Elvera acquires Voimatel Oy’s electricity business and Suomen Kaasutekniikka Oy – Neuvoa advisor to Elvera

29.11.2023

Elvera acquires Voimatel Oy’s electricity business and Suomen Kaasutekniikka Oy – Neuvoa advisor to Elvera

Elvera Oy, a company among the largest providers of network construction and infrastructure services in Finland, has acquired the electricity business of Voimatel Oy and the entire share capital of Suomen Kaasutekniikka Oy during November. The arrangement with Voimatel still requires approval from the Competition and Consumer Authority. These transactions collectively and individually represent significant steps towards Elvera’s goal of becoming a leading Finnish provider of infrastructure services. Neuvoa advised Elvera in both transactions.

Upon completion of the acquisition of Voimatel’s electricity business, over 250 employees will join the Elvera Group, in addition to the current 500 personnel. Simultaneously, Elvera’s turnover will increase to approximately 130 million euros from the current 80 million euros.

“As a domestic and financially stable company, we can in the future offer electrical, telecommunications, water, and heating installation services throughout Finland. The business deal both expands our service portfolio and strengthens our resources,” says Ilari Jaakkola, CEO of Elvera.

Jaakkola emphasizes that the extensive infrastructure investments in the coming years require agility from operators to respond to demand quickly.

“The acquisition of Voimatel’s electricity business enables the expansion of our service offering and the creation of a more comprehensive partner network. We also want to contribute to securing supply security. We play a crucial role in the planning, construction, and maintenance of critical infrastructure,” continues Jaakkola.

Mikko Heinonen, CEO of Voimatel, states: “This business deal aligns with our new strategy and leads to a significant arrangement in the industry. We wanted to find a new owner for our electricity networks that would provide our skilled employees with the opportunity to work in a company that has established a strong position in the field. Elvera, being one of the largest players in the industry, is committed to developing the electricity network business and strengthening its competitiveness. The deal allows us to focus on the telecommunications network business, where we already have a strong market position and growth objectives.”

Suomen Kaasutekniikka Oy, founded in 2014, has solid experience in the installation, maintenance, servicing, and repair of gas and pressure equipment. The company also carries out installations of industrial process pipelines, machinery, and equipment.

“When planning the acquisition, it was important to us that the company shares the same values as Elvera. The company’s good reputation and expertise also supported the deal. With the transaction, Elvera Oy further strengthens its expertise in maintenance, repair, and installation services, especially in the industrial sector,” state Ilari Jaakkola, CEO of Elvera Oy, and Ari Ruskela, Business Area Manager.

Additional information about the arrangements can be found in Elvera Oy’s press releases.

https://www.elvera.fi/voimatelin-sahkoliiketoiminta-osaksi-elveraa/

https://www.elvera.fi/suomen-kaasutekniikka-oy-osaksi-elvera-konsernia/