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.

Elcoline Construction Shows Punctuality in Building Services Engineering


Parmaco manufactures transportable, for-rent box unit buildings and works closely with Elcoline Construction in electrical and HVAC planning. At the Messukylä school site, Elcoline Construction’s role as a comprehensive building services supplier was larger than previously.

Elcoline Construction was in charge of electrical planning as well as HVAC and electrical contracting at the Messukylä school. Parmaco Project Manager Samuli Björninen sees the close cooperation as a success story all the way through. The construction project was finished on time, and students have been attending school in brand new buildings since last autumn.

“The schedule is very tight at sites like the Messukylä school. Once the excavator bucket touches the ground, we have about four months to completely finish the building. On this site, we managed to stay right on schedule, despite some unexpected changes to our original plans and extra work,” Björninen explains.

Completing Work According to Plan Is the Greatest Success

Half of the prefabricated box units were manufactured at the Pyhäjoki factory, and the other half in Leppävirta. The box units had both HVAC systems and electrical systems pre-installed off-site.

“Our principle is to get the box units through as many building stages as possible at the factory so that we can mainly focus on connecting everything, placing cables, and installing low-current systems at the site. This reduces the length of the more expensive on-site construction phase.”

“We’ve been working together for a long time, and we’ve built a strong mutual trust. The people at Elcoline Construction have taken care of their responsibilities punctually, and they’ve produced high-quality outcomes.  We had solid communication throughout, and I was always up-to-date on how things were coming along. Our highest priorities are quality and staying on schedule, and both aspects came together great in this project. This is the type of project one can be very happy with.”

Combining Studies and Work Was Encouraged at Elcoline


“I work as a supervisor at Elcoline Construction’s Pyhäjoki unit. Alongside my work, I study in a multiform learning program to become a Bachelor of Engineering in building services engineering. The combination takes some work, but the employer-employee cooperation has proven flexible on both sides.

I started working at Construction as an HVAC technician in 2017. The Pyhäjoki unit had just been established, and I was among its first employees. The new unit provided opportunities to take on more responsibility, and I took them, advancing into a supervisor position in 2019. Starting my studies was a natural continuation to my path of career development. My supervisor agreed with me and encouraged me to enroll.

Elcoline has gone through notable developments over the three years that I’ve been at the company. Service areas have been expanded, and we’re on a steep upwards trajectory. It presents many opportunities for the workers as well. Those willing to seize new opportunities will have the option to do so here.”

No Old-School Vibes

“The atmosphere at Elcoline has always been very open and encouraging. For example, asking about combining my studies and work didn’t make me the least bit anxious. The work atmosphere has been upfront and fair all the way through, and there have been no old-school vibes or detached corner office leadership. We have a nice and youthful crew in Pyhäjoki, and it’s one of the pros of the job.

The most challenging part about being a supervisor is the hectic nature of the work. My duties include getting to know future sites, making purchases, managerial work, and resource planning. The key is to stay on top of everything, predict possible issues, and try to solve them.

The best part is when things go smoothly, and you know you’ve contributed to it in one way or another. It offers a sense of accomplishment when worksites that are large and challenging from a production standpoint turn out well thanks to a team effort, and you get to see the results of your work. When your job entails both power and responsibility, you get to make it your own, more or less.”

Henri Niku
Elcoline Construction Oy

Everyone Is Responsible for Safety and Quality


Quality and Safety Director Anu Perttula is in charge of HSEQ matters (Health, Safety, Environment & Quality) for Elcoline Plant Service’s projects. Her job includes, for example, safety tours at project sites, drafting risk assessments and emergency plans, and reacting to the staff’s needs regarding quality and safety. The mission is to prevent accidents and close calls by working together with the entire staff.

Anu Perttula started at Elcoline in her position as quality and safety director in April 2019. The best part of her first year on the job has been the chance to visit worksites.

“I’ve been able to go on numerous safety tours with our sites’ managers, and I’ve seen what Elcoline’s technicians actually do. It has provided me with insights that are valuable when drafting risk assessments, emergency plans, and project documentation,” says Perttula.

Perttula’s duties also include maintaining, implementing, and intra-organizational auditing of Elcoline Group’s management systems, such as the quality and environmental systems as well as health and safety systems. Furthermore, she assists business directors in recognizing and managing risks and opportunities.

“I’ve worked as a quality engineer for almost a decade in different companies, but managing whole systems is a new challenge for me. I’ve been lucky enough to get a lot of experience under my belt over the years, so I’m confident in my skills and hence not overwhelmed by all this,” Perttula notes, with a chuckle.

“It’s also been easy to join this work community. Elcoline employs a diverse group of experienced veterans and up-and-comers, but everyone’s brought together by a shared openness. I’ve always been able to ask someone for help if there’s something on my mind.”

Every Pair of Eyes Is Needed to Observe Safety Concerns

Following Perttula’s arrival at Elcoline, quality and safety matters have been developed, for example, through a personnel survey that is accessible on mobile devices and with the CEO’s monthly staff letters.

“We strive to react to the personnel survey’s findings as swiftly as possible. For instance, we have offered additional training to supervisors based on the survey’s findings in order to equip them with the necessary skills. To improve organizational communication, we started sending out a monthly letter from the CEO, and one part of it involves giving the staff tips and guidelines regarding quality and safety. Now that the COVID-19 virus has driven us to change the way we operate, the importance of organizational communication is even more apparent, and we have increased communication in many ways,” Perttula explains.

Over the last year, Elcoline has also refined its processes to utilize workers in observing safety matters. Every pair of eyes is needed to best prevent accidents and close calls.

“The main prerequisite for successfully working on quality and safety is to have the management committed to it. When implementing new operational models, leading by example is key. As far as safety is concerned, everyone is definitely on the same page. It’s also essential to cooperate with stakeholders and clients so that everyone’s observations and views are heard,” Perttula continues.

The long-term goal for Elcoline is to introduce a constant improvement model to daily operations. In the near future, the focus will be placed on unifying the way in which different units approach quality and safety.

“Implementation and familiarization are more easily achieved when, for example, documents and plans are in line with each other and everyone operates the same way,” Perttula concludes.

Anu Perttula
Quality and Safety Director