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


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
+358 43 824 3460

Jere Räisänen
+358 44 559 9144


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

The renovation of SSAB Raahe’s gate building and fire station is a significant investment for the future


The gate building completed for SSAB steel plant, located in Raahe, Finland, and the fire station under construction are significant investments which will contribute to the future confidence in the Finnish steel industry. The importance of partners such as installers, designers and component suppliers is also emphasized in large new projects in this size range. Elcoline Group is SSAB’s long-term maintenance partner. With these projects, the co-operation has expanded to include HVAC entities.

Elcoline is known at the SSAB Raahe plant, especially as a mechanical maintenance operator which provides services locally. The cooperation between Elcoline and SSAB in the field of heating, water, ventilation and automation systems started last summer with a gate construction project, which showed that Elcoline also handles complete HVAC deliveries.

– We wanted to test how the cooperation with Elcoline works on HVAC projects. However, we reached them through the normal tender procedure, says Pekka Länkinen, Area House Manager at SSAB’s Raahe plant.

Independent reporting and procurement of materials facilitate the subscriber’s work

The gatehouse and fire station are both new developments that have been built to replace old properties which are already at the end of their life cycle. For SSAB, these are significant investments for the future. Elcoline’s services include complete HVAC deliveries for the gate building and the fire station, which is currently under construction.

Partners are required to have project management skills in large new projects. Total deliveries of this type are suitable for an Elcoline-sized partner, with sufficient experience and competency in terms of resource and financial management to handle a large-scale project. On the other hand, agility and speed are Elcoline’s strengths, and the sourcing of materials emphasizes the smoothness of operations. All Elcoline employees in Raahe are local. If necessary, Elcoline will be able to rapidly increase its capacity utilizing its units in other locations.

– When I have visited the site, I have been able to focus on my own business and Elcoline has taken care of everything else, Länkinen says.

Elcoline’s independent reporting and customer service are also praised. The subscriber’s work is facilitated when several services are available from the same place. For example, all automation and HVAC materials required for building the fire station comes from Elcoline.

– The phone is answered whenever you make a call or at least have been called back during the same day. Elcoline has adhered to the agreed schedules. No project has been delayed due to the work on the HVAC side, Länkinen says

Professional installations

Länkinen has not found any complaints about the work done by the installers either. After the commissioning of the gate building, a wish emerged from the coffee machine line.

– There was feedback from the gate that the installer did a good job. It didn’t take long. A skilled gang, he sums up.

Solid experience in total HVAC deliveries

Elcoline has been cooperating extensively with SSAB on maintenance and projects for over twenty years. The company also has solid experience in total automation and HVAC deliveries since 2017. To date, the largest project involved automation and HVAC work on a 6,000-square-meter school building. Elcoline also offers a lifecycle service including, among other things, remote monitoring, which is suitable for both building properties and industrial building services.

All traffic passes through the gate building of SSAB’s Raahen plant – there is a reception where passes are applied for, where hauliers and guests go to identify themselves. The building comprises the facilities required by the gate functions and staff, the main control room, the office and the social facilities. In addition, a new fire station (approximately 1,150 square meters) is under construction, which is scheduled for completion in late summer 2022.

The aftercare of the gate building includes maintenance inspections twice a year. They are included in the contract. Elcoline’s local forces are ready for service.


Aino Soutsalmi, Päivi Tervonen

Photo: SSAB Raahe

Elcoline Joins the 500-Employees and 50-Million-Euro-in-Sales Clubs with New Acquisition


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

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.