The infrastructure construction industry in the Nordics encompasses a wide range of activities from building roads and bridges to developing energy and telecommunications systems. Companies vary from large engineering firms to specialized contractors working in niche areas such as tunneling or renewable energy infrastructure. The region is experiencing a shift toward sustainable practices, influenced by regional policies favoring green technology. With abundant investments in public infrastructure, innovation is at the forefront as firms explore smarter construction methods and digital transformation to enhance efficiency and sustainability—an essential direction for meeting future needs in housing, transportation, and energy.

This list includes twelve prominent investors active in the Nordic infrastructure construction sector. The investors range from private equity firms to corporate giants, headquartered across Sweden, Finland, and Norway. Most firms were established in the last few decades, with a variety of deal counts in 2024 reflecting their strategic focus. Notably, players like EQT Group and Instalco indicate a growing trend toward operational efficiency and sector-specific collaborations that empower local markets, all while committing to sustainable development across infrastructure projects.

Top 12 Infrastructure Construction Investors in the Nordics

1. 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 Aker Solutions, a company involved in engineering and construction services for the energy sector, and Osmose Utilities Services, which provides critical services to utility companies. Most significantly, their acquisition of Mountain Valley Pipeline in 2024 for approximately $5.5 billion highlights their commitment to infrastructure investments, particularly in the natural gas sector, enhancing their operational capabilities and synergies. These transactions underscore EQT's active role in the infrastructure construction industry, making them a relevant investor in this space.

2. Instalco

• Website: instalco.se
• Type: Corporate
• Headquarters: Stockholm, Stockholm, Sweden
• Founded year: 2014
• Headcount: 1001-5000
• Number of deals in 2024: 2
• LinkedIn: instalco

Instalco is a corporate investor based in Stockholm, Sweden, specializing in installation and consulting services across various sectors, including plumbing, electrical, ventilation, and industrial services. Founded in 2014, Instalco operates through a decentralized model, allowing local companies to maintain their identity while benefiting from shared resources and best practices. The company has made several strategic acquisitions to enhance its capabilities in the infrastructure construction sector. Notably, Instalco acquired Teampipe Sweden AB in 2020, a company that specializes in welding and pipe installations, particularly in sensitive environments, which is crucial for infrastructure projects. Additionally, the acquisition of 70% of Highcon AB in 2022, a company specializing in scaffolding structures, further strengthens Instalco's position in the industrial and infrastructure construction market. These transactions highlight Instalco's commitment to expanding its footprint in the infrastructure sector, making it a significant player in this industry.

3. Afry

• Website: afry.com
• Type: Corporate
• Headquarters: Stockholm, Stockholm, Sweden
• Founded year: 1895
• Headcount: 10001+
• Number of deals in 2024: 1
• LinkedIn: afry

AFRY AB, founded in 1895 and based in Stockholm, Sweden, is a corporate consulting and engineering firm with over 10,000 employees. The company specializes in a variety of services, including sustainability consulting, digital solutions, and project management across multiple industries. Notably, Afry has made several strategic acquisitions to bolster its capabilities in infrastructure-related sectors. For instance, the acquisition of INSUCO in August 2021 enhances their railway design offerings, directly linking them to infrastructure construction. Other acquisitions, such as Cubiq Analytics and Numerola Oy, focus on data analytics and digital solutions, which are increasingly important in modern infrastructure projects. These transactions reflect Afry's commitment to enhancing its service offerings in the infrastructure domain, making them a relevant player in this industry.

4. HitecVision

• Website: hitecvision.com
• Type: Private Equity
• Headquarters: Stavanger, Rogaland, Norway
• Founded year: 1985
• Headcount: 51-200
• LinkedIn: hitecvision

HitecVision is a private equity investment firm based in Stavanger, Norway, founded in 1985. The firm specializes in the European energy sector, focusing on providing institutional capital to energy production and infrastructure projects with an emphasis on sustainability and the energy transition. HitecVision manages private equity funds and collaborates with various stakeholders to drive growth in renewable energy and related industries. Notable transactions include the acquisition of Emtunga Solutions AB in 2009, which is involved in energy-related infrastructure, and the acquisition of Leirvik in 2007, a company that likely contributes to energy infrastructure development. Additionally, their acquisition of Agility Group in 2009 further highlights their commitment to supporting companies that play a role in the energy infrastructure landscape. These transactions demonstrate HitecVision's active participation in the infrastructure construction sector, particularly as it relates to energy.

5. Green Landscaping

• Website: greenlandscaping.se
• Type: Corporate
• Headquarters: Skegrie, Skåne, Sweden
• Founded year: 2009
• Headcount: 201-500
• LinkedIn:

Green Landscaping Group, founded in 2009 and based in Skegrie, Skåne, Sweden, is a corporate investor specializing in outdoor environment services, including green space maintenance and infrastructure development. The company serves municipalities, businesses, and property owners, emphasizing sustainability and quality in service delivery. Green Landscaping operates through various subsidiaries across multiple countries, enhancing its market presence. Notably, they have made several strategic acquisitions to bolster their capabilities in infrastructure construction. For instance, the acquisition of SOREX Entreprenad AB, a company specializing in excavation works and groundwork projects, highlights their commitment to expanding their infrastructure services. Additionally, their acquisition of Markbygg Anläggning Väst AB and Aktiv Veidrift further demonstrates their focus on enhancing their infrastructure development capabilities. These transactions indicate that while their primary focus is landscaping, they are significantly involved in the infrastructure construction sector.

6. Nordic Investment Bank

• Website: nib.int
• Type: Corporate
• Headquarters: Helsinki, Uusimaa, Finland
• Founded year: 1976
• Headcount: 201-500
• Number of deals in 2024: 19
• LinkedIn: nordic-investment-bank

Nordic Investment Bank (NIB) is a public entity based in Helsinki, Finland, established in 1976. It specializes in providing sustainable financing solutions for projects across the Nordic and Baltic regions. NIB offers a range of loan products, including corporate, sovereign, and sustainability-linked loans, aimed at both private and public sector customers. The bank's mission is to enhance productivity and environmental benefits through its financing. Notably, NIB has been involved in several significant transactions relevant to infrastructure construction, such as providing debt financing to Statnett, which raised $89,565,607 for energy infrastructure projects. Additionally, NIB's involvement with other companies like Arva and Linja, which also focus on infrastructure-related initiatives, further emphasizes its role in supporting infrastructure development through financial means.

7. 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 an investment management firm based in Helsinki, Finland, founded in 1989. The firm specializes in private equity, real estate, infrastructure, and natural capital investments, catering primarily to institutional investors. CapMan has a strong presence in the Nordic markets and leverages its expertise to manage funds aimed at achieving sustainable returns. Notably, CapMan has been active in the infrastructure construction sector, with significant transactions such as the acquisition of NYAB for approximately $52.7 million in December 2022, which is likely involved in construction and infrastructure services. Additionally, their acquisition of Aro Systems Oy further emphasizes their commitment to investing in companies that contribute to infrastructure development. These transactions highlight CapMan's strategic focus on enhancing value in the infrastructure sector, making them a relevant player in this investment category.

8. FSN Capital Partners

• Website: fsncapital.com
• Type: Private Equity
• Headquarters: Oslo, Oslo, Norway
• Founded year: 1999
• Headcount: 51-200
• LinkedIn: fsn-capital

FSN Capital Partners is a private equity investment firm based in Oslo, Norway, founded in 1999. The firm specializes in managing investments across various sectors, including services, green transition, industrials, and technology. FSN Capital partners with companies to drive growth and transformation, primarily catering to institutional investors and pension funds seeking sustainable returns. Notably, FSN Capital has been involved in several transactions relevant to the infrastructure construction context, such as the acquisition of Impreg Group, a Danish manufacturer of pipe liner systems, which plays a crucial role in infrastructure projects. Additionally, their acquisition of ViaCon, a company that may also have ties to infrastructure, further emphasizes their engagement in this sector. These transactions suggest that while FSN Capital's focus is broad, they do have a footprint in the infrastructure construction industry.

9. Equinor

• Website: equinor.com
• Type: Corporate
• Headquarters: Stavanger, Rogaland, Norway
• Founded year: 1972
• Headcount: 10001+
• Number of deals in 2024: 6
• LinkedIn: equinor

Equinor ASA is a public entity based in Stavanger, Norway, operating primarily in the energy sector with a focus on oil, gas, and renewable energy. Founded in 1972, Equinor has a workforce of over 10,000 employees and is committed to sustainability, aiming to achieve net-zero emissions by 2050. The company serves a diverse customer base, including governments and industries, providing energy solutions that address climate challenges while ensuring energy security. In recent years, Equinor has made significant investments in infrastructure-related projects, particularly in the renewable energy sector. Notably, they acquired a minority stake in Scatec Solar ASA, enhancing their presence in solar energy. They also participated in a $23 million Series A funding round for Infravision, which focuses on deploying robotics for powerline and grid monitoring, showcasing their interest in innovative infrastructure solutions. Furthermore, Equinor's acquisition of BeGreen, a Danish solar power developer with a substantial project pipeline, and Rio Energy, a Brazilian renewables company, further solidifies their commitment to expanding renewable energy infrastructure. These transactions highlight Equinor's strategic focus on developing infrastructure that supports sustainable energy solutions.

10. 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 infrastructure construction sector, including the acquisition of Kreate, a company that provides construction and infrastructure services, and Normek Group, which operates in the construction and engineering fields. These investments highlight Intera Partners' commitment to supporting companies that contribute to infrastructure development, making them a key player in this industry.

11. Bravida

• Website: bravida.se
• Type: Corporate
• Headquarters: Stockholm, Stockholm, Sweden
• Founded year: 2000
• Headcount: 10001+
• LinkedIn: bravida

Bravida is a corporate investor based in Stockholm, Sweden, founded in 2000. With over 10,000 employees, Bravida operates as a technical service provider specializing in the installation and maintenance of essential systems, including electrical, heating, sanitation, ventilation, and security systems. They serve property owners and facility managers across the Nordic region, ensuring that these systems function reliably and efficiently. In recent years, Bravida has made several strategic acquisitions to strengthen its position in the market. Notable transactions include the acquisition of Hangö Elektriska in 2018, which bolstered their presence in southern Finland, and the acquisition of KT Elektric A/S in 2022, aimed at enhancing their capabilities in electrical services and building automation in Denmark. These transactions reflect Bravida's commitment to expanding its service offerings in the infrastructure sector, particularly in areas that are integral to the construction and maintenance of infrastructure projects.

12. ASSA ABLOY Group

• Website: assaabloy.com
• Type: Corporate
• Headquarters: Stockholm, Stockholm, Sweden
• Founded year: 1994
• Headcount: 10001+
• Number of deals in 2024: 21
• LinkedIn: assaabloy

ASSA ABLOY Group is a leading security solutions provider based in Stockholm, Sweden, specializing in locks, doors, gates, and entrance automation. Founded in 1994, the company has established itself as a leader in the security industry through innovation and a diverse product portfolio. In recent years, ASSA ABLOY has made significant strides in the construction sector, evidenced by their acquisition of CrewSight, a U.S. construction technology business aimed at improving software-driven access control and workforce management solutions. This acquisition, announced on March 15, 2023, underscores their commitment to digital transformation in the construction industry. Additionally, their acquisition of Biosite Systems on February 10, 2020, which focuses on biometric access for construction sites, further enhances their offerings in this sector. These strategic moves reflect ASSA ABLOY's intent to integrate advanced security solutions within the infrastructure construction landscape, making them a relevant player in this field.

Infrastructure Construction Insights: Key Investors in the Nordics

Investor	Headquarter	Size	Founded	Deals 2024
EQT Group	Stockholm, Stockholm, Sweden	1001-5000	1994	30
Instalco	Stockholm, Stockholm, Sweden	1001-5000	2014	2
Afry	Stockholm, Stockholm, Sweden	10001+	1895	1
HitecVision	Stavanger, Rogaland, Norway	51-200	1985	0
Green Landscaping	Skegrie, Skåne, Sweden	201-500	2009	0
Nordic Investment Bank	Helsinki, Uusimaa, Finland	201-500	1976	19
CapMan	Helsinki, Uusimaa, Finland	51-200	1989	4
FSN Capital Partners	Oslo, Oslo, Norway	51-200	1999	0
Equinor	Stavanger, Rogaland, Norway	10001+	1972	6
Intera Partners	Helsinki, Uusimaa, Finland	11-50	2007	2
Bravida	Stockholm, Stockholm, Sweden	10001+	2000	0
ASSA ABLOY Group	Stockholm, Stockholm, Sweden	10001+	1994	21

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