Triton backs Habeo Group
Helsinki (Finland), 1st January 2023 – The Triton Smaller Mid Cap Fund II advised by Triton (“Triton”) announces the formation of Habeo Group (“Habeo”), a Finnish building installation services company, through the successful acquisitions and subsequent merger of seven regional companies into one national group. The new group has an annual turnover of approximately EUR 120 million (2021 pro forma) and employs ca. 600 building service technology professionals. Terms of the transactions are not disclosed.
Habeo’s operates in a market underpinned by EU regulation and positive fundamental trends such as urbanization, aging building stock, a growing focus on sustainability, and increasing digitalization. It provides its services to companies operating in the heating; water and sewers; ventilation and air conditioning; electrical installation; cooling and refrigeration; fire safety; and automation industries. Additionally, the company implements smaller renovation projects in situations where building service technology plays a key role.
Triton intends to support Habeo in consolidating the highly fragmented Finnish building installation market, which comprises ca. 5,000 small players, utilising Triton’s expertise and track record in buy-and-build strategies.
Per Frankling, Investment Advisory Professional at Triton, said: “Habeo Group is ideally positioned to consolidate the Finnish building service technology sector, which is large and includes numerous smaller regional operators. At the start of its operations, the Group will already be the fifth-largest player in its field and will seek to expand via strategic M&A activity and organic growth.”
Kari Kohvakka, CEO of Habeo Group, said: “Habeo Group comprises strong, regionally operating companies, which together serve the whole of Finland. We are a group of top experts who provide customers with all the technical building services and solutions they need. The core of our strategy is formed by strong local expertise and holistic technical building services knowhow close to the client. Additionally, the financial support and experience in corporate transactions provided by our owner promote the implementation of our growth strategy. With Habeo Group’s joint group functions, we also gain synergies in internal functions such as the development of financial administration, procurement, work safety and personnel,”
The creation of Habeo forms the 9th platform investment made by the Triton Smaller Mid-Cap Fund II, which successfully closed above its fundraising target on €815mn in 2021. The fund applies Triton’s proven investment strategy to lower mid-market companies in the same core sectors of Services, Healthcare, Industrial Tech and Consumer, using Triton’s in-house operational capabilities and resources to help management teams to sustainably expand their companies’ market position and to implement their growth strategies.
About Habeo Group
Habeo Group is a comprehensive service provider in the building service technology industry. Our offering covers building service technology-related services as well as renewal and renovation projects. We maintain, service and install the technical systems of properties, conduct project planning related to
building service technology and perform additional construction work to complement these services. We are entrepreneurially oriented and operate locally across Finland.
For further information: www.habeogroup.fi
Since its establishment in 1997, Triton has sponsored ten funds, focusing on businesses in the industrial tech, services, consumer, and healthcare sectors. Triton invests in and supports the positive development of medium-sized businesses headquartered in Europe.
Triton seeks to contribute to the building of better businesses for the longer term and wishes to be agents of positive change towards sustainable operational improvement and growth.
The companies currently in Triton’s portfolio have combined sales of around EUR 18 billion and employ around 105,000 employees.
For more information: www.triton-partners.com