The bridges and tunnels construction industry in the Nordics focuses on creating essential infrastructure to connect communities and facilitate transport. Companies in this sector vary from consulting firms to construction giants, offering services that include engineering, project management, and sustainable solutions. As populations grow and climate concerns increase, this industry is shifting towards innovative practices and technology to enhance efficiency and minimize environmental impact. Notably, the development of smart infrastructure and increased public funding trends also point towards a thriving market, where firms are poised to play crucial roles in shaping transportation networks across Nordic countries.


This list highlights a range of 13 investors shaping the bridges and tunnels construction scene in the Nordics. These investors come from various sectors, including corporate giants like Afry and private equity firms like CapMan. Their headquarter locations range from Stockholm to Helsinki and Oslo, illustrating a strong Nordic presence. Most listed investors were founded between 1866 and 2017 and generally have employee numbers exceeding 500. In 2024, these investors collectively engaged in multiple deals, showing vigorous activity in a booming market that is driving infrastructure development post-pandemic.


Top 13 Bridges and Tunnels Construction Investors in the Nordics


1. 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 is a consulting and engineering firm based in Stockholm, Sweden, founded in 1895. The company provides a wide range of services, including sustainability consulting, digital solutions, and project management across various industries. Their recent acquisitions, such as INSUCO, which enhances their railway design offerings, and Vahanen, which may expand their engineering capabilities, indicate a strategic focus on improving their service offerings. Although these transactions primarily enhance their capabilities in digital solutions and analytics, the firm's broad expertise in engineering and project management positions them as a potential player in the bridges and tunnels construction sector, even if they are not exclusively focused on it.


2. Nordisk Bergteknik AB (publ)


Nordisk Bergteknik AB (publ) is a corporate investor based in Gothenburg, Sweden, specializing in construction services related to rock management and foundation work. Founded in 2016, the company has rapidly expanded its operations in the infrastructure sector, focusing on sustainable practices and modern techniques. In recent years, Nordisk Bergteknik has made several strategic acquisitions to enhance its capabilities and market presence. Notable transactions include the acquisition of Power Mining, a Finnish company specializing in rock construction, which strengthens their geographical footprint and service offerings. Additionally, the acquisition of Snemyr Betongsprøyting and BGS Svensson further bolsters their foundation services, which are crucial for bridges and tunnels. These acquisitions reflect Nordisk Bergteknik's commitment to supporting infrastructure development in the Nordic region, making them a relevant player in the bridges and tunnels construction industry.


3. 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 private equity, real estate, infrastructure, and natural capital investments, catering to institutional investors seeking sustainable returns. CapMan has a strong presence in the Nordic markets and leverages its expertise to manage funds effectively. Notably, CapMan acquired NYAB in December 2022 for over $52 million, a company involved in construction and engineering, which aligns with infrastructure development. Additionally, CapMan's acquisition of Marinetek Group, a company focused on marina solutions, further demonstrates its commitment to infrastructure-related investments. While CapMan has also engaged in various undefined funding rounds, its strategic acquisitions suggest a focus on sectors that could include bridges and tunnels construction.


4. 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. With a commitment to circular economy principles, Bellman Group operates across Sweden, leveraging a network of subsidiaries to enhance their service offerings. Notably, they have made several strategic acquisitions to strengthen their position in the construction sector, including the acquisition of Losshållningsbolaget, which operates in the quarrying and civil engineering sector, and Bröderna Öhman, which further expands their capabilities in construction. These transactions highlight their active role in the infrastructure domain, including potential involvement in bridges and tunnels construction.


5. Nordea

  • Website: nordea.com
  • Type: Corporate
  • Headquarters: Helsinki, Uusimaa, Finland
  • Founded year: 1820
  • Headcount: 10001+
  • Number of deals in 2024: 6
  • LinkedIn: nordea

Nordea Bank Abp is a prominent financial services company based in Helsinki, Finland, providing a comprehensive range of banking and investment management services to individual and corporate clients. Founded in 1820, Nordea has established a strong presence in the Nordic region, offering personal banking, business banking, and asset management solutions. In recent years, Nordea has been involved in significant transactions within the construction sector, including providing post-IPO debt financing to major construction firms such as Veidekke, which raised approximately $88.8 million, Peab, which raised around $697.8 million, and NCC, which secured about $428 million. These transactions highlight Nordea's active role in supporting companies that are engaged in infrastructure projects, including bridges and tunnels, thereby reinforcing its relevance as an investor in this industry.


6. Rejlers

  • Website: rejlers.com
  • Type: Corporate
  • Headquarters: Stockholm, Stockholm, Sweden
  • Founded year: 1942
  • Headcount: 1001-5000
  • Number of deals in 2024: 1
  • LinkedIn: rejlers

Rejlers is a corporate investor based in Stockholm, Sweden, founded in 1942. As an engineering consultancy, Rejlers offers a diverse range of services, including project management, digital solutions, and sustainable energy consulting. They cater to both businesses and public authorities, particularly in the energy and infrastructure sectors. In 2023, Rejlers acquired Karl Knudsen AS, a Norwegian consulting firm specializing in building and civil engineering, which enhances their service offerings in the infrastructure domain, particularly relevant to bridges and tunnels construction. This acquisition is part of their growth strategy to strengthen their position in the Trondheim region. Additionally, Rejlers has made other strategic acquisitions, such as HydroTerra Ingenjorer and Solvina, which further bolster their expertise in engineering and consultancy services. With operations across the Nordic region and the UAE, Rejlers is well-positioned to deliver innovative solutions in infrastructure projects.


7. Multiconsult

  • Website: multiconsult.no
  • Type: Corporate
  • Headquarters: Oslo, Oslo, Norway
  • Founded year: 1908
  • Headcount: 1001-5000
  • Number of deals in 2024: 1
  • LinkedIn: multiconsult

Multiconsult ASA, founded in 1908 and based in Oslo, Norway, is a prominent consulting and engineering firm specializing in a wide range of services, including construction, renewable energy, and environmental management. The firm serves a diverse clientele, including government agencies and private developers, by offering expertise in project planning, engineering solutions, and compliance with environmental regulations. In recent years, Multiconsult has expanded its capabilities through strategic acquisitions, such as Petter J. Rasmussen in May 2024, T-2 Prosjekt Vest AS in November 2023, and Roar Jørgensen AS in November 2022. These acquisitions may enhance their capacity to engage in various construction projects, including those related to bridges and tunnels, thereby positioning them as a relevant player in this sector.


8. Juuri Partners

  • Website: juuripartners.com
  • Type: Corporate
  • Headquarters: Helsinki, Uusimaa, Finland
  • Founded year: 2015
  • Headcount: 11-50
  • Number of deals in 2024: 1
  • LinkedIn:

Juuri Partners is a private equity firm based in Helsinki, Uusimaa, Finland, founded in 2015. The firm specializes in managing investments in growth-oriented Finnish companies, providing financial support and strategic guidance to help these businesses expand and succeed in their respective markets. Juuri Partners focuses on fostering sustainable growth through partnerships and investment management. Among their notable transactions, they acquired a minority stake in Taratest, a family-owned business that specializes in geotechnical services and environmental surveys for the construction sector, which is directly relevant to bridges and tunnels construction. Other investments include companies like Kas-Telineet, Kamrock, Destaclean, and Co-Engineering, although the specific relevance of these companies to the bridges and tunnels sector is less clear. Overall, Juuri Partners demonstrates an interest in the construction industry through their investment in Taratest, but their broader investment strategy encompasses various sectors.


9. Reiten & Co

  • Website: reitenco.com
  • Type: Private Equity
  • Headquarters: Oslo, Oslo, Norway
  • Founded year: 1992
  • Headcount: 11-50
  • LinkedIn: reiten-&-co

Reiten & Co is a private equity investment firm based in Oslo, Norway, founded in 1992. The firm specializes in private equity and investment management, focusing on developing Nordic companies by providing capital and strategic support to enhance their growth potential. Their investment portfolio includes a diverse range of sectors, with notable transactions such as the acquisition of Moss Maritime in 2000, which specializes in maritime engineering, and Saferoad in 2005, a company involved in road safety and infrastructure. Additionally, they acquired Con-Form in 2012, which may also relate to construction and infrastructure. While their primary clientele includes businesses in environmental services and healthcare, their involvement in infrastructure-related companies suggests a broader investment strategy that could encompass bridges and tunnels construction.


10. Sdiptech

  • Website: sdiptech.se
  • Type: Corporate
  • Headquarters: Stockholm, Stockholm, Sweden
  • Headcount: 1001-5000

Sdiptech AB is an infrastructure technology group based in Stockholm, Sweden, that specializes in providing technology, solutions, and services aimed at enhancing the efficiency and sustainability of infrastructure projects. Founded with a vision to address critical renovation and expansion needs in aging systems, Sdiptech focuses on acquiring and developing technology companies that contribute to societal growth. Notable transactions include the acquisition of AVA Monitoring, which offers automated cloud-based measurement systems for monitoring vibration and noise in infrastructure projects, and Auger Site Investigations Limited, a company specializing in claims management for underground infrastructure. These acquisitions highlight Sdiptech's commitment to supporting infrastructure development, including bridges and tunnels, through innovative technology and services. Other acquisitions, such as HeatWork Norway AS and Mecno Service Srl, further demonstrate their strategic approach to enhancing infrastructure capabilities across various sectors.


11. Ratos

  • Website: ratos.se
  • Type: Private Equity
  • Headquarters: Stockholm, Stockholm, Sweden
  • Founded year: 1866
  • Headcount: 11-50
  • LinkedIn: ratos

Ratos is a private equity investment company based in Stockholm, Sweden, founded in 1866. The firm operates across various sectors, including construction, manufacturing, and consumer goods, with a strong emphasis on sustainability and efficiency. Ratos aims to create value for its shareholders while addressing the diverse needs of its customer base. Notably, Ratos has made significant investments in the construction industry, including the acquisition of Vestia Construction Group, which has shown remarkable growth and is expected to generate substantial revenue. This acquisition complements Ratos's existing construction company, HENT, indicating a strategic focus on enhancing their construction portfolio. Additionally, Ratos has engaged in other transactions, such as acquiring Aibel, which specializes in energy services, and Semcon, which may also contribute to their capabilities in infrastructure solutions.


12. Normet Group


Normet Group, founded in 1962 and based in Espoo, Uusimaa, Finland, is a corporate investor specializing in innovative technology solutions for the mining and tunneling industries. The company provides a range of products and services, including equipment for explosives charging, sprayed concrete processes, and underground logistics. Normet serves businesses in the mining sector, enhancing safety, productivity, and sustainability in their operations. Recently, Normet has made strategic acquisitions to bolster its position in the construction sector, including the acquisition of Garock Pty Ltd, a manufacturer of ground support systems for the mining and civil industries, which aligns with their focus on tunneling. Additionally, they have agreed to acquire Rambooms Oy, which specializes in boom systems and hydraulic attachments for construction, further emphasizing their commitment to the construction industry. Normet's investments also include funding for startups like Lekatech and Motics, indicating their interest in innovative solutions that could benefit the construction sector.


13. Peab

  • Website: peab.com
  • Type: Corporate
  • Headquarters: Sweden
  • Founded year: 1959
  • Headcount: 10001+
  • Number of deals in 2024: 1
  • LinkedIn: peab

Peab is a prominent construction and civil engineering company founded in 1959, headquartered in Sweden. With over 10,000 employees, Peab specializes in building community infrastructure across the Nordic region, offering a wide range of construction services that include residential, educational, and public facilities. Their clientele consists of municipalities and private developers, reflecting their commitment to enhancing community living through quality construction. Recently, Peab has made strategic acquisitions to bolster their civil engineering operations, such as acquiring a majority stake in Arne Olav Lund AS, a Norwegian construction contractor, which is expected to enhance their civil engineering capabilities in eastern Norway. Additionally, their acquisition of Asfaltti-System Oy, a company specializing in asphalt and concrete components, further strengthens their maintenance and service operations, which are crucial for infrastructure projects, including bridges and tunnels.



Bridges and Tunnels Construction Insights: Key Investors in the Nordics


InvestorHeadquarterSizeFoundedDeals 2024
AfryStockholm, Stockholm, Sweden10001+18951
Nordisk Bergteknik AB (publ)Gothenburg, Västra Götaland, Sweden501-100020160
CapManHelsinki, Uusimaa, Finland51-20019894
Bellman GroupSolna, Stockholm, Sweden501-100020172
NordeaHelsinki, Uusimaa, Finland10001+18206
RejlersStockholm, Stockholm, Sweden1001-500019421
MulticonsultOslo, Oslo, Norway1001-500019081
Juuri PartnersHelsinki, Uusimaa, Finland11-5020151
Reiten & CoOslo, Oslo, Norway11-5019920
SdiptechStockholm, Stockholm, Sweden1001-50000
RatosStockholm, Stockholm, Sweden11-5018660
Normet GroupEspoo, Uusimaa, Finland1001-500019620
PeabSweden10001+19591


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