Nordhaven advised Elcoline in its growth financing

15 june 2023

Nordhaven guided industrial maintenance company Elcoline in a major transaction to support the company's next growth leap.

Nordhaven advised Elcoline and its owners in a transaction in which EAB Private Equity, part of Evli Group, is making a significant equity investment in rapidly growing Elcoline. In addition to EAB Private Equity, which led the investment round, other investors include Elo Mutual Pension Insurance Company and the investment companies Tesi and Arvo Sijoitusosuuskunta. Elcoline's founders and key personnel will continue as significant shareholders in the company.

Elcoline is a leading Nordic entrepreneur-driven company founded in Varkaus, Finland in 2002. It specializes in industrial maintenance services and the implementation of demanding technical projects. Elcoline employs more than 600 professionals in Finland and Sweden and had a pro forma revenue of EUR 67 million in 2022. The majority of its revenue is from long term service contracts, which creates a solid foundation for profitable growth. A large part of Elcoline's revenue comes from the energy and infrastructure sectors. The company is a Nordic leader in energy supply security and the smooth transition to new low-carbon energy systems and production. Elcoline's customer base includes well-known international industrial companies such as ABB, Andritz, Meyer, Outokumpu, Parmaco and SSAB.

In this transaction, the total investment in Elcoline is more than EUR 20 million, which will be used to continue the company's acquisition-driven growth strategy and reorganise the current ownership structure. The aim of this new investment is to accelerate the company's growth to a size of over EUR 200 million.

"We thank Nordhaven for assisting Elcoline and its owners in negotiating and structuring the deal, utilizing its financial expertise. Nordhaven has now been our partner in two key transactions, both of which are important steps for us to achieve our growth targets," says Jere Räisänen, Chairman of the Board at Elcoline.

"It is great to advise and support companies that have very ambitious growth plans. And it has been a joy to be involved in Elcoline's journey in implementing its strategic actions," says Ari Leppänen, Partner in Nordhaven.

For further infomation:

Ari Leppänen, +358 40 525 9241, ari.leppanen@nordhaven.com

Niko Piiparinen, +358 40 752 2333, niko.piiparinen@nordhaven.com

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