ZGI Capital has fully exited its investment in Echoo Group, which has been acquired by Nordomatic, the largest independent building management systems provider globally.

Target Information

Echoo Group, previously a portfolio company of ZGI Capital Fund IV, has been acquired by Nordomatic, the leading independent provider of building management systems (BMS) globally. This transition marks a complete exit for ZGI Capital, which has sold its shares in conjunction with other stakeholders. Notably, Echoo Group will continue to be stewarded by CEO Glebs Kiselovs under Nordomatic’s ownership, ensuring stability and enhancing growth prospects for the organization.

Nordomatic, headquartered in Stockholm, boasts an expansive operational footprint across eight countries, including Scandinavia, the UK, the US, and India. The firm specializes in smart building solutions and energy efficiency, employing over 1,200 skilled professionals. The integration of Echoo Group into Nordomatic is anticipated to bolster the BMS capabilities within the Latvian market, facilitating further advancement and expansion of Echoo Group.

Industry Overview

The building management systems industry has seen significant growth, particularly in Latvia, as rising energy costs and a heightened focus on sustainability prompt organizations to seek advanced a