EAB Private Equity makes equity investment in Elcoline

• Elo Mutual Pension Insurance Company, Tesi and Arvo Sijoitusosuuskunta were the other investors
• Jere Räisänen and Jouko Juvonen, Elcoline’s founders and key personnel, will continue as significant shareholders
• Evli is an asset manager based in Helsinki, Finland

EAB Private Equity, part of Evli Group, will make an equity investment in Elcoline, a company which provides industrial maintenance services and implements technical projects.

Elcoline is based in Varkaus, Finland. The company had a pro forma revenue of €67 million in 2022.

The total investment in Elcoline is over €20 million, which will be used to continue the company’s acquisition-driven growth plan and reorganise the current ownership structure, according to a release.

EAB’s investment will accelerate Elcoline’s growth to a size of over €200 million, the release said.

Elo Mutual Pension Insurance Company and investment companies Tesi and Arvo Sijoitusosuuskunta were the other investors involved in the transaction.

Jere Räisänen and Jouko Juvonen, Elcoline’s founders and key personnel will continue as significant shareholders in the company.

“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,” said Kalle Kekkonen, managing partner at EAB. “Customer demands and the fragmentation of the industry are driving consolidation, which we want to be part of.”

The transaction is subject to regulatory approval and is expected to be completed as soon as possible.

EAB’s similar investments in the past include Proventia, Solnet Green Energy and Bladefence.

Evli is an asset manager based in Helsinki, Finland. The firm has a total of €16.7 billion in client assets under management.