How our partnership began
Credo partnered with the founding family in July 2019 to help Mill leverage growing international demand and expand into adjacent categories. At entry, Mill was a leader in a Scandinavian heating niche with a high-quality offering at decent price points, a winning business model, and a clear preferred choice by customers.
Since then, Mill has established itself locally and in several high-potential international markets as a unique provider of smart heating with a proven ability to expand into new product segments. A highly efficient and customer-centric business model allows for high innovation speed, moving the brand further into adjacent air quality segments and increasingly positioning the Company as a full-service provider of smart indoor climate solutions.
Recent result
After two challenging years due to COVID-19, 2022 became a record-breaking year for Mill International, with strong sales growth driven by increased market share in the Nordics and other export markets. As supply chain costs normalised, Mill’s efforts to build a scalable operational framework paid off, with margins returning to historic levels and an innovative product pipeline fuelling continued growth. In 2023, Mill faced new challenges from volatile macroeconomic conditions.
Despite a slower start, sales rebounded in the second half, maintaining healthy margins. The soft launch of a strategic heat pump has further strengthened Mill’s position as a leader in indoor climate solutions.
How we see the future
As the Nordic market leader for smart heating solutions, Mill has a large universe of users. Accessing these users through building strong IoT and electricity market capabilities has been high on the agenda during 2023 and 2024. At the beginning of 2024, Mill completed a full migration of more than 400,000 devices onto a new app platform, giving the Company full ownership and control of all users and thus providing “license to play” within several IoT monetisation initiatives. Despite challenging macroeconomics, Mill’s market position and overall fundamentals remain solid.
The underlying drivers for energy-saving indoor climate products are strong across the Nordics and other export markets. This is further supported by a continued shift from gas to electricity in Europe and Mill pushing boundaries as an ESG frontrunner in the industry. A sharpened export strategy, launch of non-seasonal products and significant opportunities within IoT are creating exciting opportunities for Mill going forward and are laying the foundation for the Company’s next growth phase.
