Elcoline Joins the 500-Employees and 50-Million-Euro-in-Sales Clubs with New Acquisition30.06.2020
Elcoline grows its business to nearly 50 million euro in sales and goes from mid-sized industrial maintenance provider to a contender among the major corporations in the sector. Moving forward, Elcoline will employ almost 500 professionals in its industrial maintenance, projects, and support services.
Elcoline Is Set to Acquire Parts of Caverion Teollisuus’ Business Under the Terms of the Maintpartner Deal
The parties have signed an agreement on the sale of some of Caverion Industria’s business operations in Finland to Elcoline Oy, in accordance with the terms set for the Maintpartner deal by the Finnish Competition and Consumer Authority. The buyer is a Finnish industrial maintenance service provider, operating also internationally, with around 300 employees in its service before the acquisition.
As stated in Caverion’s stock exchange release on November 22, 2019, the FCCA’s decision regarding the Maintpartner deal included certain conditions, under which Caverion shall relinquish around 6.5 percent of its Teollisuus (industrial services) division’s Finnish sales (c. 300 million euros in 2018).
The new acquisition transfers full-coverage outsourcing agreements for industrial services over to Elcoline, mainly for clients in the chemical and energy sectors. Additionally, the purchase includes Caverion’s maritime industry unit and industrial maintenance centers from the Maintpartner acquisition, located in Turku, Pori, Rauma, and Oulu.
Elcoline will integrate a new, valuable unit
Leif Backman, Elcoline Group CEO:
“We are extremely excited to get to know our new clients and employees. Integration is primarily a unifying endeavor, where we’ll head down a shared path by listening, understanding, and directing our culture, principles, and processes. To merge these new business activities with our current operations, we need to carry out a sizeable integration project. Elcoline has a wealth of experience in outsourcing and acquisition deals where staff members from the other side of the deal then join Elcoline.”
An important chapter was written for this growth story
Jere Räisänen, chairperson of the board and founding shareholder:
“Elcoline’s growth strategy took a big leap forward with this business acquisition.
“We’re making progress on our steadfast journey towards 100 million euro in sales, after reaching an agreement in the Caverion negotiations. However, we’re only half-way there when it comes to achieving our goal, so we’re determined to keep seeking growth in cooperation with our current clients, by striking deals with new clients, and by actively engaging in merger opportunities. There’s notable growth especially in the outsourced maintenance market, and we’re in negotiations for several interesting projects that, provided that they’ll come to fruition, will take Elcoline another few steps forward on this path of growth.”
Elcoline is a Finnish enterprise and an industrial maintenance partner that specializes in Industrial Asset Management activities. Elcoline’s services include industrial maintenance outsourcing and contracting, machine and equipment installations, electrical work, automation work, instrumentations, pipework installations and welding, and component manufacturing for power plants. Elcoline works with 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 and scalable service model.
- 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 (+ one branch in Sweden in 2020) and maintenance sites all over the world
- Elcoline Group employs 500 industrial maintenance professionals.
- Sales €50M (2019: €31M)
- 100% Finnish ownership: staff, management, investors, and founders