Caverion has signed an agreement with Maintpartner Holding Oy to acquire all of the shares in Maintpartner Group Oy including its subsidiaries in Finland, Poland and Estonia. The acquisition excludes Maintpartner Group Oy’s subsidiary in Sweden. The majority holding of Maintpartner Holding Oy is owned by a fund controlled by the Finnish private equity company CapMan Plc.
The transaction is subject to approval by the competition authorities. The transaction value is not disclosed.
“The transfer to a company specialised in industrial maintenance is a great fit for us. The two entities form a strong industrial player that serves all industrial sectors wider and more versatile. The digital solutions of both companies complement each other in a great way. At the same time, employees’ job opportunities increase”, says Maintpartner CEO Pasi Tolppanen.
All Maintpartner’s customer agreements with their liabilities in Finland, Poland and Estonia will remain the same, and transfer to Caverion after the acquisition has been confirmed. The customer service and work at the plants continue unaffected, as well as in Sweden where the operations of Maintpartner AB will remain unchanged.
Maintpartner is an industrial maintenance and service provider operating in sectors such as energy, chemicals, metal, food and manufacturing industries. The revenue of the targeted business was approximately EUR 137 million in 2018, with most of the revenue generated in Finland. The business employed 1,500 people in 2018.
After the completion of the acquisition, the revenue of Caverion’s Industrial Solutions division will be approximately EUR 320 million and it will employ approximately 3,100 people.
The acquisition complements Caverion’s knowledge in industrial maintenance and services as well as development of digital solutions. It also supplements Caverion’s geographical coverage and customer base in various industrial segments.
“The acquisition is in line with our Fit for Growth strategy and strengthens our Services business. Our Industrial Solutions division is now fit for growth and we are therefore entering the Growth phase in the division. The acquisition will focus our industrial operations more towards Services business and create a strong player in the Finnish market,” says Ari Lehtoranta, CEO and President of Caverion Corporation.
“During CapMan’s ownership, Maintpartner has grown substantially and established its position in several industrial sectors. It has also developed IoT solutions and machine learning analytics to improve the operation and maintenance processes in industrial companies. It joining forces together with Caverion will guarantee excellent basis for further growth and development”, comments Jan Mattlin, partner, CapMan Buyout.
Funds managed by CapMan Buyout invested in Maintpartner in 2006.
Pasi Tolppanen, CEO, Maintpartner Group
Maintpartner is a leading industrial operation and maintenance company in Northern Europe. We help to improve the productivity of production facilities and minimise process disruptions. In addition, we offer flexible resources to many types of project, engineering and installation assignments. Digitalisation and our AI-based preventive solutions are becoming increasingly essential for industrial operation and maintenance.
Maintpartner Group employs approximately 1,500 people in Finland, Estonia and Poland, and 300 in Sweden. Our net sales in 2017 amounted to some EUR 167 million. The Group has offices in Finland, Sweden, Poland and Estonia. More information at www.maintpartner.com.
Caverion designs, builds, operates and maintains intelligent and energy-efficient solutions for buildings, industries and infrastructures in Northern, Central and Eastern Europe. Its net sales in 2018 were approximately eur 2.2 billion, and it has 15 000 employees in ten countries. The Head Office is located in Vantaa, Finland.