Altor acquires E.ON ES
Altor Fund III (“Altor”) has signed an agreement to acquire 90.5% of E.ON ES (“ES”), Sweden’s leading engineering and contracting company within services to the energy industry, from E.ON Sverige AB
E.ON ES is a leading engineering and contracting company within services related to production and distribution of energy and related services. E.ON ES originates from the project, operation and maintenance activities of Sydkraft (today E.ON Sverige), and was created as a result of an outsourcing process in the early 1990’s. Since then E.ON ES has, on an arm’s length basis, successfully developed into a leading provider of engineering and contracting services with a broad external customer base of ca. 600 customers. Throughout its history, E.ON ES has been, and will continue to be an important supplier of services to E.ON Sverige. To signify the continuity of this relationship, E.ON Sverige AB will retain a 9.5% ownership stake in E.ON ES.
E.ON ES has revenues of SEK 2.7 billion and has about 1,500 employees working out of 60 locations in Sweden and Norway.
"The infrastructure that produces and distributes power and electricity is vital for our society today and in the future. Energy companies' demands for highly-skilled and cost-efficient resources assuring the reliability of this infrastructure and building new capacity are increasing, and service providers need to continuously develop their operations to meet these demands. ES has a history of being one of the leading providers of these services in Sweden, and has great potential as an independent company to further improve and expand its service offering to its existing and new customers in Sweden and the Nordic region. We are excited about the opportunity to further develop the company, together with its management, organically as well as through outsourcing agreements and acquisitions", comments Jaakko Kivinen, partner at Altor Equity Partners.
“With Altor as principal owner, ES will be able to develop its business and activities in a more aggressive and dynamic manner. ES will have its own identity and be able to act stronger on a market where expertise and trust are key elements. This will benefit both employees and customers of ES”, comments Per-Ove Jönsson, head of Service division of E.ON Sverige.
“With an owner focusing on the business operations conducted by ES, new opportunities are generated for ES to realise its vision and business concept”, says Bengt Ekenstierna, CEO of ES.
The transaction is subject to customary closing conditions. Altor was advised by Access Partners, AON, KPMG, Roschier and Sensa.
For inquiries please contact: