Triton announces strategic combination of Assemblin and Caverion
Triton announces strategic combination of Assemblin and Caverion to create a leading Northern European technical service and installation group
Stockholm (Sweden), Helsinki (Finland) – 5 March 2024 – Triton today announces its intention to combine its portfolio companies, Assemblin and Caverion, into the newly formed Assemblin Caverion Group. The combination unifies the strengths and capabilities of both entities, offering a broader range of services and providing sustainable technical solutions to an expanded customer base. Upon completion, Assemblin Caverion Group will operate across ten countries, generate an annual turnover of approximately EUR 3.8 billion/SEK 43.5 billion, and employ around 21,900 skilled employees. Upon combination, Assemblin Caverion Group will become a market leading forerunner providing the most comprehensive and cutting-edge solutions across the full lifecycle of the built environment.
This combination represents the latest milestone in Triton's track record of investing in the technical service and installation sector. With a history of nearly 20 years in the sector and a realized and current portfolio of multiple investments, including NVS, Bravida, Unica, Assemblin and Caverion, Triton continues to demonstrate its expertise in building leading companies in the sector.
The new group will remain focused on its dedicated workforce across all the countries where Assemblin Caverion Group is present, aiming to be recognised as the industry leader and the most attractive employer among technical and advisory professionals. For customers, the combination means a trusted partner with added capabilities to meet the evolving demands of the market and focus on sustainability.
The leadership team for the new group will be comprised of executives from both Assemblin and Caverion. Assemblin CEO, Mats Johansson, will become the Group CEO of Assemblin Caverion Group. Caverion CEO, Jacob Götzsche, will become Executive Chairman of the Board of Directors of the new group. Both the Assemblin and Caverion brands will continue in their local markets within the new group.
Jacob Götzsche and Mats Johansson, representing the new top leadership team of Assemblin Caverion Group, said: “Assemblin and Caverion demonstrate a commitment to leading technical expertise, excellent customer service as well as smart and sustainable solutions. By merging these strong and people-centric cultures, we're creating a company with unique capabilities, combined strengths and shared vision.”
Assemblin Caverion Group is positioned to leverage market trends, particularly addressing the aging building infrastructure across Europe and responding to increasing customer demand for energy efficiency, sustainability, and automation within buildings, infrastructure and industry.
The new group will become a market leader across the Swedish, Finnish and Norwegian markets. Coupled with Caverion's established presence in Northern continental Europe, Assemblin Caverion Group has solid prospects for organic growth and continued strategic M&A across all markets.
Hans Petter Hjellestad, Investment Advisory Professional at Triton, said: “We are truly excited about uniting these complementary businesses into a new group, built on the same principles that have guided our investments in the business services sector. This merger is a logical step, as Assemblin and Caverion share robust cultures and values, and also offer complementary services, capabilities and visions. We anticipate leveraging our operational expertise and sector knowledge to steer both companies towards forming a future-oriented business.”
The Executive Management Team of the Assemblin Caverion Group to be formed will consist of the following members:
Jacob Götzsche, Executive Chairman
Mats Johansson, Group President and CEO
Philip Carlsson, CFO
Elina Kaura, Legal & Compliance, Group General Counsel, EVP
Åsvor Brynnel, Sustainability, HR and Communications, EVP
Jaakko Wacklin, Operational and Commercial Performance, EVP
Håkan Ekvall, CEO Ventilation Sweden, EVP
Andreas Aristiadis, CEO H&S Sweden, EVP
Fredrik Allthin, CEO Electrical Sweden, EVP
Uno Lundberg, CEO Caverion Sweden, EVP
Torkil Skancke Hansen, CEO Norway, EVP
Tero Kosunen, CEO Fidelix and solutions, EVP
Ville Tamminen, CEO Finland, EVP
Carsten Sørensen, CEO Denmark, EVP
Manfred Simmet, CEO Germany and Austria, EVP
The headquarter of the new group will be incorporated in Sweden. The transaction has received all necessary regulatory approvals and closing of this transaction in legal terms is expected to take place during April.
About Triton
Founded in 1997 and owned by its partners, Triton is a leading European mid-market sector-specialist investor. Triton focuses on businesses that provide important goods and services in the Business Services, Industrial Tech, Healthcare, and Consumer sectors. Triton has over 200 professionals across 11 offices and invests through three complementary “All Weather” strategies: Mid-Market Private Equity, Smaller Mid-Cap Private Equity, and Opportunistic Credit.
To learn more about Triton, please visit: www.triton-partners.com
About Caverion
Caverion is an expert for smart and sustainable built environments, enabling performance and people’s well-being. Customers can trust our expertise during the entire lifecycle of their buildings, infrastructure or industrial sites and processes: from installation and maintenance of base and smart technologies, to managed services as well as advisory and engineering services and digital solutions. Our customers are supported by about 15,000 Caverion professionals in 10 countries in Northern and Central Europe. Our revenue in 2023 was about EUR 2.5 billion.
To learn more about Caverion, please visit: www.caverion.com
About Assemblin
Assemblin is an end-to-end installation and service partner with operations in Sweden, Norway and Finland. We design, install and maintain technical systems for air, water and energy. Assemblin´s vision is to create smart and sustainable installations that make buildings work and people feel comfortable. This is realized through close local collaboration supported by a strong organisation. Assemblin currently has annual sales of approximately SEK 14.8 billion and about 7,000 dedicated employees at more than 100 locations in the Nordic region.
To learn more about Assemblin, please visit: www.assemblin.com
