Skip to content

Welcome to our new website


EAB Private Equity, part of Evli Group, is making a significant equity investment in rapidly growing Elcoline, a company which provides industrial maintenance services and implements demanding technical projects. 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.

Founded in Varkaus in 2002, Elcoline is a leading Nordic entrepreneur-driven company providing industrial maintenance services and the implementation of demanding technical projects. Elcoline employs more than 600 industrial service professionals in Finland and Sweden and had a pro forma revenue of EUR 67 million in 2022. Majority of its revenue is from continuous services, which creates a solid foundation for profitable growth. Elcoline's customer base includes well-known international industrial companies such as ABB, Andritz, Meyer, Outokumpu, Parmaco and SSAB.

"In recent years, Elcoline has grown at a compound annual growth rate of more than 40%, and strong growth is expected to continue also in the future. Our growth is based on long-term customer relationships with market leaders in various industries, a broad range of services and experienced personnel. We want to be close to our customers and thus have a solid presence in important industrial locations in Finland and, with the acquisition we made last year, also increasingly in Sweden," says Leif Backman, CEO of Elcoline.

Investment will accelerate the company's growth to a size of over EUR 200 million

The total investment in Elcoline is more than EUR 20 million, which will be used to continue the company's acquisition-driven growth story and reorganise the current ownership structure. The founders of Elcoline, Jere Räisänen and Jouko Juvonen, as well as the company's management and other key personnel, will remain significant shareholders after the investment.

"Since the company was founded, Elcoline has developed its operations with entrepreneurial agility and service culture in mind. Alongside strong organic growth, we have determinedly implemented a growth strategy focused on acquisitions, which will be further accelerated through the capital injection we will now receive. We are pleased that the company's ownership base will be strengthened by the addition of major domestic investors and we will have experienced professionals as partners to help us achieve our ambitious goals," says Jere Räisänen, Chairman of the Board at Elcoline.

International expansion opens up new growth opportunities for the company. The market for industrial maintenance services, worth more than EUR 10 billion, offers good growth prospects for an operator like Elcoline in Finland and Sweden. Due to its extensive customer portfolio, the company operates in a market that’s significantly broader than this.

"As a new active owner, we will support Elcoline’s plans for growth in the Nordic region. The company is well positioned to benefit from the prevailing market trends, such as industrial companies' accelerating investments in more sustainable production, the focus on larger service offerings and the outsourcing of maintenance operations. Customer demands and the fragmentation of the industry are driving consolidation, which we want to be part of," says Kalle Kekkonen, managing partner at EAB Private Equity.

Green transition increases the attractiveness of the target company

EAB Private Equity aims to make significant minority investments in growth companies with excellent return potential and whose businesses promote responsibility and sustainable development. In the past, the EAB Private Equity team has made similar investments in Proventia, Solnet Green Energy and Bladefence.

A large part of Elcoline's revenue comes from the energy and infrastructure sectors. The company is helping to ensure the security of energy supply and a smooth transition to new low-carbon energy systems and production. In addition, Elcoline has a strong position in energy-intensive sectors such as mining and steel.

"The planned investments in sustainable development for the coming years are large. We see significant potential for Elcoline to support its customers towards lower emissions and more energy efficient production," Kekkonen adds.

"Customers need competent external partners to enable the implementation and maintenance of large-scale change processes. Even early on during the design phase of plants and the introduction of new technologies, we can show how to reduce material and energy waste and cut emissions by optimising production and using proactive maintenance measures," Backman concludes.

The investment is subject to the approval of the competition authority and the aim is to complete the transaction as soon as possible.

For more information:

Kalle Kekkonen, Managing partner, EAB Private Equity Oy
+358 50 304 5861,

Jere Räisänen, Chairman of the Board, Elcoline Group
+358 44 5599 144,

Leif Backman, CEO, Elcoline Group
+358 43 8243460,

You might also be interested in