Bain Capital to buy Eleda for €1.5bn as Altor makes partial sale

Eleda is a Swedish infrastructure projects and service provider.

  • Eleda’s Johan Halvardsson and Peter Condrup and management team to reinvest in the company
  • Altor formed Eleda in April 2020
  • Eleda has over SKr15bn in revenues

Bain Capital Private Equity has agreed to acquire a controlling stake in Eleda, a Swedish infrastructure projects and service provider, from Altor Equity Partners.

The transaction will value Eleda at about €1.5 billion, including debt, according to people familiar with the matter.

Eleda is headquartered in Stockholm.

Altor will retain a minority stake in Eleda.

Eleda’s founders Johan Halvardsson and Peter Condrup and management team will substantially reinvest in the company.

“Eleda is on the right side of history with a business driven by sustainability trends like electrification, renewable energy, water preservation, and more,” said Ivano Sessa, a partner and head of industrials at Bain Capital.

Altor formed Eleda in April 2020 through the merger of three infrastructure services platforms. Eleda had a turnover of around Skr6 billion ($573 million; €532 million) at the time of the merger. It has over SKr15 billion in revenues now, driven by organic growth of over 10 percent per annum and 19 acquisitions, according to a release.

“There is great competence in Eleda, and the market for its services is growing strongly throughout Europe,” said Bengt Maunsbach, partner at Altor. “It is natural that Altor is now making a partial sale, as the value of Eleda today is almost as large as the entire Altor fund.”

The transaction is subject to regulatory approvals.

Altor makes investments in medium sized companies, predominantly in the Nordics. The firm is headquartered in Stockholm, Sweden.

Boston-based Bain Capital is an alternative investment firm.

Citigroup Global Markets acted as financial advisor to Altor and the founders. Rothschild & Co was the financial advisor to Bain Capital.