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

08.06.2022

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.

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

 

More information and interviews

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

 

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