Fast-growing Elcoline raises growth financing, ambition to reach EUR 200 million in net sales
Elcoline is the leading Nordic specialist in industrial maintenance and demanding installation projects. EAB Private Equity (part of Evli group), Elo, Tesi and Arvo Sijoitusosuuskunta participated in the recent funding round, which will support the company’s growth. Elcoline’s founders and key personnel maintain significant ownership in the company.
Elcoline employs over 600 industry service professionals in Finland and Sweden, and its pro forma net sales was EUR 67 million in 2022. The majority of the net sales come from recurring services, creating a strong base for viable growth. Elcoline’s customer base includes global manufacturing companies such as ABB, Andritz, Meyer, Outokumpu, Parmaco and SSAB.
”The funding enables Elcoline to accelerate its M&A-driven growth strategy. In the future, Elcoline will have a significant role in strengthening the competitiveness of Finnish industrial manufacturing and advancing the green transition. The company is in an excellent position to export this know-how into other Nordic countries as well,” says Tesi’s Investment Director Juuso Puolanne.
Tesi’s investment was its first in the company.
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Additional information:
Juuso Puolanne, Investment Director, Growth and Industrial Investments
juuso.puolanne@tesi.fi
+358 50 570 0235
Tesi wants to raise Finland to the forefront of transformative economic growth. We develop the market, and work for the success of Finnish growth companies. We invest in private equity and venture capital funds, and also directly in growth companies. We provide long-running support, market insights, patient capital, and skilled ownership. tesi.fi | Twitter | LinkedIn | Newsletter