Elcoline Group

Elcoline accelerates growth and acquires Maintpartner AB's business in Sweden

Share
Elcoline acquires the Swedish business of Maintpartner AB, which is owned by funds managed by CapMan Buyout. Through this acquisition, Elcoline will grow to reach a turnover of EUR 65 million and become one of the industry's leading companies on the Nordic market. Elcoline will employ a total of 600 professionals in industrial maintenance, projects and support services.
Jere Räisänen (left), Chairman of the Board of Elcoline Group Oy, and Leif Backman, CEO, believe that the acquisition of Maintpartner AB from Sweden will enable future growth on the Nordic market. Photo: Elcoline
Jere Räisänen (left), Chairman of the Board of Elcoline Group Oy, and Leif Backman, CEO, believe that the acquisition of Maintpartner AB from Sweden will enable future growth on the Nordic market. Photo: Elcoline

The parties of the transaction have signed an agreement to sell Maintpartner AB’s Swedish operations to Elcoline AB.

The target of the transaction is the installation services and project business, which focuses on long-term customer relationships and contracts. The roots of the acquired business date back to the 19th century, when these operations were part of Bofors AB, and then part of Fortum Corporation and Maintpartner AB. Geographically, the business focuses on the Karlskoga and Arboga areas. Approximately 140 people will be transferred to Elcoline.

An important growth platform for Elcoline in Sweden

“A significant part of our current big customers wants to expand our cooperation from the current multi-location cooperation in Finland, to Sweden. Through this acquisition, we aim to meet precisely these growing and international service needs that our customers are communicating to us. In 2021, we conducted an extensive study of potential acquisitions on the Nordic industrial maintenance market and developed our acquisition strategy accordingly. With these steps, we are determined to implement our growth strategy.” - Leif Backman, CEO, Elcoline Group

Another important chapter was written in the growth story

“Elcoline’s growth strategy progressed significantly thanks to this business acquisition. The journey to reaching a size of EUR 100 million turnover level, and becoming a company employing approximately 1.000 people, is progressing purposefully after concluding negotiations with Maintpartner and the funds managed by CapMan Buyout. Of course, there is still plenty to do and we also have other very good growth blanks in both Finland and Sweden. This acquisition creates an excellent growth platform for us, especially on the Swedish market.” - Jere Räisänen, Chairman of the Board, Elcoline Group

Keywords

Contacts

More information:


Elcoline Group Oy


Leif Backman
CEO
+358 43 824 3460
leif.backman@elcoline.fi


Jere Räisänen
COB
+358 44 559 9144
jere.raisanen@elcoline.fi

Images

Jere Räisänen (left), Chairman of the Board of Elcoline Group Oy, and Leif Backman, CEO, believe that the acquisition of Maintpartner AB from Sweden will enable future growth on the Nordic market. Photo: Elcoline
Jere Räisänen (left), Chairman of the Board of Elcoline Group Oy, and Leif Backman, CEO, believe that the acquisition of Maintpartner AB from Sweden will enable future growth on the Nordic market. Photo: Elcoline
Download

Links

About Elcoline Group

Elcoline Group
Elcoline Group
Leijukuja 6
78210 Varkaus, Finland

+358 20 155 6300http://www.elcoline.fi

Elcoline in a nutshell

Elcoline is a Nordic company specializing in industrial maintenance and project business. Its service areas include industrial maintenance outsourcing and service contracts, mechanical installations, electrical, HVAC, automation and instrumentation work, pipeline installation and welding, and machine shop manufacturing of power plant parts. Elcoline's customers are e.g. from the energy, petrochemical, metal, mining, marine and construction industries.

Elcoline is a growth company with a vision to reach a turnover of EUR 100 million, employ 1,000 people and internationalize through a highly conceptualized and scalable service model by 2023.

  • Established in 2002
  • Operations are driven by a growth strategy that focuses on providing comprehensive services to meet the needs of industrial customers, such as total or part-time maintenance outsourcing and service agreements.
  • Approximately 20 local service centers in Finland and Sweden and operations in maintenance contract locations around the world
  • Elcoline Group employs 600 industrial maintenance professionals
  • Turnover 60-70 M€ (2021: 41 M€)
  • 100% Nordic ownership: personnel, management, investors and founders

Subscribe to releases from Elcoline Group

Subscribe to all the latest releases from Elcoline Group by registering your e-mail address below. You can unsubscribe at any time.

Latest releases from Elcoline Group

Elcoline Group Oy:n hallitukseen on nimitetty Ari Lehtoranta ja Kia Aejmelaeus3.7.2023 11:04:56 EEST | Tiedote

Evli-konserniin kuuluva EAB Private Equity sekä Keskinäinen Työeläkevakuutusyhtiö Elo, pääomasijoitusyhtiö Tesi ja Arvo Sijoitusosuuskunta tekivät Elcolineen yli 20 miljoonan euron kokonaissijoituksen, joka jakautuu yrityskauppavetoisen kasvutarinan jatkamiseen ja omistusrakenteen uudelleen järjestelyyn. Sijoitus on saanut kilpailuviranomaisen hyväksynnän. Elcolinen perustajat ja avainhenkilöt jatkavat yhtiön huomattavina omistajina. Pääomasijoituksen myötä Ari Lehtoranta ja Kia Aejmelaeus aloittivat Elcoline Group Oy:n hallituksessa uusina jäseninä 26.6.2023.

Nordic companies Elcoline and Salgrom to cooperate on industrial fire protection that features space technology30.6.2023 14:51:28 EEST | Press release

Elcoline Group and Salgrom Technologies have entered into a cooperation agreement to produce fire protection solutions for industrial needs in the Nordic countries. The range includes a wide selection of some of the most effective aerosol fire suppression and extinguishing automation solutions, including life cycle services. The agreement will enable the companies to meet the increasing demand, which has been driven by the need to abandon traditional fire extinguishing agents that harm the environment.

Nordiska Elcoline och Salgrom ingår ett samarbetsavtal om industriell brandbekämpning som utnyttjar rymdteknologi30.6.2023 14:46:39 EEST | Tiedote

Elcoline Group och Salgrom Technologies har ingått ett samarbetsavtal om att producera brandbekämpningslösningar för den nordiska industrins behov. Utbudet omfattar ett brett sortiment av aerosolbaserade lösningar för brandbekämpning och släckningsautomatik som hör till de effektivaste i världen, inklusive livscykeltjänster. Genom avtalet kan företagen svara på den växande efterfrågan, som har påskyndats av att traditionella brandbekämpningsämnen fasas ut på grund av att de är miljöskadliga.

Elcoline provides long-term career prospects in the maritime industry with no shortage of glamour: “It’s amazing to witness the construction of a giant cruise ship from start to finish”30.6.2023 14:36:11 EEST | Press release

Over the past year, Elcoline has been involved in making history in the construction of the largest luxury cruise ship in the world by electrifying demanding technical rooms, for example. The cruise ship, which will be delivered in October, has already attracted wide-spread international attention.

Elcoline erbjuder långa arbetsutsikter inom marinindustrin, som inte saknar en viss glans: ”Det är fascinerande att följa med byggandet av en jättekryssare från början till slut”30.6.2023 14:27:31 EEST | Uutinen

Under det senaste året har Elcoline fått bidra till historieskrivningen genom att delta i byggandet av världens största lyxkryssare, bland annat genom att utföra elinstallationer i krävande tekniska utrymmen. Kryssaren ska överlämnas i oktober och har redan väckt mycket internationell uppmärksamhet.

In our pressroom you can read all our latest releases, find our press contacts, images, documents and other relevant information about us.

Visit our pressroom
HiddenA line styled icon from Orion Icon Library.Eye