Elo Mutual Pension Insurance Company, Finnish Industry Investment (Tesi) and Arvo Sijoitusosuuskunta participated in the investment as co-investors.

The total investment of more than EUR 20 million will be used to continue Elcoline’s acquisition-driven growth story and to reorganize the current ownership structure. Elcoline’s founders Jere Räisänen and Jouko Juvonen as well as management and other key personnel will remain significant shareholders after the investment.

Elcoline employs more than 600 industrial service professionals in Finland and Sweden and had a pro forma revenue of EUR 67 million in 2022. Elcoline’s customer base includes well-known international industrial companies such as ABB, Andritz, Meyer, Outokumpu, Parmaco and SSAB.

EAB Private Equity aims to make significant minority investments in growth companies with excellent return potential and whose businesses promote responsibility and sustainable development. In the past, the EAB Private Equity team has made similar investments e.g. in Solnet Green Energy and Bladefence. A large part of Elcoline’s revenue comes from the energy and infrastructure sectors. The company is helping to ensure the security of energy supply and a smooth transition to new low-carbon energy systems and production. In addition, Elcoline has a strong position in energy-intensive sectors such as mining and steel.

EAB Group, including EAB Private Equity, was recently merged with Finnish listed fund management company Evli with the purpose of creating Finland’s leading asset management and investment services company providing services to private investors, institutions and investment professionals. Elo is a Finnish pension insurance company. Finnish Industry Investment is a private equity firm owned by the Finnish government that invests in Nordic, mostly Finnish companies. Arvo Sijoitusosuuskunta is a regional investment cooperative.