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

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