The commercial construction industry in the Nordics plays a vital role in shaping urban environments and driving economic growth. It includes a variety of companies, such as contractors, specialized service providers, and technology firms, all focusing on building and infrastructure projects. With a shift towards sustainability, firms are increasingly adopting eco-friendly practices and materials. The market is projected to grow due to rising urbanization, innovative construction methods, and heightened demand for commercial properties. Trends like smart buildings and energy efficiency are set to redefine the landscape, creating opportunities for both traditional and technology-driven firms.


The investor landscape in the Nordics showcases a mix of corporate and private equity firms, with a notable concentration in Stockholm and Helsinki. Spanning a size range from small boutique firms to large corporate entities, these investors were founded between 1820 and 2016. In the past year, they executed a range of deals, including two by Instalco and multiple investments by the EQT Group. This reflects a dynamic market where strategic growth and acquisitions are primed to enhance the commercial construction sector.


Top 17 Commercial Construction Investors in the Nordics


1. 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, founded in 2014. The company specializes in installation and consulting services across various sectors, including plumbing, electrical, ventilation, and industrial services. With a workforce of 1001-5000 employees, Instalco operates through a decentralized model, allowing local companies to maintain their identity while benefiting from shared resources and best practices. Notably, Instalco has made several strategic acquisitions to enhance its capabilities in the commercial construction sector. For instance, in 2023, Instalco, through its subsidiary Moi Rør, acquired Halvard Thorsen AS, a company focused on heating, plumbing, and ventilation, which is crucial for commercial construction projects. Other acquisitions, such as VVS-Metoder, Rorgruppen, and Klimatror, further demonstrate Instalco's commitment to expanding its service offerings within the construction industry.


2. 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, founded in 1994 and headquartered in Stockholm, Sweden, is a leading provider of security solutions specializing in locks, doors, gates, and entrance automation. With a workforce of over 10,000 employees, the company has established a strong market presence through innovation and strategic acquisitions. Notably, ASSA ABLOY has made several key acquisitions relevant to the commercial construction industry, including Stiles Custom Metal, a supplier of steel doors and frames for commercial applications, and Premier Steel Doors and Frames, which supports growth initiatives in the U.S. market. These acquisitions reflect ASSA ABLOY's commitment to expanding its product offerings and strengthening its position in the commercial construction sector, particularly in North America. Additionally, the acquisition of Leone Fence and Portafeu, which specializes in customized fire doors, further illustrates the company's strategy to enhance its portfolio with complementary products that cater to the needs of commercial construction projects.


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 private equity investment firm based in Stockholm, Sweden, founded in 1994. The firm specializes in a diverse range of investment strategies, including private equity, infrastructure, real estate, growth equity, and venture capital. EQT serves institutional investors by providing expertise in managing varied investment portfolios across multiple sectors and geographies. Among their notable transactions, EQT acquired HusCompagniet, a company involved in residential construction, and Apleona, which provides facility management services, indicating their interest in the construction and real estate sectors. Furthermore, their acquisition of Thinkproject, a leading SaaS provider for construction and engineering projects in Europe, highlights their commitment to investing in technology that supports the construction industry. These transactions reflect EQT's strategic focus on enhancing their portfolio with companies that have significant ties to commercial construction.


4. Bravida

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

Bravida is a leading technical service provider based in Stockholm, Sweden, specializing in the installation and maintenance of electrical, heating, sanitation, ventilation, and security systems. Founded in 2000, the company has grown to employ over 10,000 people across the Nordic region. Bravida serves property owners and facility managers, ensuring that essential 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, enhancing their capabilities in electrical services and building automation in Denmark. These acquisitions reflect Bravida's commitment to expanding its service offerings in the commercial construction sector, making it a key player in the industry.


5. 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, with a strong emphasis on driving growth and transformation in its portfolio companies. FSN Capital has made notable investments in the construction-related sector, such as the acquisition of HusCompagniet, a prominent player in the construction industry, and the acquisition of ViaCon, which operates in the infrastructure sector. Additionally, their investment in Håndverksgruppen, which encompasses a network of companies in the surface treatment industry, further highlights their engagement in areas that support commercial construction activities. FSN Capital primarily partners with institutional investors and pension funds, aiming to deliver sustainable returns through strategic investments.


6. 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, Uusimaa, 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 made significant investments in the commercial construction sector, acquiring companies such as Consti Yhtiöt and Kreate, which are involved in construction services. Additionally, they acquired Normek Group, further solidifying their presence in the construction industry. These transactions highlight their strategic focus on enhancing the capabilities and market reach of construction-related businesses.


7. Kone

  • Website: kone.com
  • Type: Corporate
  • Headquarters: Espoo, Uusimaa, Finland
  • Founded year: 1910
  • Headcount: 10001+
  • Number of deals in 2024: 1
  • LinkedIn: kone

KONE Corporation, founded in 1910 and based in Espoo, Uusimaa, Finland, is a leading manufacturer in the elevator and escalator industry. The company specializes in providing innovative solutions for vertical transportation, including elevators, escalators, and automatic doors, along with maintenance and modernization services. KONE serves businesses and organizations in the construction and real estate sectors, helping them manage people flow in urban environments. Notably, KONE has made several strategic acquisitions to strengthen its position in the market, including the acquisition of Express Elevators Ltd. in the UK in 2015, Isralift Industries in 2013, and a majority stake in Citylift SA in Spain in 2016. These transactions highlight KONE's commitment to expanding its footprint in the commercial construction industry, making it a relevant investor in this sector.


8. 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 landscaping and outdoor environment services. The company operates through various subsidiaries across multiple countries, focusing on sustainability and quality in service delivery. In recent years, Green Landscaping has expanded its portfolio through strategic acquisitions, including Markbygg Anläggning Väst AB, Aktiv Veidrift, H&K Sandnes AS, and Braathen Landskapsentreprenør AS, enhancing its presence in the landscaping market. Notably, their acquisition of SOREX Entreprenad AB, a company specializing in excavation works and groundwork projects, highlights their active role in the commercial construction sector, as it directly relates to construction activities. This diversification into construction-related services positions Green Landscaping as a significant player in the commercial construction industry.


9. 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 variety of loan products, including corporate, sovereign, and sustainability-linked loans, aimed at both private and public sector customers. The bank focuses on enhancing productivity and environmental benefits through its financing. Notably, NIB has been involved in significant transactions relevant to the commercial construction sector, such as providing debt financing to Atrium Ljungberg, which raised approximately $88.6 million, and Bonnier Fastigheter, which secured around $19.4 million in 2024. These transactions highlight NIB's role in supporting companies that are active in real estate and commercial property development, aligning with its mission to promote sustainable projects.


10. 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 prominent investment management firm based in Helsinki, Finland, specializing in private equity, real estate, infrastructure, and natural capital investments. Founded in 1989, CapMan serves institutional investors by providing access to diverse investment strategies aimed at achieving sustainable returns. In recent years, CapMan has made significant strides in the commercial construction sector, highlighted by their acquisition of NYAB in December 2022 for over $52 million, which positions them within the construction industry. Additionally, their acquisition of Aro Systems Oy and a majority stake in Marinetek Group further demonstrates their commitment to investing in companies that contribute to infrastructure and construction-related activities. With a strong presence in the Nordic markets, CapMan leverages its expertise to manage funds and drive value creation for its clients, making it a key player in the commercial construction landscape.


11. 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. With over 10,000 employees, AFRY provides a diverse range of services, including sustainability consulting, digital solutions, and project management across various industries. Their clients include businesses and organizations looking to improve efficiency and sustainability in their operations. Notably, AFRY has made several strategic acquisitions to bolster its capabilities in relevant sectors. For instance, the acquisition of Advansia in 2012 aimed to enhance their engineering services, while the acquisition of Vahanen in 2021 was approved by competition authorities, indicating a focus on expanding their engineering and design services. These transactions highlight AFRY's commitment to strengthening its position in the market, which includes potential involvement in commercial construction projects.


12. Lindab Group

  • Website: lindab.com
  • Type: Corporate
  • Headquarters: Grevie, Skåne, Sweden
  • Founded year: 1959
  • Headcount: 1001-5000
  • Number of deals in 2024: 6
  • LinkedIn: lindab

Lindab Group is a corporate investor based in Grevie, Skåne, Sweden, specializing in ventilation systems and building products. Founded in 1959, Lindab has established itself as a key player in providing solutions that promote energy efficiency and healthy indoor climates for both residential and commercial properties. Their customer base includes construction companies and contractors who rely on their innovative products for various building projects. In recent years, Lindab has made several strategic acquisitions to strengthen its position in the commercial construction market. Notable transactions include the acquisition of Centrum Klima, a leading Polish HVAC systems manufacturer, which enhances their capabilities in providing HVAC solutions. Additionally, their acquisition of R-Vent, a top manufacturer and distributor of ventilation products in the Netherlands, further expands their operational footprint in the commercial sector. The acquisition of Muncholm A/S, a wholesaler for tinsmiths in Denmark, also complements their existing product range and provides direct access to key stakeholders in the construction industry. These transactions reflect Lindab's commitment to enhancing its offerings and presence in the commercial construction market.


13. Accent Equity


Accent Equity is a private equity firm based in Stockholm, Sweden, founded in 1994. The firm specializes in investments in private Nordic companies, focusing on enhancing the value of its portfolio through strategic management and investment to create sustainable growth and superior returns. Accent Equity's clientele spans various sectors, benefiting from their expertise in investment management. Notably, they have made significant acquisitions in the commercial construction context, including Linotol, which specializes in industrial flooring solutions, and S:t Eriks, a company involved in construction materials. Other relevant acquisitions include Nordic Shelter Solutions and STÅL & HYR, further showcasing their commitment to investing in companies that support the construction industry.


14. Nordisk Bergteknik AB (publ)


Nordisk Bergteknik AB (publ) is a corporate investor based in Gothenburg, Västra Götaland, Sweden, specializing in construction services with a focus on rock management and foundation services. Founded in 2016, the company has established itself in the infrastructure sector, serving private companies involved in public projects. Nordisk Bergteknik emphasizes sustainable practices and modern techniques in its operations. The company has made several strategic acquisitions to enhance its market position and service offerings, including the acquisition of BGS Svensson for SEK 88.2 million, which aims to strengthen their presence in the Västra Götaland region. Other notable acquisitions include Berg & Betongförstärkning, Torbjorn Sundh Entreprenad, Snemyr Betongsprøyting, and Power Mining, the latter being a Finnish company that specializes in rock construction. These transactions reflect Nordisk Bergteknik's commitment to expanding its capabilities and geographical reach within the commercial construction industry.


15. 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 both 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 the context of commercial construction, Nordea has been involved in several significant debt transactions with key players in the industry, including NCC, which raised approximately $428 million in 2012, Peab, which secured around $698 million in 2023, and Veidekke, which raised about $88 million in 2025. Additionally, Nordea supported Swedish Logistic Property with a debt raise of approximately $276 million in 2024. These transactions demonstrate Nordea's active role in financing the commercial construction sector, making it a relevant investor in this field.


16. Segulah Advisor

  • Website: segulah.se
  • Type: Private Equity
  • Headquarters: Stockholm, Stockholm, Sweden
  • Founded year: 1994
  • Headcount: 11-50
  • LinkedIn:

Segulah Advisor is a private equity investment management company based in Stockholm, Sweden, founded in 1994. The firm specializes in providing strategic investment services aimed at enhancing financial performance across various sectors. Notably, Segulah has made significant acquisitions in the commercial construction industry, including Zengun AB, a company involved in construction services, Sandbäckens, which operates in the construction and installation sector, and S:t Eriks, a manufacturer of concrete products for construction. These transactions highlight Segulah's commitment to investing in the construction sector, alongside their broader investment strategy.


17. 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, founded in 2017 and based in Solna, Stockholm, Sweden, is a corporate investor specializing in construction and logistics. The company focuses on excavation, transport, and material handling services, catering primarily to construction firms and infrastructure projects. With a commitment to circular economy principles, Bellman Group operates across Sweden through a network of subsidiaries, enhancing their service offerings. Notable transactions include the acquisition of Samgräv Holding AB in 2018 for SEK 144 million, aimed at strengthening their position in the construction machinery market, and the acquisition of VSM Entreprenad AB in 2018 for SEK 388 million, which expanded their operations into Norway. These strategic acquisitions highlight Bellman Group's active role in the commercial construction sector, making them a significant player in the industry.



Commercial Construction Insights: Key Investors in the Nordics


InvestorHeadquarterSizeFoundedDeals 2024
InstalcoStockholm, Stockholm, Sweden1001-500020142
ASSA ABLOY GroupStockholm, Stockholm, Sweden10001+199421
EQT GroupStockholm, Stockholm, Sweden1001-5000199430
BravidaStockholm, Stockholm, Sweden10001+20000
FSN Capital PartnersOslo, Oslo, Norway51-20019990
Intera PartnersHelsinki, Uusimaa, Finland11-5020072
KoneEspoo, Uusimaa, Finland10001+19101
Green LandscapingSkegrie, Skåne, Sweden201-50020090
Nordic Investment BankHelsinki, Uusimaa, Finland201-500197619
CapManHelsinki, Uusimaa, Finland51-20019894
AfryStockholm, Stockholm, Sweden10001+18951
Lindab GroupGrevie, Skåne, Sweden1001-500019596
Accent EquityStockholm, Stockholm, Sweden11-5019944
Nordisk Bergteknik AB (publ)Gothenburg, Västra Götaland, Sweden501-100020160
NordeaHelsinki, Uusimaa, Finland10001+18206
Segulah AdvisorStockholm, Stockholm, Sweden11-5019940
Bellman GroupSolna, Stockholm, Sweden501-100020172


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