# Enin Company Browser — Screening Queries for All 9 Sectors

## How to use this guide
1. Log in to Enin.ai Company Browser
2. Run each query below as a separate search
3. Export results to Excel/CSV
4. For each hit, run the **Proff.no ownership analysis** (see framework.md Phase 2)
5. Score and add qualifying companies to `targets/longlist.md`

### Enin filters to apply across ALL queries
- **Legal form**: AS or ASA
- **Country**: Norway
- **Company flags** (apply as secondary filter after initial results):
  - ✅ Board changes (styre endringer)
  - ✅ Management changes (ledelse endringer)
  - ✅ Owner/shareholder changes (eier endringer)
- **Financial filters** (apply to all):
  - Revenue (driftsinntekter): As specified per sector below
  - Positive equity (egenkapital > 0)
  - Operating profit > 0 (driftsresultat > 0) — filters out loss-making firms

### After Enin export: Proff.no ownership deep-dive checklist
For each company in the Enin export:
```
□ Founding year (stiftelsesår) — target: before 1990
□ Daglig leder name + birth year → age 60+?
□ Styreleder name + birth year → age 60+?
□ Aksjonærer — family surnames? Holding company?
□ Surname matching: shareholder surnames vs board/CEO surnames
□ Same-surname younger person on board? (succession in progress)
□ NO same-surname next-gen? (no internal successor = PRIORITY)
□ Recent role changes? (founder → styreleder, new daglig leder)
□ EBITDA proxy: driftsresultat / driftsinntekter → target >10%
□ Revenue trend: 3-year trajectory (growing/stable/declining)
□ Employee count trend
```

---

## Query 1: CONSTRUCTION TRADES — Plumbing/VVS (HIGHEST PRIORITY — greenfield)

**Why #1**: No PE platform exists for plumbing. VB Gruppen and Anter are new Norwegian consolidators, plus Swedish Instalco and Currentum are buying aggressively. The 300+ VVS Eksperten and 854 Kjedehuset members are the target universe.

### Enin filters
| Filter | Value |
|--------|-------|
| NACE codes | **43.220** (VVS-arbeid: rørlegger, varme, ventilasjon) |
| Revenue | NOK 20M – 500M |
| Employees | 10 – 300 |
| Geography | All Norway |
| Founding year | Before 2000 (25+ years old) |

### What to look for in results
- Firms NOT already part of VB Gruppen, Anter, Konekta, Instalco, Currentum, Bravida, Assemblin
- Single/dual shareholder with family surname
- Founder/owner born before 1965 (age 60+)
- Revenue NOK 30-150M is the sweet spot for bolt-ons
- Revenue NOK 150-500M could be standalone platform targets

### Cross-reference with
- VVS Eksperten member list (ask for access or find online)
- Kjedehuset member list
- Comfort member list (Mestergruppen)

---

## Query 2: CONSTRUCTION TRADES — Electrical Installation

**Why #2**: Bravida, OneCo, Tekni Gruppen, Konstel/Nimlas are all actively buying. EL-PROFFEN (184 members) and Elnett (58 members) are screening universes. LOS Gruppen (1.3B), Vintervoll (400M), Eid Elektro (250M) already identified.

### Enin filters
| Filter | Value |
|--------|-------|
| NACE codes | **43.210** (Elektrisk installasjonsarbeid) |
| Revenue | NOK 20M – 500M |
| Employees | 10 – 300 |
| Geography | All Norway |
| Founding year | Before 2000 |

### What to look for
- Firms NOT part of Bravida, OneCo, Eltel, Tekni Gruppen, Konstel/Nimlas, Assemblin
- EL-PROFFEN or Elkonor members (independently owned)
- Single owner/founder, especially outside major cities (regional leaders)

### Already identified (exclude from new screening)
LOS Gruppen, Vintervoll, Eid Elektro, Bratseth, Rogaland Elektro, ELMO Teknikk, Minel (Bravida), Sonnico (OneCo), Eviny Solutions (AF Gruppen), Helgevold (Tekni), Gardermoen Elektro (Tekni)

---

## Query 3: CONSTRUCTION TRADES — HVAC/Heat Pump/Painting/Roofing

**Why**: Adjacent trades to the proven Håndverksgruppen model. Heat pump installation booming with ENOVA subsidies.

### Enin filters
| Filter | Value |
|--------|-------|
| NACE codes | **43.220** (VVS — also captures HVAC), **43.290** (Annet installasjonsarbeid), **43.340** (Malerarbeid), **43.910** (Takarbeid), **43.330** (Gulv- og veggbelegg) |
| Revenue | NOK 15M – 300M |
| Employees | 5 – 200 |
| Geography | All Norway |
| Founding year | Before 2005 |

### Exclude from 43.220
- Companies already captured in Query 1 (plumbing)
- Focus on HVAC/ventilation/heat pump specialists here

---

## Query 4: IT SERVICES / MSP

**Why**: Nordlo acquiring 5+/year, targeting NOK 1B Norway revenue. 100+ independent IT firms remain.

### Enin filters
| Filter | Value |
|--------|-------|
| NACE codes | **62.020** (Konsulentvirksomhet tilknyttet informasjonsteknologi), **62.030** (Forvaltning og drift av IT-systemer) |
| Revenue | NOK 20M – 200M |
| Employees | 10 – 150 |
| Geography | All Norway (but flag Bergen, Stavanger, Trondheim, Tromsø separately — underserved by Nordlo) |
| Founding year | Before 2010 |

### What to look for
- NOT already Nordlo, NetNordic, Atea, Crayon, Evidi subsidiaries
- Microsoft/Cisco partner firms
- Recurring managed services revenue (harder to see from Enin, check company descriptions)
- Regional leaders with 20-80 employees

---

## Query 5: TRANSPORTATION — Road Freight

**Why**: Most fragmented Norwegian sector. 2,693 active firms. No PE platform. Green regulation forcing fleet renewal. Kingsrød (648M), Veøy (500M+, young heirs), Fredstad (live shift) already identified.

### Enin filters
| Filter | Value |
|--------|-------|
| NACE codes | **49.410** (Godstransport på vei) |
| Revenue | NOK 30M – 500M |
| Employees | 15 – 300 |
| Geography | All Norway |
| Founding year | Before 2000 |

### What to look for
- NOT Bring/Posten, ASKO, DB Schenker/DSV, Hegelmann (foreign/state-owned)
- Family surname shareholders
- Specialized transport (temperature, heavy/oversized, hazmat) = higher margins
- Framework agreements with retailers, industry, construction

### Also run separately
| Filter | Value |
|--------|-------|
| NACE codes | **52.100** (Lagring — warehousing), **52.290** (Andre tjenester tilknyttet transport) |
| Revenue | NOK 20M – 300M |

---

## Query 6: MARITIME EQUIPMENT & SERVICES

**Why**: Sunnmøre cluster is richest hunting ground. Nogva (112yr → Credo), Sperre (80yr → Norvestor), Parat Halvorsen (180yr → Babcock) all sold recently. Havila founder is 86.

### Enin filters
| Filter | Value |
|--------|-------|
| NACE codes | **30.112** (Bygging av skip), **33.150** (Reparasjon og vedlikehold av skip), **28.120** (Hydraulisk utstyr), **28.220** (Løfte- og håndteringsutstyr), **26.511** (Måle- og navigasjonsinstrumenter) |
| Revenue | NOK 30M – 1B |
| Employees | 15 – 500 |
| Geography | **Priority**: Møre og Romsdal (Sunnmøre), Vestland (Bergen), Rogaland (Haugesund/Stavanger), Buskerud (Kongsberg). Then: all Norway. |
| Founding year | Before 2000 |

### What to look for
- Niche product leaders (winches, propulsion, deck equipment, marine HVAC, coatings)
- Export share >50% (sign of defensible niche)
- NOT already Kongsberg Maritime, Rolls-Royce/KM, Wärtsilä subsidiaries

### Already identified (exclude/update)
Brunvoll, Ulstein, Jets, Westcon, Havila, Karmøy Winch, MMC First Process, Imenco, Fjellstrand, Oma, Larsnes Mek, Nogva (Credo), Sperre (Norvestor), Parat (Babcock), Servogear (BOS), Rapp Marine (MacGregor), Norsafe (Viking)

---

## Query 7: ENERGY SERVICES — Grid Construction & Electrical Infrastructure

**Why**: NOK 100B+ grid investment creates contractor demand. Kraftmontasje (789M, fragmented ownership) identified. HAVN Capital (EUR 250M) specifically targeting this space.

### Enin filters
| Filter | Value |
|--------|-------|
| NACE codes | **42.220** (Bygging av anlegg for elektrisitet og telekommunikasjon), **43.210** (Elektrisk installasjonsarbeid — overlap with Query 2, filter for grid/infrastructure focus) |
| Revenue | NOK 30M – 500M |
| Employees | 15 – 300 |
| Geography | All Norway |
| Founding year | Before 2005 |

### What to look for
- NOT Nettpartner, Omexom/Infratek, Eltel (large/foreign)
- "Nettentreprenør", "linjemontasje", "kraftlinjer" in company purpose/description
- Companies serving Statnett, Elvia, Tensio, Lede, BKK Nett as subcontractors

### Also run: Small hydro operators
| Filter | Value |
|--------|-------|
| NACE codes | **35.111** (Produksjon av elektrisitet fra vannkraft) |
| Revenue | NOK 5M – 200M |
| Shareholders | 1-4 (family indicator) |

---

## Query 8: HEALTHCARE — Dental & Veterinary

**Why**: Oris (80 clinics), Colosseum (75), Odontia (35) are active acquirers. Empet (54 vet clinics) is Norwegian-owned and acquiring. ~300 Folkvang member dental clinics + ~150 independent vet clinics are targets.

### Enin filters — Dental
| Filter | Value |
|--------|-------|
| NACE codes | **86.230** (Tannhelsetjenester) |
| Revenue | NOK 5M – 100M |
| Employees | 3 – 50 |
| Geography | All Norway |

### Enin filters — Veterinary
| Filter | Value |
|--------|-------|
| NACE codes | **75.000** (Veterinærtjenester) |
| Revenue | NOK 5M – 100M |
| Employees | 3 – 50 |
| Geography | All Norway |

### What to look for
- NOT already part of Oris, Colosseum, Odontia, OC (dental) or AniCura, Evidensia, Empet (vet)
- Multi-practitioner clinics (>3 dentists or >3 vets) — more attractive
- Owner-practitioner born before 1970 (age 55+, ready to slow down)
- Groups with 2-5 locations under one ownership — micro-chains

---

## Query 9: DEFENCE & SECURITY (+ Space)

**Why**: Defence budget surging. Norautron (2.5B, Norvestor) proved the model. NFM Group (2.8B, 4 founders), Hatteland (1.1B, family), Teleplan Globe (370M, 50yr private), mnemonic (600-700M) identified.

### Enin filters
| Filter | Value |
|--------|-------|
| NACE codes | **26.110** (Elektroniske komponenter), **26.120** (Kretskort), **25.620** (Maskinering), **26.510** (Måle-, kontroll- og navigasjonsinstrumenter), **25.400** (Våpen og ammunisjon), **62.010** (Programmering), **62.020** (IT-konsulentvirksomhet) |
| Revenue | NOK 20M – 1B |
| Employees | 10 – 500 |
| Geography | **Priority**: Kongsberg, Horten, Halden, Raufoss (defence corridor). Then: Oslo, Trondheim, Stavanger, all Norway. |
| Founding year | Before 2005 |

### What to look for
- Companies in Electronic Coast cluster (Horten), NORDSEC cluster, FSi member list
- Dual-use companies (defence + industrial + medical)
- Security clearance holders (check if Enin has this data; otherwise FSi/LinkedIn)
- NOT Kongsberg D&A, Nammo, Thales, Rheinmetall subsidiaries

### Already identified (exclude/update)
NFM Group, Hatteland, Radionor, Teleplan Globe, mnemonic, A/S Koberg, Norautron (Norvestor), Kitron (listed), Chemring Nobel (Chemring Group), Vinghøg (Rheinmetall), Servi (Ferd), Fosstech (Bertel O. Steen)

---

## Query 10: AQUACULTURE VALUE CHAIN

**Why**: 75% family-owned sector, NOK 130B+ exports. But salmon tax uncertainty limits PE appetite. Lower priority than other sectors.

### Enin filters
| Filter | Value |
|--------|-------|
| NACE codes | **28.300** (Maskiner for næringsmidler — aquaculture equipment), **10.200** (Bearbeiding av fisk), **33.150** (Skip reparasjon — service vessels), **50.201** (Sjøtransport kystfart — wellboat/service), **71.200** (Teknisk prøving og analyse — fish health) |
| Revenue | NOK 30M – 500M |
| Employees | 10 – 200 |
| Geography | **Priority**: Vestland, Møre og Romsdal, Trøndelag, Nordland, Troms (coastal Norway) |
| Founding year | Before 2005 |

---

## Post-Screening: Prioritization Matrix

After running all 9 queries, rank surviving candidates using:

| Factor | Weight | How to assess |
|--------|--------|--------------|
| **Succession urgency** | 30% | Owner age, no next-gen, recent governance changes |
| **PE attractiveness** | 25% | EBITDA margin, revenue size, growth rate, recurring revenue |
| **Sector momentum** | 20% | Active PE platform in sector? Buy-and-build thesis proven? |
| **Arkwright fit** | 15% | Can Arkwright credibly pitch VCDD/CDD in this sector? |
| **Deal complexity** | 10% | Single owner (easy) vs. many family members (hard) |

### Score thresholds
- **Score 80-100**: Immediate outreach to PE funds with thesis
- **Score 60-79**: Develop sector thesis, monitor for process signals
- **Score 40-59**: Watchlist, quarterly check
- **Score <40**: Deprioritize

---

## Estimated volume per query

| Query | Sector | Est. Enin hits | Est. after ownership filter | Est. priority targets |
|-------|--------|---------------|---------------------------|---------------------|
| 1 | VVS/Plumbing | 200-400 | 50-100 | 15-30 |
| 2 | Electrical | 300-600 | 80-150 | 20-40 |
| 3 | HVAC/Painting/Roofing | 200-400 | 40-80 | 10-20 |
| 4 | IT/MSP | 150-300 | 30-60 | 10-20 |
| 5 | Transport/Logistics | 200-400 | 50-100 | 15-30 |
| 6 | Maritime Equipment | 50-150 | 15-40 | 5-15 |
| 7 | Energy/Grid | 50-150 | 15-40 | 5-15 |
| 8 | Healthcare (dental+vet) | 300-500 | 100-200 | 30-60 |
| 9 | Defence+Space | 30-80 | 10-25 | 3-10 |
| 10 | Aquaculture | 50-100 | 10-30 | 3-10 |
| **Total** | | **1,530-3,080** | **400-825** | **116-250** |

---

*Last updated: 2026-04-10*