Helsinki (Finland), 1st January 2023
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.