ININ Group

What ININ Group does

ININ Group AS is a Norwegian-listed industrial owner headquartered in Oslo that pursues a vertical-focused buy-and-build strategy in Nordic infrastructure services. Originally listed as Elop AS on Euronext Growth Oslo in July 2020 and rebranded to ININ Group AS in 2022, the company has since been acquired (~86%) by Swedish-listed Qben Infra AB, which has signalled intent to delist ININ Group pending a 2/3 shareholder vote. Group operations are organised into three platforms: ININ Rail Infrastructure (railway construction, signalling, electrical and material supply through Nordic Infrastructure Group, Railpro, RailySupply, Konvei, Team 1435, SLAM Jernbaneteknikk, Banefjell and Nordnes Narvik), ININ Power (energy, telecom and electrification services through ININ Power AS, LAJE, Hadeland Elektro and Skyttermoen Anlegg) and ININ Inspekt (testing, inspection and certification through Inspekt, Trygg Inspection, AlfaTest, CG Welding and Elop Technology, the last using ultrasound plus AI for concrete inspection).

The group generates revenue through contract-based B2B professional services billed to infrastructure owners, utilities and main contractors in Norway and Sweden, with a Q3 2024 order backlog of NOK 996 million and disclosed contract values ranging from individual framework awards of NOK 28.5 million to the NOK 83 million Skyttermoen Anlegg acquisition. Pricing is project-based, often multi-year, and procurement typically occurs through competitive tenders from public and regulated counterparties. On a pro-forma, fully consolidated basis including planned 2024-2025 acquisitions, ININ Group's management forecasts full-year 2024 revenue of approximately NOK 2.0 billion and adjusted EBITDA of NOK 190 million. Headcount across the group and subsidiaries is stated at over 500 employees, with corporate GTM executed through direct enterprise sales supported by investor relations and stock-exchange disclosures.

ININ Group differentiates through a deliberate entrepreneurial-ownership model in which acquired platform management teams typically remain as co-owners, while the holding provides capital, M&A capability and capital markets expertise. In early 2025 the group executed a major strategic pivot by divesting Nordic Infrastructure Group (the rail platform mother) to Eleda Norge AS for an aggregate ~NOK 653 million, while continuing to add bolt-on capability in power and TIC and broadening its Norwegian footprint via Nordnes Narvik and Skyttermoen Anlegg.

Name

ININ Group

Legal name

ININ Group AS

Website

https://inin.no

Company type

Public

Founded year

2020

Operating status

Operating

Headcount range

1–10 employees

Short description

ININ Group AS is a Norwegian-listed industrial owner operating three buy-and-build platforms in Nordic infrastructure services: rail, power (energy/telecom/electrification), and testing, inspection and certification. The group serves public infrastructure owners, utilities and main contractors in Norway and Sweden with 500+ employees and a multi-brand portfolio of wholly-owned subsidiaries.

Ownership category

akta.pro rank

Headquarters

HQ city

Hamar

HQ country

Norway

HQ region

Europe

Offices4 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Supply Chain, Marketing or Sales, Others

Revenue model

1. Rail Infrastructure Services: Revenue generated from railway construction, maintenance, and related services through subsidiaries including Railpro, RailSupply, Team 1435, and Banefjell. Services include electrical, signaling, and general railway work.
2. Power Infrastructure Services: Revenue from energy infrastructure, telecom construction, and electrification services through companies including Laje, Hadeland Elektro, Skyttermoen Anlegg, and others.
3. Testing, Inspection & Certification: Revenue from inspection, testing and certification services for infrastructure and industrial assets through Inspekt, Trygg Inspection, AlfaTest, and CG Welding.
4. Industrial Ownership Returns: Returns generated through buy-and-build consolidation strategy, platform development, and eventual exit or monetization of portfolio companies.

Pricing tiers

Go-to-market motion1 record

Distribution channels1 record

Marketing channels5 records

Core offering

ININ Group AS is a publicly listed Norwegian industrial owner that acquires and consolidates companies within infrastructure services niches in the Nordics via a vertical buy-and-build strategy. It operates three platforms: Rail Infrastructure (rail construction, competence and service supply), Power Infrastructure (energy infra and telecom construction and maintenance), and Infrastructure Testing & Inspection (testing, inspection and certification of infrastructure and industrial assets), delivered through wholly-owned operating subsidiaries.

Product overview

ININ Group operates as an industrial owner with three investment platforms: Rail Infrastructure, Power Infrastructure, and Infrastructure Testing & Inspection (TIC). The portfolio includes Nordic Infrastructure Group as the parent platform company, with subsidiaries covering railway materials supply (RailySupply), electrical/signaling services (Railpro, Konvei), power infrastructure (LAJE, Hadeland Elektro), and testing/inspection services (Inspekt, Trygg Inspection, AlfaTest, CG Welding). Additional railway contractors include Team 1435, SLAM Jernbaneteknikk, and Banefjell. Elop Technology provides AI-enabled concrete inspection solutions.

Differentiator

Problem solved

Functional benefit

Brands

• Nordic Infrastructure Group: Platform mother company for rail infrastructure investments
• ININ Rail
• ININ Power
• ININ Inspekt

Products and services

• Nordic Infrastructure Group (Rail Platform) Platform mother company that heads up ININ Group's rail infrastructure investments and operations, covering rail focused construction, competence and service supply in Norway and Sweden through subsidiaries including Railpro, RailySupply, Konvei, Team 1435, SLAM Jernbaneteknikk and Banefjell.
• Railpro Electrical, signalling and railway specialist operating in Norway and Sweden, part of Nordic Infrastructure Group within ININ's Rail Infrastructure platform.
• RailySupply Supplier of railway related material in Norway and Sweden, part of Nordic Infrastructure Group within ININ's Rail Infrastructure platform.
• Konvei Competence and consultancy services within the railway and construction industry, part of ININ's Rail Infrastructure platform.
• Team 1435 Railway contractor operating in Norway, part of ININ's Rail Infrastructure platform.
• SLAM Jernbaneteknikk Railway signalling specialist and contractor, part of ININ's Rail Infrastructure platform.
• Banefjell Full service railway contractor, part of ININ's Rail Infrastructure platform.
• LAJE Full service provider within energy infrastructure, telecom and electrification, part of ININ's Power Infrastructure platform.
• Hadeland Elektro Complete electrotechnical solution provider for construction and infrastructure projects, including energy, rail and road sectors, part of ININ's Power Infrastructure platform.
• Inspekt Testing, Inspection and Certification (TIC) of infrastructure and industrial assets, part of ININ's Infrastructure Testing & Inspection platform.
• Trygg Inspection Non-Destructive Testing (NDT) services based out of Gothenburg, Sweden, part of ININ's Inspekt platform.
• AlfaTest Non-Destructive Testing and engineering services, part of ININ's Inspekt platform.
• CG Welding Welding Testing, Inspection & Certification services, part of ININ's Inspekt platform.
• Elop Technology Concrete inspection solutions incorporating cutting-edge technologies such as ultrasound, artificial intelligence and intelligent process automation, part of ININ's Inspekt platform.

Quantifiable outcome

• Q3 2024 revenue of NOK 479 million, up 142% year-over-year
• +2 more outcomes

Named customers3 records

Segments4 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

Four partnerships are on record, tiered major and core.

• Eleda Norge ASmajorStrategic or Co-development Partner · 28 January 2025Nordic Infrastructure Group AS divested to Eleda Norge AS in two parts: 19.5% stake sold for approximately NOK 131 million on 20 November 2025, and remaining 80.5% stake divested for approximately NOK 522 million.
• Tb Industrier AScoreStrategic or Co-development Partner · 31 May 2024Qben Infra signed SPA to acquire Team Bygg AS (100%) and stakes in Holtekilen Bolig AS and Sørumsand Panorama AS (90% each) from Tb Industrier AS for NOK 100 million.
• Trasé AScoreStrategic or Co-development Partner · 29 May 2024ININ Group announced intention to acquire Trasé AS as part of expansion strategy. Pending acquisition subject to customary closing conditions.
• Nordnes Narvik AScoreStrategic or Co-development Partner · 29 May 2024Nordic Infrastructure Group AS signed SPA to acquire 100% of Nordnes Narvik AS, a railway contractor based in Northern Norway, for NOK 17.8 million. Completed on 17 February 2025.

Scale indicators8 records

Recent moves7 records

Expansion highlights5 records

Broad incumbents

• NCC: Stockholm-listed Nordic construction and infrastructure company with rail and energy infrastructure services exposure. Comparable as a larger incumbent competitor in similar Nordic end markets.
• Qben Infra AB: Swedish-listed parent company holding ~86% of ININ Group. Most relevant comparable as an industrial holding/buy-and-build vehicle targeting Nordic infrastructure services, but at a broader portfolio and group level.
• AF Gruppen: OSE-listed Norwegian construction and civil engineering group with infrastructure services exposure. Comparable as a Nordic infrastructure contractor with significantly larger scale and broader portfolio.
• Veidekke: OSE-listed Nordic construction and infrastructure services group. Comparable as a larger incumbent with overlapping civil engineering, rail, and energy infrastructure exposure in Norway and Sweden.
• Skanska: Stockholm-listed global construction and infrastructure developer with significant Nordic rail and energy infrastructure exposure. Comparable as a much larger incumbent with overlapping service lines.

Direct peers

• NRC Group: OSE-listed Nordic rail infrastructure services group founded by ININ CEO Øivind Horpestad and Director Gjermund Sogn. Most directly comparable peer as a buy-and-build rail infrastructure consolidator in the same Nordic geographies.
• Eleda (formerly Infranord and NRC Sverige): Swedish/Nordic infrastructure services platform that acquired ININ's Nordic Infrastructure Group (rail platform) for ~NOK 653M in 2025. Closest direct competitor in Nordic rail infrastructure services following the divestiture.
• ENDUR ASA: Euronext Growth Oslo-listed company that Horpestad was integral in building. Comparable as a Norwegian industrial platform/infrastructure services listed entity with overlapping management DNA.

Emerging players

• VRS Rail AS: Norwegian rail services company where Horpestad previously held a position. Comparable as a smaller specialist rail services operator in the same Norwegian market as ININ's rail subsidiaries.

Others

• Bane Nor: Norwegian state-owned railway infrastructure owner/manager. Relevant ecosystem participant as a primary customer of ININ's rail subsidiaries rather than a direct competitor.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks7 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/inin-group

Compliance1 record

Revenue estimate

Valuation estimate

Number of profiles

Profiles4 records

Subsidiaries16 records

Funding overview

Funding rounds3 records

Investors1 record

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about ININ Group