The earth moving equipment industry in the Nordics plays a crucial role in construction, mining, and infrastructure projects. Companies in this sector manufacture and supply a variety of machinery, including excavators, bulldozers, and loaders, which are essential for earth excavation and material handling tasks. The industry is experiencing a shift towards sustainability, with increasing demand for energy-efficient machines and innovative technologies. As urbanization grows and infrastructure projects expand, investments in advanced machinery are expected to rise, signaling robust growth ahead for this vital sector in the Nordic economies.


The investor landscape in the Nordics showcases a blend of corporate and private equity players, primarily based in Stockholm and Helsinki. These investors range in size from small firms to large corporations, with many established in the 1970s and 1980s. Notably, EQT Group stands out with the highest number of investments in 2024, reflecting a strong commitment to enhancing the earth moving equipment industry, while companies like Metso and Epiroc bolster their presence through strategic acquisitions. Overall, this array of investors signifies a dynamic approach to growth within the industry.


Top 12 Earth Moving Equipment Investors in the Nordics


1. Indutrade Life Science

  • Website: indutrade.se
  • Type: Corporate
  • Headquarters: Stockholm, Stockholm, Sweden
  • Founded year: 1978
  • Headcount: 1001-5000
  • Number of deals in 2024: 14
  • LinkedIn: indutrade-life-science

Indutrade Life Science is a corporate investor based in Stockholm, Sweden, founded in 1978. The company operates as an industrial group that focuses on developing and acquiring companies with high technical expertise across various sectors, including technology and industrial products. Indutrade emphasizes long-term relationships with its customers and operates through a decentralized structure, allowing its subsidiaries to maintain independence while benefiting from the group's resources. Notably, Indutrade has made several acquisitions relevant to the earth moving equipment sector, including Ingenjörsfirman Geotech AB, which specializes in geotechnical field equipment, and Geomek Stockholms Geomekaniska AB. These transactions highlight Indutrade's strategic interest in companies that provide essential equipment and solutions for earth moving activities, reinforcing its relevance in this industry.


2. Epiroc Construction Tools


Epiroc Construction Tools, founded in 2018 and based in Kalmar, Sweden, is a corporate investor specializing in mining and construction equipment. The company offers a diverse range of products, including drill rigs and rock excavation tools, and provides services such as maintenance and digital solutions aimed at enhancing productivity and safety in the mining and construction sectors. Epiroc has been actively expanding its footprint in the earth moving equipment market through several significant acquisitions. Notably, they acquired Wain-Roy, a U.S. manufacturer of excavator attachments, which enhances their presence in the North American construction market. Additionally, they acquired Stanley Infrastructure for $760 million, further strengthening their capabilities in the earth moving sector. Other acquisitions, such as Remote Control Technologies Pty Ltd and RNP México, which specializes in rock drills, also align with their focus on innovative solutions for earth moving and mining operations. These transactions reflect Epiroc's commitment to advancing technology and services in the earth moving equipment industry.


3. EQT Group

  • Website: eqtgroup.com
  • Type: Private Equity
  • Headquarters: Stockholm, Stockholm, Sweden
  • Founded year: 1994
  • Headcount: 1001-5000
  • Number of deals in 2024: 30
  • LinkedIn: eqt-partners

EQT Group is a prominent investment firm based in Stockholm, Sweden, specializing in private equity, infrastructure, real estate, growth equity, and venture capital. Founded in 1994, EQT serves institutional investors by providing expertise in managing diverse investment portfolios across multiple sectors and geographies. Among their notable transactions, EQT acquired FINN-POWER in 2002, a company that manufactures equipment relevant to the earth moving sector. Additionally, their acquisition of Dorner Holding Corporation in 2017 highlights their commitment to supporting growth in the industrial automation sector, which often overlaps with earth moving equipment. Other acquisitions, such as Cimbria and Rolls-Royce Power Systems, further demonstrate EQT's active role in sectors that may include earth moving applications, reinforcing their position as a versatile investor in the industrial landscape.


4. Metso

  • Website: metso.com
  • Type: Corporate
  • Headquarters: Espoo, Uusimaa, Finland
  • Founded year: 2020
  • Headcount: 10001+
  • Number of deals in 2024: 2
  • LinkedIn: metso

Metso Corporation, founded in 2020 and based in Espoo, Uusimaa, Finland, is a corporate investor specializing in industrial machinery and technology for various sectors, including mining, aggregates, and oil and gas. With a workforce of over 10,000 employees, Metso aims to enhance operational efficiency and sustainability for its business customers through a range of products and lifecycle services. Notable transactions include the acquisition of McCloskey International, a key player in mobile crushing and screening solutions, and the acquisition of P.J. Jonsson & Söner, which also focuses on mobile crushing and screening. Furthermore, Metso's recent acquisition of Ab A. Häggblom Oy, a company specializing in mining truck bodies and buckets, and Tedd Engineering, which specializes in automation for mobile equipment, highlights their strategic focus on enhancing their earth moving equipment capabilities. These acquisitions demonstrate Metso's commitment to expanding its influence in the earth moving equipment industry.


5. Indutrade AB

  • Website: indutrade.com
  • Type: Corporate
  • Headquarters: Stockholm, Stockholm, Sweden
  • Founded year: 1978
  • Headcount: 5001-10000
  • Number of deals in 2024: 1
  • LinkedIn: indutrade-ab

Indutrade AB is a corporate investor based in Stockholm, Sweden, founded in 1978. The company operates as a technology and industrial group, focusing on developing and acquiring companies characterized by high technical expertise. With over 200 subsidiaries, Indutrade provides a diverse range of industrial and technological products across various sectors, including infrastructure, medical technology, and energy. Notably, Indutrade has made strategic acquisitions that align with the earth moving equipment industry, such as Sax Lift A/S, which manufactures scissor lift tables used in construction and earth moving applications. Additionally, their acquisition of AVA Monitoring AB, specializing in ground vibration measurement equipment, further emphasizes their involvement in sectors related to earth moving operations. Indutrade emphasizes decentralized leadership and long-term relationships with customers and partners, positioning itself as a significant player in the industrial landscape.


6. CapMan

  • Website: capman.com
  • Type: Private Equity
  • Headquarters: Helsinki, Uusimaa, Finland
  • Founded year: 1989
  • Headcount: 51-200
  • Number of deals in 2024: 4
  • LinkedIn: capman

CapMan Oyj is a private equity investment management firm based in Helsinki, Finland, founded in 1989. The firm specializes in various investment strategies, including private equity, real estate, infrastructure, and natural capital investments, catering primarily to institutional investors. CapMan has a strong presence in the Nordic markets and aims to achieve sustainable returns for its clients. Notably, CapMan has been involved in several transactions that align with the earth moving equipment sector, such as their investment in Havator, a company that provides heavy lifting and transport services, which is closely related to earth moving activities. Additionally, their investment in Tana, a company that specializes in waste management and recycling equipment, further highlights their engagement in sectors that intersect with earth moving equipment. Overall, CapMan's diverse investment portfolio and strategic focus on infrastructure and related sectors position them as a relevant player in the earth moving equipment investment landscape.


7. Altor Equity Partners

  • Website: altor.com
  • Type: Private Equity
  • Headquarters: Stockholm, Stockholm, Sweden
  • Founded year: 2003
  • Headcount: 51-200
  • Number of deals in 2024: 6
  • LinkedIn: altor

Altor Equity Partners is a private equity investment management firm based in Stockholm, Sweden, founded in 2003. The firm focuses on enhancing operational efficiency and sustainable growth for its partners through tailored investment strategies and digital transformation solutions. Notably, Altor has been involved in significant transactions within the earth moving equipment context, including the acquisition of Dynapac on June 1, 2004, a company known for its road construction machinery. This acquisition highlights Altor's engagement in the earth moving equipment sector, alongside their investments in other industries such as food processing technology and consumer products. Their diverse portfolio and strategic approach to investments position them as a relevant player in the earth moving equipment market.


8. Bellman Group

  • Website: bellmangroup.se
  • Type: Corporate
  • Headquarters: Solna, Stockholm, Sweden
  • Founded year: 2017
  • Headcount: 501-1000
  • Number of deals in 2024: 2
  • LinkedIn: bellman-group

Bellman Group is a corporate investor based in Solna, Stockholm, Sweden, founded in 2017. The company specializes in construction and logistics, focusing on excavation, transport, and material handling services. They cater to construction firms and infrastructure projects, providing efficient and sustainable solutions for mass management. Bellman Group operates under circular economy principles and has a network of subsidiaries that enhance their service offerings. Notably, they have made several strategic acquisitions to bolster their presence in the earth moving equipment sector. For instance, their acquisition of VSM Entreprenad AB aimed to strengthen their position in machine contracting and expand operations into Norway. Additionally, the acquisition of SÅCAB Åkericentral AB allowed them to enhance their capacity in the Stockholm region and gain access to a recycling facility, which is crucial for their operations. These transactions highlight their active role in the earth moving equipment industry.


9. Normet Group


Normet Group, founded in 1962 and based in Espoo, Uusimaa, Finland, specializes in innovative technology solutions for the mining and tunneling industries. With a workforce of 1001-5000 employees, Normet provides a range of products and services, including equipment for explosives charging, sprayed concrete processes, and underground logistics. In recent transactions, Normet has acquired Rambooms Oy and Marakon Oy, both of which focus on boom systems and hydraulic attachments for construction and mining, enhancing their portfolio in the earth moving equipment sector. Additionally, their acquisition of Garock Pty Ltd, a manufacturer of ground support systems for mining and civil industries, further solidifies their commitment to this market. Normet's investments in startups like Lekatech and Motics also reflect their strategy to innovate and expand within the earth moving and construction equipment landscape.


10. Verdane

  • Website: verdane.com
  • Type: Private Equity
  • Headquarters: Oslo, Oslo, Norway
  • Founded year: 1985
  • Headcount: 51-200
  • Number of deals in 2024: 7
  • LinkedIn: verdane-capital

Verdane is a private equity investment firm based in Oslo, Norway, founded in 1985. The firm specializes in growth equity investments, particularly in technology-enabled companies, and provides capital and hands-on support to help businesses scale. Verdane focuses on digitalization and decarbonization trends, primarily targeting technology companies looking to enhance their market position and operational efficiency. Notably, Verdane has made significant investments in the earth moving equipment context, including a €10.6 million investment in Blinto, an online auction platform for used heavy machinery, which highlights their engagement in the sector. Additionally, their acquisition of Maskinklippet.se, while primarily focused on outdoor products, indicates their strategy of investing in niche markets that may intersect with earth moving equipment. Overall, Verdane's diverse investment portfolio and their specific transaction in Blinto position them as a relevant investor in the earth moving equipment industry.


11. Intera Partners

  • Website: interapartners.fi
  • Type: Private Equity
  • Headquarters: Helsinki, Uusimaa, Finland
  • Founded year: 2007
  • Headcount: 11-50
  • Number of deals in 2024: 2
  • LinkedIn: intera-partners

Intera Partners is a private equity firm based in Helsinki, Finland, founded in 2007. The firm specializes in investment management and advisory services, focusing on growing and internationalizing Finnish and Swedish companies with revenues between €10-200 million. Intera Partners emphasizes responsible investing and building strong partnerships with business owners. Notably, they have been involved in significant transactions within the earth moving equipment context, such as the acquisition of Renta Group in 2016, a company that specializes in the rental of construction and earth moving equipment. Additionally, they have invested in Tamtron, which provides solutions for weighing and data management in the construction and earth moving sectors. These transactions highlight Intera Partners' commitment to the earth moving equipment industry, alongside their broader investment strategy.


12. Konecranes

  • Website: konecranes.com
  • Type: Corporate
  • Headquarters: Hyvinkää, Uusimaa, Finland
  • Founded year: 1994
  • Headcount: 10001+
  • Number of deals in 2024: 4
  • LinkedIn: konecranes

Konecranes Oyj is a corporate investor based in Hyvinkää, Uusimaa, Finland, specializing in the manufacture and service of cranes and lifting equipment. Founded in 1994, Konecranes operates globally, providing a wide range of products and services to various industries, including automotive, manufacturing, and shipping. The company focuses on enhancing operational efficiency and safety through its equipment and maintenance services. Konecranes has been active in the acquisition of companies that complement its core business, including the acquisition of Morris Material Handling, Peinemann Port Services, and SMV Lifttrucks AB, which specializes in container handling equipment. These transactions highlight Konecranes' strategy to strengthen its market position and expand its service offerings, which can be relevant to the earth moving equipment sector, particularly in contexts where lifting and moving equipment is utilized.



Earth Moving Equipment Insights: Key Investors in the Nordics


InvestorHeadquarterSizeFoundedDeals 2024
Indutrade Life ScienceStockholm, Stockholm, Sweden1001-5000197814
Epiroc Construction ToolsKalmar, Kalmar, Sweden10001+20183
EQT GroupStockholm, Stockholm, Sweden1001-5000199430
MetsoEspoo, Uusimaa, Finland10001+20202
Indutrade ABStockholm, Stockholm, Sweden5001-1000019781
CapManHelsinki, Uusimaa, Finland51-20019894
Altor Equity PartnersStockholm, Stockholm, Sweden51-20020036
Bellman GroupSolna, Stockholm, Sweden501-100020172
Normet GroupEspoo, Uusimaa, Finland1001-500019620
VerdaneOslo, Oslo, Norway51-20019857
Intera PartnersHelsinki, Uusimaa, Finland11-5020072
KonecranesHyvinkää, Uusimaa, Finland10001+19944


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