The engineering consulting industry in the Nordics focuses on delivering innovative solutions to complex engineering challenges. Companies in this sector provide a range of services, including project management, technical consulting, and specialized engineering services across various fields such as construction, energy, and environmental management. With an increasing demand for sustainable practices and digital transformation, the industry is evolving rapidly. In particular, the integration of green technologies and renewable energy projects is reshaping business strategies. As the Nordics prioritize sustainability and innovation, the engineering consulting sector stands ready to support these goals with skilled expertise and cutting-edge solutions.

This list features 18 notable investors in the Nordic engineering consulting industry, encompassing both private equity firms and corporate investors. Based predominantly in Sweden, Norway, and Finland, these firms vary in size, with many employing over 1,000 professionals. Established from 1865 to 2014, they have been actively involved in the sector, with a total of 66 investments recorded in 2024, the bulk aimed at enhancing engineering capabilities and driving sustainable growth. Their commitment highlights the potential of the engineering consulting market and underscores strategic opportunities within the industry.

Top 18 Engineering Consulting 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, based in Stockholm, Sweden, is a prominent consulting and engineering firm founded in 1895. With over 10,000 employees, Afry offers a diverse range of services, including sustainability consulting, digital solutions, and project management across various industries. The firm has made significant strides in enhancing its engineering consulting capabilities through strategic acquisitions. Notably, in March 2023, Afry acquired Blix Consultancy, a firm specializing in renewables, to strengthen its position in the offshore and onshore wind energy market. This acquisition allows Afry to cover the entire project life-cycle of wind farms, showcasing its commitment to engineering consulting in the renewable energy sector. Additionally, Afry has acquired companies like Cubiq Analytics, ProTAK, Evolve Technology Sweden, and Simosol Oy, all aimed at enhancing its digital and analytical offerings, further solidifying its role as a leader in engineering consulting.

2. 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 founded in 1994, based in Stockholm, Sweden. Specializing in private equity, infrastructure, real estate, growth equity, and venture capital, EQT serves institutional investors by providing expertise in managing diverse investment portfolios across multiple sectors and geographies. Notably, EQT has made significant acquisitions in the engineering consulting space, including Aker Solutions, a leading provider of engineering solutions for the oil and gas industry, acquired in December 2013 for approximately $663 million. Additionally, EQT acquired Spie Telba Group in February 2008, further solidifying its presence in the engineering consulting sector. These transactions highlight EQT's commitment to investing in companies that provide engineering consulting services, making them a relevant player in this industry.

3. Etteplan

• Website: etteplan.com
• Type: Corporate
• Headquarters: Espoo, Uusimaa, Finland
• Founded year: 1983
• Headcount: 1001-5000
• Number of deals in 2024: 3
• LinkedIn: etteplan-group

Etteplan is a technology service company based in Espoo, Uusimaa, Finland, founded in 1983. The company specializes in providing engineering solutions and software services to various industrial businesses, focusing on enhancing efficiency and sustainability through innovative technologies. Etteplan's clients span multiple sectors, including aerospace, automotive, and medical technology, which require advanced technical expertise and support. In recent years, Etteplan has actively expanded its engineering consulting capabilities through strategic acquisitions. Notable transactions include the acquisition of LAE Engineering GmbH, which specializes in electrical planning and industrial automation, and Syncore Technologies AB, a company focused on embedded systems. These acquisitions, along with others like LCA Consulting and Cognitas GmbH, highlight Etteplan's commitment to strengthening its position in the engineering consulting market and enhancing its service offerings across Europe.

4. Addnode Group AB

• Website: addnodegroup.com
• Type: Corporate
• Headquarters: Stockholm, Stockholm, Sweden
• Founded year: 2003
• Headcount: 1001-5000
• Number of deals in 2024: 4
• LinkedIn: addnode-group-ab

Addnode Group AB, founded in 2003 and based in Stockholm, Sweden, is a corporate investor specializing in digital solutions that enhance operational efficiency across various sectors, including construction and manufacturing. The company has a decentralized business model that supports its subsidiaries in pursuing organic growth and strategic acquisitions. Notably, Addnode Group has made several significant acquisitions in the engineering consulting space, including:1. **PRIME Aerostructures GmbH** - Acquired in July 2024, this company specializes in aerostructures, enhancing Addnode's capabilities in the aerospace engineering sector.2. **Optimec Consultants** - Acquired in February 2024, Optimec specializes in Computer-Aided Engineering technologies, further strengthening Addnode's Product Lifecycle Management Division.3. **Simuleon** - Acquired in December 2018, this acquisition focused on simulation services, aligning with Addnode's strategy to enhance its position in engineering activities.4. **Intrinsys** - Acquired in August 2017, this UK provider of PLM software and services bolstered Addnode's market reach in engineering solutions.5. **Symetri** - Acquired in April 2014, Symetri provides IT solutions specifically for design and engineering businesses, further solidifying Addnode's presence in the engineering consulting market.

5. 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, Rogaland, 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. Notably, HitecVision has made several significant acquisitions in the engineering consulting space, including Apply in 2007, Global Maritime in 2012, Aarbakke in 2006, and Ross Offshore in 2008. These companies are involved in providing engineering and consulting services, particularly in the energy sector, which underscores HitecVision's commitment to supporting engineering capabilities within the industry.

6. 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 is part of the Indutrade group, which focuses on developing and acquiring companies with high technical expertise across various technology and industrial sectors. 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. In recent years, Indutrade has made several strategic acquisitions that enhance its capabilities in engineering and consulting. For instance, the acquisition of Ingenjörsfirman Geotech Aktiebolag, a Swedish company specializing in geotechnical field equipment, integrates engineering consulting services into their portfolio. Additionally, the acquisition of Milltech Precision Engineering Ltd, which specializes in precision machining, further solidifies their presence in the engineering sector. Other notable transactions include the acquisition of UK Gas Technologies, which focuses on high purity medical and laboratory gases, and Kontram, a leader in industrial automation. These acquisitions reflect Indutrade's strategy to strengthen its position in industries that require advanced engineering solutions.

7. 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 prominent engineering consultancy based in Stockholm, Sweden, founded in 1942. The company specializes in a wide range of services, including project management, digital solutions, and sustainable energy consulting, catering to both businesses and public authorities. With operations extending across the Nordic region and the UAE, Rejlers is dedicated to addressing modern challenges and achieving sustainability goals. In recent years, Rejlers has made several strategic acquisitions to bolster its engineering consulting capabilities. Notable transactions include the acquisition of HydroTerra Ingenjorer in March 2021, which expanded their expertise in engineering services. In September 2023, they acquired Karl Knudsen AS, a Norwegian consulting firm specializing in building and civil engineering, further enhancing their service offerings in the Trondheim region. Additionally, in April 2022, Rejlers Norway acquired Omega Holtan, a technical consulting company focused on electrical engineering and automation. These acquisitions reflect Rejlers' growth strategy and commitment to strengthening its position in the engineering consulting sector, particularly in energy and infrastructure.

8. EV Private Equity

• Website: evprivateequity.no
• Type: Private Equity
• Headquarters: Stavanger, Rogaland, Norway
• Founded year: 2002
• Headcount: 11-50
• LinkedIn: evprivateequity

EV Private Equity is an investment firm based in Stavanger, Rogaland, Norway, specializing in energy technology and sustainable investments. Founded in 2002, the firm partners with management teams to enhance business strategies and drive emissions reduction in energy-intensive sectors. Their focus on responsible investment practices positions them as a leader in the transition to a sustainable energy future. Notably, EV Private Equity has been involved in several transactions relevant to the engineering consulting sector, including the acquisition of Health Safety and Engineering Consultants for approximately $4.36 million in 2012, which directly ties them to engineering consulting services. Additionally, their investment in Aquaterra Energy, which provides riser systems and offshore structures, further demonstrates their engagement with engineering-related services in the oil and gas industry. These transactions highlight their active role in sectors that intersect with engineering consulting.

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. Equinor Ventures, the venture capital arm of Equinor, has been involved in several relevant transactions that highlight their interest in engineering consulting. For instance, they participated in a $23 million Series A funding round for Infravision, which is developing field robotics systems for powerline stringing and grid monitoring, showcasing their investment in engineering solutions. Additionally, Equinor was an anchor investor in fos4X, a company focused on fiber optic sensor technology for wind energy, which also emphasizes their commitment to engineering advancements in the renewable energy sector. These transactions reflect Equinor's strategic interest in supporting innovative engineering solutions that align with their sustainability goals.

10. Caverion

• Website: caverion.com
• Type: Corporate
• Headquarters: Vantaa, Uusimaa, Finland
• Founded year: 1912
• Headcount: 10001+
• LinkedIn: caverion

Caverion is a corporate investor based in Vantaa, Uusimaa, Finland, founded in 1912. As a technical service company, Caverion specializes in building performance, maintenance, and lifecycle management, offering a range of services that include technical installations, project management, and smart solutions for businesses and organizations in the construction and real estate sectors. Their focus on enhancing efficiency and sustainability in built environments positions them as a key player in the engineering consulting industry. Caverion has been actively expanding its portfolio through strategic acquisitions, such as Wind Controller, which specializes in the wind power industry, and VVS Teknikk Møre AS, known for its expertise in ventilation, piping, and building automation. Additionally, their acquisition of TMV Service Oy, which includes substation and transmission line services, highlights their commitment to enhancing their engineering capabilities. These transactions reflect Caverion's strategy to broaden its service offerings and strengthen its position in the engineering consulting market.

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, Uusimaa, Finland, founded in 2007. The firm specializes in investment management and advisory services, focusing on growing and internationalizing Finnish and Swedish companies. They provide capital and strategic support to businesses with revenues between €10-200 million, emphasizing responsible investing and building strong partnerships with business owners. Notably, Intera Partners has made significant investments in the engineering consulting sector, acquiring Sitowise Oy, a company that provides engineering and consulting services, and Kreate, which is also involved in engineering and construction. These transactions highlight Intera Partners' commitment to the engineering consulting industry and their strategy of supporting companies within this sector.

12. 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 focuses on 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 made significant acquisitions in the engineering consulting sector, including Instalco, a company that provides engineering services, and Roplan, which specializes in engineering solutions. These transactions highlight FSN Capital's commitment to investing in firms that contribute to the engineering consulting landscape, further solidifying their relevance in this category.

13. 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 has established a strong presence in the Nordic markets, focusing on delivering sustainable returns for institutional investors. The firm has been actively involved in the engineering consulting sector, as evidenced by its recent acquisitions. In December 2022, CapMan acquired NYAB, a company that provides engineering and construction services, for approximately $52.7 million. This acquisition highlights CapMan's commitment to investing in firms that contribute to engineering solutions. Additionally, CapMan's acquisition of Aro Systems Oy, also in December 2022, further emphasizes their interest in engineering-related businesses. Furthermore, their investment in PDS Vision Group in 2020 suggests a focus on technology solutions that may intersect with engineering consulting. Overall, CapMan's diverse investment strategies and specific transactions in the engineering sector position them as a relevant investor in the engineering consulting industry.

14. Dnv

• Website: dnv.com
• Type: Corporate
• Headquarters: Oslo, Oslo, Norway
• Founded year: 1865
• Headcount: 10001+
• Number of deals in 2024: 4
• LinkedIn: dnvgl

Det Norske Veritas (DNV) is a corporate investor based in Oslo, Norway, founded in 1865. DNV is a consulting firm that offers a diverse range of services, including advisory, certification, classification, and cyber security, primarily across industries such as maritime, oil and gas, and renewable energy. In recent years, DNV has made significant strides in the engineering consulting space through various acquisitions. Notably, in 2022, DNV acquired Power System Dynamics, a firm specializing in high-voltage power systems, enhancing their service offerings in power system planning. In 2023, DNV further expanded its engineering consulting capabilities by acquiring Åkerblå, which led to full ownership of Ocean Ecology, a UK-based firm specializing in marine ecological services. These strategic acquisitions reflect DNV's commitment to strengthening its position in the engineering consulting industry, making it a relevant player in this sector.

15. Ramboll

• Website: ramboll.com
• Type: Corporate
• Headquarters: Copenhagen, Denmark
• Founded year: 1945
• Headcount: 10001+
• Number of deals in 2024: 3
• LinkedIn: ramboll

Ramboll Group A/S is a prominent global engineering, architecture, and consultancy firm based in Copenhagen, Denmark. Founded in 1945, the company has grown to employ over 18,000 professionals across more than 35 countries. Ramboll specializes in providing sustainable solutions in various sectors, including energy, environment, and infrastructure. In recent years, Ramboll has made significant strides in expanding its engineering consulting capabilities through strategic acquisitions. Notably, in 2020, they acquired Singapore-based Web Structures, enhancing their presence in Southeast Asia with a team of 120 experts. In 2024, Ramboll further strengthened its portfolio by acquiring K2 Management, a move aimed at bolstering their management consulting services. Additionally, they acquired Wandschneider + Gutjahr, a German waste-to-energy engineering consultancy, to support sustainable transformation in waste management and energy transition. Another key acquisition was acondas, a management consultancy that added 40 skilled consultants to enhance Ramboll's capabilities in corporate transformation, particularly in the energy sector. These transactions underscore Ramboll's commitment to addressing complex challenges through innovative design and expert consulting services, solidifying their position as a key player in the engineering consulting industry.

16. 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 plumbing, electrical, ventilation, and industrial sectors. Founded in 2014, the company operates through a decentralized model, allowing local entities to maintain their identity while benefiting from shared resources. In recent years, Instalco has made significant strides in the engineering consulting space through strategic acquisitions. For instance, in March 2023, Instalco acquired Processus AB, an engineering firm known for its expertise in project management and automation, which enhances Instalco's capabilities in the pharmaceutical industry. Additionally, their acquisition of Teampipe Sweden AB in April 2020, which specializes in welding and pipe installations in sensitive environments, allows Instalco to penetrate the nuclear power sector. Furthermore, the acquisition of Marine Environmental Solution AB (MESAB) in October 2020 strengthens their presence in the marine industry. These transactions highlight Instalco's commitment to expanding its engineering consulting services and diversifying its portfolio across various sectors.

17. 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 is a prominent consulting and engineering firm based in Oslo, Norway, founded in 1908. The company specializes in providing comprehensive services across various sectors, including construction, renewable energy, and environmental management. They cater to 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 made significant strides in expanding its portfolio through strategic acquisitions. Notably, in 2023, they acquired 70% of A-Lab AS for an enterprise value of NOK 145 million, enhancing their architectural and engineering capabilities. Additionally, they have completed acquisitions of companies such as Roar Jørgensen AS and T-2 Prosjekt Vest AS, further solidifying their position in the engineering consulting market. Their ongoing growth and focus on engineering services make them a key player in the industry.

18. 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 focus on sustainability and efficiency. Ratos aims to create value for its shareholders while addressing the diverse needs of its customer base. Notable transactions include the acquisition of Semcon, valued at SEK 2,769 million, which enhances its financial strength in the engineering consulting sector. Additionally, Ratos acquired Knightec, a technology and digitalization consultant, for SEK 1,625 million, further solidifying its presence in the engineering consulting industry. These strategic investments highlight Ratos's active role in the engineering consulting market.

Engineering Consulting Insights: Key Investors in the Nordics

Investor	Headquarter	Size	Founded	Deals 2024
Afry	Stockholm, Stockholm, Sweden	10001+	1895	1
EQT Group	Stockholm, Stockholm, Sweden	1001-5000	1994	30
Etteplan	Espoo, Uusimaa, Finland	1001-5000	1983	3
Addnode Group AB	Stockholm, Stockholm, Sweden	1001-5000	2003	4
HitecVision	Stavanger, Rogaland, Norway	51-200	1985	0
Indutrade Life Science	Stockholm, Stockholm, Sweden	1001-5000	1978	14
Rejlers	Stockholm, Stockholm, Sweden	1001-5000	1942	1
EV Private Equity	Stavanger, Rogaland, Norway	11-50	2002	0
Equinor	Stavanger, Rogaland, Norway	10001+	1972	6
Caverion	Vantaa, Uusimaa, Finland	10001+	1912	0
Intera Partners	Helsinki, Uusimaa, Finland	11-50	2007	2
FSN Capital Partners	Oslo, Oslo, Norway	51-200	1999	0
CapMan	Helsinki, Uusimaa, Finland	51-200	1989	4
Dnv	Oslo, Oslo, Norway	10001+	1865	4
Ramboll	Copenhagen, Denmark	10001+	1945	3
Instalco	Stockholm, Stockholm, Sweden	1001-5000	2014	2
Multiconsult	Oslo, Oslo, Norway	1001-5000	1908	1
Ratos	Stockholm, Stockholm, Sweden	11-50	1866	0

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