Elcoline – Becoming a Nordic market leader through acquisitions

Founded by two young entrepreneurs – a 19-year-old electrician and a 21-year-old automation engineering student – Elcoline has grown over 23 years into the Nordic region’s leading provider of industrial technical services. Today, the medium-sized enterprise employs approximately 1,000 people. With the expertise and financial backing of private equity investors, Elcoline continues to set ambitious growth targets.

Why?

Elcoline was established to address the challenges international industrial companies face in production efficiency, reliability, and safety. With its extensive experience, Elcoline is well-positioned to enhance these areas, ensuring production reliability and competitiveness for its clients.

The company’s mission is encapsulated in its slogan: “Industry keeps our society running. Elcoline keeps industry running.” A well-functioning industrial sector is essential for societal growth and stability, and Elcoline’s role is to ensure uninterrupted operations in this critical sector.

What and how?

Elcoline specializes in industrial technical services, delivering complex installation projects and maintenance services through local service centers located near industrial plants. Its services include mechanical installations, electrical and automation work, pipeline installations, and the manufacturing and maintenance of energy industry equipment.

What sets Elcoline apart from competitors is its exclusive focus on serving the industrial sector, particularly in Finland and Sweden. By staying true to its core strategy, Elcoline has built a reputation as a reliable partner with deep expertise in the needs of industrial clients, reflected in high levels of customer satisfaction.

Growth and internationalisation

Elcoline’s growth strategy combines organic expansion with strategic acquisitions. A key example is the late 2024 acquisition of Fortum’s turbine and generator services business, which boosted the company’s revenue to approximately EUR 150 million and increased its workforce to around 1,000 employees.

Over the past decade, Elcoline has achieved an average annual growth rate of 40%. The company aims to continue this trajectory, targeting a revenue of over EUR 250 million by 2028 through both organic growth and further acquisitions. Elcoline is also actively seeking new growth opportunities, particularly in Northern Europe.

The importance of private equity

In June 2023, Elcoline secured over EUR 20 million in growth funding from EAB Private Equity, Elo, Tesi, and Arvo Sijoitusosuuskunta. This funding has accelerated the company’s growth strategy, especially its acquisition-driven expansion. Tesi’s investment aligns with its goal of increasing the number of medium-sized, privately-owned Finnish companies.

In addition to financing, the new owners bring valuable expertise and experience in growth and internationalization. They are helping Elcoline enhance its management systems, processes, and support functions to meet the demands of its rapidly expanding business.

General information

Elcoline was founded in 2002 with the goal of providing employment for the founders and their close friends. Today, the company employs about 1,000 industrial professionals in Finland, Sweden, Germany, and service contract locations worldwide. Its customers include international industrial companies in sectors such as metal, mining, maritime, energy, defense, process industries, and industrial modular construction.

Elcoline’s success is built on its exceptionally committed and motivated workforce. Long-serving professionals are eager to embrace new challenges and continually develop their skills. The company places a strong emphasis on occupational safety and employee development to ensure the highest level of service for its clients.

Becoming a Nordic market leader through acquisitions

“Tesi, as an active owner, has brought expertise and experience in growth and internationalization.”

- Elina Engman, CEO, Elcoline Group