With the acquisition, Elcoline will strengthen its position in the maintenance and repair of critical infrastructure, employing a total of nearly 1,000 professionals in Finland, Sweden and Germany.

ELCOLINE PRESS RELEASE 31 December 2024 13:30 (EET) / 12:30 (CET)

Elcoline Group Oy (“Elcoline”) announced on 1 November 2024 that it has signed an agreement to acquire Fortum’s Turbine and Generator Services (TGS) business. Elcoline has received the necessary regulatory approvals to complete the acquisition, and all other closing conditions have been fulfilled. Consequently, the acquisition was completed on 31 December 2024.

TGS is a highly respected Nordic provider of maintenance and repair services for power plants and industrial customers, focusing on turbine and generator maintenance and equipment condition monitoring, and related control and protection system upgrades. Employing over 170 people in Finland, Sweden and Germany, the company had a turnover of EUR 32 million in 2023. TGS will bring Elcoline long-standing customer relationships, strong industry experience and technical expertise that complements Elcoline´s existing know-how and service offerings.

“We are delighted that we can now start our joint growth journey and build our future together towards our common goals. The acquisition is well in line with our ambitious growth strategy towards our EUR 250 million revenue target. By joining forces with TGS, we can expand our operations in important sectors such as energy and other industrial power producers. Furthermore, we will be able to offer our customers an extended range of services and more specialised expertise that will ensure customers´ operational reliability and efficiency,” says Elina Engman, the CEO of Elcoline Group.

TGS’s activities also provide excellent support for Elcoline’s objectives in promoting the green transition and sustainable development. TGS services maintain critical infrastructure, extend the lifetime of power plants and ensure reliability – enabling to be the best partner for the customers throughout their life cycle.

“Our joint integration process has begun well, and we are pleased that we can now start to develop our businesses together. I strongly believe that this will create opportunities for customers and employees. The personnel of TGS will be able to join a strong and growing service and maintenance company, where the competence and work of the personnel are at the core of operations,” says Lars-Hugo Andersson, Vice President, Fortum TGS.

Elcoline’s ownership base includes well-known Finnish investors Evli, Elo, Tesi and Arvo Sijoitusosuuskunta, as well as the company’s founders and personnel, providing a solid basis for growth.

For more information:

Elina Engman, CEO, Elcoline Group Oy

+358 50 351 4673, elina.engman@elcoline.fi

Lars-Hugo Andersson, Vice President, Fortum TGS

+46 72 217 15 79, lars-hugo.andersson@fortum.com

Elcoline Group Oy

Elcoline is a Nordic growth company specialising in industrial technical services for international industrial companies. Elcoline carries out demanding installation and maintenance projects for both new and existing sites in various industrial sectors. By providing high-quality and safe services, we ensure our customers’ security of production and competitiveness.

Elcoline’s services include total and partial maintenance outsourcing, maintenance service contracts and demanding installation projects. The company’s wide range of services covers mechanical installations, electrical, automation and instrumentation work, piping installation and welding, as well as machine shop fabrication of parts for the energy industry. Elcoline’s customers are active in the metal, mining, maritime, energy, defence, process and industrial modular construction industries.

Elcoline was founded in 2002 and employs around 800 professionals. The company’s estimated turnover in 2024 is around EUR 100 million. Elcoline operates in Finland and Sweden, as well as in service contract locations around the globe. Elcoline is owned by Evli, Elo Mutual Pension Insurance Company, Tesi Finnish Industrial Investment Company, Arvo Sijoitusosuuskunta and the company’s founders and staff. Our goal is to grow profitably and to be the most valued partner for our customers and the most desirable employer for our employees. For more information, please visit www.elcoline.fi and www.elcoline.se.

TGS Finland Oy

Turbine and Generator Services (TGS) business is a well-established Independent Service Provider (ISP) for turbine upgrades and overhauls, generator stator and rotor rewinding and replacements as well as related control and protection system modernisations for power plants. TGS has over 30 years of experience from the industry and offers tailor-made, and both technically and economically optimised, services for its customers.

TGS business is established in three countries, Finland, Sweden and Germany, and approximately 170 employees are serving customers around the Nordic countries and Central Europe. Workshops located in Naantali, Finland, and Västerås, Sweden, can serve customers with turbine and generator repairs and refurbishments.ith turbine and generator repairs and refurbishments.