and equipment projects in healthcare, education, research and culture, with a focus on workflows, functional requirements and operations.

VCON is headquartered in Mölndal and has around 20 employees. The company works with both new builds and refurbishments for public clients as well as private property owners. Its services include design of building services systems, energy calculations and energy audits, climate simulations, CAD and installation coordination, cost estimates at all stages of the building process, and site inspections. In the most recent financial year, the company generated just over SEK 31 million in revenue.

“VCON is a very strong addition that both broadens and deepens our capabilities in the Gothenburg region. The team brings long experience, a clear quality culture and a modern design methodology that fits well with our group. We look forward to developing the offering and growing together,” says Magnus Trollius, CEO of XPartners Sweden.

VCON’s assignments span the entire building process, from early stages through execution. The company is established in both refurbishment of existing properties and larger new-build projects, and often participates in design-and-build contracts with high requirements for energy efficiency and indoor climate.

“By now becoming part of XPartners, we can offer our people at VCON an exciting and developing future. Together with driven colleagues within XPartners who share our ambition to grow both individually and as a team, we will strengthen our service offering and create new business opportunities, while continuing to deliver the high quality our customers expect,” says Daniel Grahn, CEO of VCON VVS-konsult AB.

About VCON VVS-konsult AB
VCON is a Mölndal-based consultancy founded in 1998. The company provides technical design services in HVAC, energy and indoor climate, as well as energy calculations, climate simulations, CAD and installation coordination, cost estimates and site inspections. VCON works for both public and private property owners in new builds and refurbishments. Learn more at vcon.se.

Founded in 2010 and headquartered in Gothenburg, Revelopment employs just over ten people. The company operates through two divisions: Revelopment Consulting, which provides services in lease administration, negotiations, new store openings, and closures, with a high share of recurring revenue from ongoing management and renegotiation of lease contracts; and Revelopment Construction, which specializes in construction and project management within commercial real estate and healthcare facilities.

“Revelopment adds unique expertise in retail and property-related project management. Their experience and strong client relationships make them a valuable addition to our group,” says Magnus Trollius, Managing Director of XPartners Sweden.

Since its founding, Revelopment has completed more than 300 construction projects, 500 new store openings, and 1,000 lease negotiations. Its clients include both private and public organizations, where the company has built long-term partnerships that form the foundation of its business.

“We look forward to continuing our journey together with XPartners. Becoming part of the group gives us new opportunities for development and collaboration with other specialist companies in the network,” says John H. Larsson, CEO of Revelopment.

About Revelopment
Revelopment is a Swedish consulting company headquartered in Gothenburg, founded in 2010. The company specializes in supporting clients within retail and commercial real estate with expansion, lease management, and project leadership. Since its founding, Revelopment has completed more than 300 construction projects, 500 new openings, and 1,000 lease negotiations. www.revelopment.se

Founded in 2005, Teknaconsult is headquartered in Sandnes. The company has just over ten employees and provides multidisciplinary services in total design management, project management, permitting processes, and infrastructure planning. In recent years, Teknaconsult has built a strong niche within data centers, while also delivering projects for residential, infrastructure, industry, storage, and other commercial developments.

“Teknaconsult adds valuable expertise in a segment that is rapidly growing and highly relevant to the development of our societies. Their experience in data center projects and strong local presence create new opportunities for collaboration across the group,” says Sonny Mirborn, CEO of XPartners.

“Joining XPartners is an exciting opportunity for us. We look forward to developing together with other specialist companies in the group while continuing to build close relationships with our clients,” says Helge Nilsen, CEO of Teknaconsult.

About Teknaconsult
Teknaconsult AS is a Norwegian consulting and engineering company established in 2005, with headquarters in Sandnes. The company provides multidisciplinary services for regulatory processes, construction and infrastructure projects, covering all project phases from early-stage development and permitting to design management and project execution. www.teknaconsult.no

Founded in 2019, Optireal is headquartered in Helsinki with an additional office in Tampere. The company employs nearly 20 specialists and provides services in commissioning, supervising, and implementing building systems. Its clients include property developers, construction firms, housing cooperatives, public sector organizations, and engineering companies.

“Optireal brings valuable expertise in HVAC, electrical, and plumbing engineering, strengthening our presence in Finland. We are very pleased to welcome them to the group and see great opportunities for collaboration, particularly in construction and energy efficiency projects,” says Vesa Koskelainen, Managing Director at XPartners Finland.

“With XPartners, we have chosen a path of growth, development, and opportunity. Arrangement will not disrupt our daily operations. Optireal will remain Optireal. Employment, client relationships, and projects will continue as before. We will maintain our focus on enabling functional and fit-for-purpose building technology. In the long term, we expect this arrangement to create new opportunities to grow our customer base and to access new types of projects. This enables growth, development and new exciting opportunities for our staff and clients,” says Janne Gustafsson, CEO of Optireal.

About Optireal
Optireal is an expert agency specializing in building services engineering for the construction and real estate sector. The company’s services include commissioning, supervising, and implementing building systems. Operating across all of Finland from its offices in Helsinki and Tampere, Optireal’s mission is to enable functional and needs-based building services for its clients. www.optireal.fi

Founded in 2008, Cubic Group is a Danish consultancy company with 25 employees and headquarters in Copenhagen. The company has built a strong reputation for delivering high-quality services in long-term collaborations with stakeholders from both the public and private sectors.

“Cubic Group is a strong addition to our presence in Denmark and our platform of high-performing consulting companies. They add highly complementary expertise and have a proven track-record in health & safety and project management consultancy, two areas that are increasingly important across the built environment. With trusted client relationships based on excellent leadership and a strong team of employees delivering consistent high quality, we see great potential for further developing Cubic Group and collaboration within XPartners,” says Rasmus Ødum, Managing Director of XPartners Denmark.

“Joining XPartners is an exciting new chapter for Cubic Group. We are driven by dedicated and highly skilled employees, together with a partner team that stays close to our clients – a culture we are proud to carry forward into this new collaboration. Becoming part of a larger family gives us the opportunity to grow in new ways, and we look forward to the journey with genuine excitement,” says Josefine Ebbe, CEO of Cubic Group.

About Cubic Group
Cubic Group is a Danish consultancy company founded in 2008 and headquartered in Copenhagen. The company employs 25 specialists and offers services within health & safety, client advisory, project and construction management, with a strong track record in delivering projects for public sector clients within infrastructure and urban development. www.cubicgroup.dk

Founded in 2017 and headquartered in Lund, Brand och Riskteknik has five employees and offers services in building-related fire protection design, fire safety installations, CAD and BIM, and risk management for flammable and explosive materials (ATEX). The company also performs risk assessments related to urban planning. Its clients primarily include property developers, real estate owners, contractors, installation firms, industrial companies, and architects.

“Brand och Riskteknik adds cutting-edge expertise in an area that is critical for safe and sustainable construction. Their technical know-how and deep local market insight offer strong potential for collaboration across the group,” says Sonny Mirborn, CEO of XPartners.

With a strong entrepreneurial drive and an established network in southern Sweden, the acquisition opens new opportunities for collaboration with several companies and clients within XPartners.

“Becoming part of XPartners gives us long-term stability and new opportunities for growth. We value the close relationships we have with our clients and are pleased to continue developing in a broader context, without losing what makes us unique,” says Eric Månsson, CEO of Brand och Riskteknik.

About Brand och Riskteknik
Brand och Riskteknik Sverige AB is a Swedish technical consultancy based in Lund, founded in 2017. The company has five employees and specializes in building-related fire protection, risk management, and technical consultancy related to flammable and explosive substances. Its services also include CAD and drafting, BIM, and construction management. www.brandochrisk.se