We advise Elcoline Group in its acquisition of Fortum’s turbine and generator services (TGS).
TGS focuses on maintenance and repair services for power plants and industrial customers, focusing on turbine and generator maintenance and equipment condition monitoring, and related control and protection system upgrades. Employing over 170 people in Finland, Sweden and Germany, TGS had a turnover of EUR 32 million in 2023.
The transaction is subject to customary closing conditions and is expected to be completed in Q4/2024.
Elcoline is a Nordic growth company specialising in industrial technical services for international industrial companies. We advised EAB Private Equity as lead investor in the EUR 20+ million equity investment in Elcoline in June 2023.