Elcoline Builds Capital and Expertise for Intense Growth Phase – Experienced Finnish Investment Group Joins Ownership


Elcoline Group’s support network rises to a new level when a Finnish investment group invests capital and their vast business experience into promoting Elcoline’s growth. The investment group consists of veteran corporate leaders and venture capitalists Karri Kaitue, Esko Mäkeläinen, Harri Pärssinen, and Heikki Westerlund. Industrial maintenance and contracting service provider Elcoline is an exceptional Finnish high-growth enterprise, having shown an average annual growth of 48 percent in 2013–2019.

Expertise Trumps Money as Capital for a Growing Enterprise

Jere Räisänen, chairperson of the board and founding shareholder:

“Money is always available, but experience and expertise are hard to come by, even with money. We are very happy and proud that as our owner base grows, our expertise grows as well. Elcoline remains in Finnish hands, which is important to us. Too many Finnish high-growth enterprises are transferred over to international owners prematurely. We want to write our growth story with experienced investors who use their own names and faces when doing business.”

Leif Backman, Elcoline Group CEO:

“To complete the journey towards 100 million euro in sales, we need first-hand experience in how multi-billion-euro enterprises operate. The top names in this investment group provide us with the high-level leadership experience that we need for our growth spurt, and they are a link to new, important networks of large international enterprises. We’re setting up a new Growth Board team with our knowledgeable partners to support our management team and board of directors. As Elcoline is a trusted Industrial Asset Management partner for multi-billion-euro companies, it’s essential that our insight, networks, and experience match their level.”

Investment Group

Heikki Westerlund, who has been involved in hundreds of business investments during his time at CapMan:

“Venture capitalism has become more diverse in recent years. The traditional investment fund model has been joined by more focused investment groups that invest in fewer enterprises, but rely more on their own industrial expertise. We in this group have examined many potential investments over the last couple of years. We want to be part of Elcoline, not only as investors but also by bringing in our experience, expertise, and networks to produce more value.”

Karri Kaitue, who was appointed as a new Elcoline board member:

“Industrial competitiveness requires a constant focus on core business activities and competencies. Elcoline plays an interesting role as a partner to Finnish industrial enterprises in strengthening their ability to compete. I believe that together with Esko, Harri, and Heikki we can offer a lot to Elcoline’s strong, entrepreneurial-minded team.”


Elcoline is a Finnish enterprise and an industrial partner that specializes in Industrial Asset Management activities. Its services include industrial maintenance, machine and equipment installations in challenging conditions, electrical work, automation work, instrumentations, pipework installations and welding, and component manufacturing for power plants. Elcoline serves clients in the energy production, petrochemical, oil, metal, mining, maritime, and construction industries.

Elcoline is a high-growth enterprise, and its vision is to reach 100 million euro in sales by 2023, to employ 1,000 people, and to expand international operations with a highly-conceptualized, scalable service model.

In 2019, Elcoline’s owners and board were joined by 3 Step IT’s Chairperson and Business Man of the Year 2019 Jarkko Veijalainen.

  • Founded in 2002
  • Operations follow a growth strategy that focuses on providing comprehensive services to industrial clients, for example, in fully or partially outsourced maintenance.
  • Eight branches in Finland (+ Sweden in 2020) and maintenance sites all over the world
  • Elcoline Group employs more than 300 industrial maintenance professionals, with an additional 100+ available through partner companies.
  • Sales in 2020 ca. €40M (€31M in 2019)
  • 100% Finnish ownership: staff, management, investors, and founders


Karri Kaitue, chairperson of the board at Alexandria pankkiiriliike (banking), Feon, and Filtra. Prior experience: Outokumpu, Ekokem, and Destia.

Esko Mäkeläinen, senior adviser at Valuatum. Prior experience: Stora Enso, Walki, Maintpartner, Lunawood, and Sampo Pankki/Danske Bank, among others.

Harri Pärssinen, board member at Oriola, Henki-Fennia (Fennia Life), and Unified Chargers. Prior experience: CEO and chairperson at EY.

Heikki Westerlund, board member at Tikkurila, Aspo, Kemppi, and Duuri. Prior experience: CapMan, Orion, Norvestia, Walki, and Lumene, among others.