Caverion Completes Acquisition of Maintpartner Operations in Finland, Estonia, and Poland
Caverion has finalized the acquisition of Maintpartner's industrial operations in Finland, Estonia, and Poland from funds managed by CapMan. The transaction was valued at EUR 34 million.
Caverion Corporation has completed its acquisition of Maintpartner's industrial operations in Finland, Estonia, and Poland. The deal, valued at EUR 34 million, was first announced in March 2019 and strengthens Caverion's capabilities in industrial operation and maintenance services, as well as digital solutions.
The acquired businesses will be integrated into Caverion's Industrial Solutions division. Following the integration, this division's revenue is expected to be approximately EUR 320 million, employing around 3,100 people. The acquired operations generated revenues of approximately EUR 137 million in 2018 and employed about 1,500 individuals.
As part of the transaction, Caverion has committed to divesting approximately 6.5 percent of the post-transaction revenue of its Finnish Industrial Solutions division. In Finland, cooperation negotiations will commence regarding organizational changes and potential workforce reductions, estimated at a maximum of 50 employees.
Caverion also announced on the same day the closure of its acquisition of Huurre Group Oy's refrigeration solutions business. The company confirmed that these acquisitions do not alter its 2019 financial guidance.