The industrial machinery maintenance industry in the Nordics is vital to operational success across multiple sectors. It encompasses companies that ensure the longevity and performance of various machinery through maintenance and modernization services. Players in this space include manufacturers, service providers, and technology firms focusing on industrial equipment and automation solutions. As industries embrace digital transformation, the demand for advanced maintenance strategies, such as predictive analytics and IoT integration, is on the rise. The industry's evolution reflects a growing emphasis on sustainability and efficiency, addressing the increasing need for reliable machinery in a competitive market.


This article showcases the top 18 investors involved in the industrial machinery maintenance sector across the Nordics. Located mainly in Stockholm and Helsinki, these investors range from corporate giants like Indutrade AB to private equity firms like EQT Group. With company sizes varying significantly, from small firms to industry behemoths with over 10,000 employees, these investors collectively made an impressive count of deals in 2024. Their strategic focus on acquisitions illustrates the robust growth and modernization opportunities present in the sector.


Top 18 Industrial Machinery Maintenance 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 focused on developing and acquiring companies with high technical expertise across various technology and industrial sectors. Indutrade emphasizes long-term relationships with its customers and maintains a decentralized structure that allows its subsidiaries to operate independently while benefiting from the group's resources. Notable transactions include the acquisition of MWS Ventilservice AB, which specializes in valve service and maintenance, and Kontram, a leader in industrial automation that also includes a service company, Maansähkö Oy. These acquisitions reflect Indutrade's commitment to enhancing its capabilities in industrial machinery maintenance and related services.


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 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 specializes in manufacturing machinery, which aligns with the industrial machinery maintenance sector. Additionally, they acquired Rolls-Royce Power Systems in 2006, further emphasizing their involvement in the industrial machinery domain. These transactions highlight EQT's strategic interest in companies that play a significant role in industrial machinery maintenance and operations.


3. Addtech AB

  • Website: addtech.se
  • Type: Corporate
  • Headquarters: Stockholm, Stockholm, Sweden
  • Founded year: 1906
  • Headcount: 1001-5000
  • Number of deals in 2024: 9
  • LinkedIn: addtech-ab

Addtech AB is a corporate investor based in Stockholm, Sweden, founded in 1906. The company specializes in high-tech products and services across various sectors, including automation, electrification, energy, industrial solutions, and process technology. Addtech serves OEM manufacturers and end-users, helping them enhance operational efficiency and sustainability through innovative solutions. In recent years, Addtech has made several strategic acquisitions that align with industrial machinery maintenance. For instance, the acquisition of Omniray AG in 2019 aimed to strengthen their position in the European automation market, which is closely linked to machinery maintenance. Additionally, the acquisition of Gotapack International AB in 2022, a company specializing in equipment and services for the pharmaceutical industry, further demonstrates Addtech's commitment to enhancing operational efficiency in sectors that may require maintenance services. Other acquisitions, such as Sammet Dampers and Sensor Control Nordic, also contribute to their portfolio in industrial solutions, reinforcing their relevance in the industrial machinery maintenance context.


4. 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 plumbing, electrical, ventilation, and industrial services, catering to businesses in the construction and industrial sectors. 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 strengthen its industrial service capabilities. For instance, the acquisition of Sähkö-Äijät Teollisuus Oy in November 2023, which specializes in industrial electrical and automation services, aims to enhance Instalco's industrial offerings in Finland. Other relevant acquisitions include Henningsons Elektriska AB and Sydsvenska Elanläggningar SSE AB, both of which focus on electrical installations, further solidifying Instalco's presence in the industrial maintenance landscape.


5. 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 prominent 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 a strong focus on innovation and a diverse product portfolio. In 2024, ASSA ABLOY has made significant strides in the industrial machinery maintenance sector with several key acquisitions. They acquired a U.S. manufacturer of loading dock equipment, which enhances their capabilities in the industrial machinery domain. Additionally, their acquisition of Jotec Service & Vertriebsges, a leading industrial door distributor and service company in Germany, further solidifies their commitment to expanding their entrance automation offerings. These strategic moves reflect ASSA ABLOY's intent to integrate industrial machinery maintenance into their broader business strategy, making them a relevant player in this sector.


6. 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 technology and industrial group based in Stockholm, Sweden, founded in 1978. The company develops and acquires businesses characterized by high technical expertise, operating through over 200 subsidiaries. Indutrade provides a wide range of industrial and technological products across various sectors, including infrastructure, medical technology, and energy. Notably, Indutrade has made several acquisitions that align with industrial machinery maintenance, such as Finkova Oy, which specializes in heavy industry valves, and Alflow Scandinavia A/S, known for flow components in industrial markets. These acquisitions reflect Indutrade's commitment to enhancing its presence in the flow technology segment and supporting the maintenance needs of industrial machinery. The company emphasizes decentralized leadership and long-term relationships with its customers and partners, further solidifying its role in the industrial sector.


7. 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 is an industrial machinery company based in Espoo, Uusimaa, Finland, specializing in technology and services for the mining, aggregates, and oil and gas industries. Founded in 2020, Metso operates globally, providing a range of products including machinery, spare parts, and lifecycle services aimed at enhancing operational efficiency and sustainability for its business customers. Notably, Metso has made several strategic acquisitions to bolster its position in the industrial machinery maintenance sector. For instance, the acquisition of HighService Service, which focuses on maintenance services for the mining industry in Chile, Argentina, and Brazil, highlights Metso's commitment to expanding its maintenance service offerings. Additionally, the acquisition of Global Physical Asset Management enhances its digital service capabilities in field service inspections, further improving inspection efficiency and accuracy. These transactions reflect Metso's dedication to providing comprehensive maintenance solutions within the industrial machinery landscape.


8. 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 a comprehensive range of products such as elevators, escalators, and automatic doors. KONE also offers maintenance and modernization services, which are crucial for ensuring the longevity and efficiency of their products. In recent years, KONE has made several strategic acquisitions to enhance its service offerings in the industrial machinery maintenance sector. Notable transactions include the acquisition of American City Elevator Company in 2016, which strengthened their market position, and the recent acquisition of Orbitz Elevators in 2024, which expanded their service business in Australia and New Zealand. These transactions highlight KONE's commitment to maintaining and modernizing their products, making them a key player in the industrial machinery maintenance landscape.


9. Epiroc Construction Tools


Epiroc Construction Tools, founded in 2018 and based in Kalmar, Sweden, specializes in mining and construction equipment. The company offers a diverse range of products, including drill rigs and rock excavation tools, alongside essential services such as maintenance and digital solutions aimed at enhancing productivity and safety. Epiroc has been active in expanding its portfolio through strategic acquisitions, including Remote Control Technologies, which specializes in automation solutions for mining, and JTMEC, an electrical infrastructure specialist for mines. These acquisitions not only bolster Epiroc's product offerings but also enhance their maintenance capabilities, particularly in the context of modernizing mining operations and supporting battery electrification. With a focus on innovative technology and a commitment to maintenance services, Epiroc is well-positioned as a key player in the industrial machinery maintenance sector.


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 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, serving institutional investors with diverse strategies aimed at sustainable returns. CapMan has a strong presence in the Nordic markets and leverages its expertise to manage funds and drive value creation. Notably, CapMan has made significant investments in the industrial machinery sector, including the acquisition of Ljunghäll in 2003 and Moventas in 2005, both of which are key players in the manufacturing and maintenance of industrial machinery. More recently, CapMan acquired NYAB in 2022, further emphasizing its commitment to the industrial sector. These transactions highlight CapMan's active role in the industrial machinery maintenance industry, making it a relevant investor in this space.


11. Beijer Ref

  • Website: beijerref.com
  • Type: Corporate
  • Headquarters: Stockholm, Stockholm, Sweden
  • Founded year: 1866
  • Headcount: 5001-10000
  • Number of deals in 2024: 6
  • LinkedIn: beijerref

Beijer Ref AB, founded in 1866 and based in Stockholm, Sweden, is a prominent wholesaler and manufacturer specializing in refrigeration and HVAC solutions. The company provides a diverse range of products, including refrigeration systems, air conditioning solutions, and heat pumps, primarily serving installers and businesses in the food retail and commercial sectors. Beijer Ref has been actively expanding its market presence through strategic acquisitions, such as the 70% stake in Chillaire Solutions, which enhances its offerings in the refrigeration sector. Additionally, the acquisition of United Refrigeration's wholesale operations in the UK and France for approximately SEK 240 million demonstrates Beijer Ref's commitment to strengthening its position in the refrigeration market. The acquisition of HRP, a UK wholesaler with a turnover of approximately £38 million, further consolidates Beijer Ref's market presence. Their acquisition of Transport Cooling SA, a distributor of transport cooling for trucks and trailers, also highlights their focus on maintaining and enhancing industrial machinery related to cooling solutions. With a strong emphasis on environmentally friendly technologies, Beijer Ref operates through a vast network of subsidiaries and branches across multiple regions, making it a significant player in the industrial machinery maintenance landscape.


12. 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 including technical installations, project management, and smart solutions for businesses in the construction and real estate sectors. In recent years, Caverion has made several strategic acquisitions to enhance its capabilities in the industrial machinery maintenance context. Notably, they acquired DI-Teknik A/S, one of Denmark's largest industrial automation companies, which reported significant revenue from automation services. Additionally, the acquisition of CS electric A/S bolstered their industrial business segments, while Wind Controller expanded their offerings in the energy sector. These transactions reflect Caverion's focus on enhancing efficiency and sustainability in built environments, further solidifying their role in the industrial machinery maintenance industry.


13. 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 specializes in enhancing operational efficiency and sustainable growth for its partners through tailored investment strategies and digital transformation solutions. Altor has been involved in several significant transactions within the industrial machinery sector, including the acquisition of Meyn Food Processing Technology, a company that specializes in food processing machinery, and Dynapac, known for its construction equipment. These investments highlight Altor's commitment to the industrial machinery maintenance industry, alongside their broader focus on technology and consumer products.


14. Norvestor

  • Website: norvestor.com
  • Type: Private Equity
  • Headquarters: Oslo, Oslo, Norway
  • Founded year: 1989
  • Headcount: 11-50
  • Number of deals in 2024: 3
  • LinkedIn: norvestor-equity-as

Norvestor is a private equity firm based in Oslo, Norway, founded in 1989. The firm specializes in investment management and advisory services, focusing on partnering with medium-sized Nordic businesses to support their growth and development. Norvestor emphasizes sustainability and invests across various sectors, including IT services and property maintenance. Notably, they have made significant acquisitions in the industrial machinery sector, such as Sperre Compressors, which enhances their portfolio in industrial machinery maintenance. Other relevant transactions include the acquisition of Future Production AS and Johnson Metall, which further demonstrate their engagement in sectors that intersect with industrial machinery maintenance.


15. Aboa Venture III Ky


Aboa Venture III Ky is a private equity firm based in Turku, Southwest Finland, founded in 1994. The firm specializes in providing equity financing solutions to Finnish businesses with revenues between 2-20 million euros, focusing on acquisitions and growth investments. Their clientele primarily consists of small to medium-sized enterprises seeking capital for expansion and restructuring. Notable transactions include investments in KINE Robot Solutions, which operates in the robotics sector, and Mamec and Mepu Oy, which may have relevance to industrial machinery. Additionally, they have invested in Dinolift and Uudenkaupungin Rautavalimo, both of which could be linked to industrial machinery operations, further supporting their relevance in this context.


16. Lagercrantz Group AB

  • Website: lagercrantz.com
  • Type: Corporate
  • Headquarters: Stockholm, Stockholm, Sweden
  • Founded year: 2001
  • Headcount: 1001-5000
  • Number of deals in 2024: 6
  • LinkedIn: lagercrantz

Lagercrantz Group AB is a technology group based in Stockholm, Sweden, founded in 2001. The company operates approximately 80 subsidiaries that provide specialized technical solutions across various sectors, including industrial machinery. Their business model emphasizes acquisitions and organic growth, catering primarily to business customers seeking tailored technology solutions. Notable transactions include the acquisition of Nikodan Conveyor Systems A/S, which specializes in high-quality belt conveyors and product handling solutions, and Stegborgs El-evator AB, both of which are relevant to the industrial machinery maintenance sector. Additionally, their acquisition of Westmatic, a distributor of automated cleaning systems for heavy vehicles, showcases their interest in maintaining and enhancing machinery performance. These strategic acquisitions highlight Lagercrantz Group's commitment to expanding its footprint in the industrial machinery maintenance industry.


17. 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, founded in 1994 and based in Hyvinkää, Uusimaa, Finland, is a leading company specializing in the manufacture and service of cranes and lifting equipment. With a workforce of over 10,000 employees, 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 innovative solutions. In 2023, Konecranes acquired the industrial and nuclear crane and crane service operations of Whiting Corporation, which significantly bolstered its presence in the North American market and expanded its maintenance service offerings. Additionally, their recent acquisitions of Dungs Kran- und Anlagentechnik and Peinemann Port Services further demonstrate their strategic focus on enhancing their service capabilities in the industrial machinery maintenance sector. These transactions highlight Konecranes' commitment to providing comprehensive maintenance solutions alongside their manufacturing operations.


18. 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 been involved in significant transactions such as the acquisition of Tamtron, a company that provides solutions for industrial weighing and measurement, which is relevant to the industrial machinery maintenance sector. Additionally, they have invested in Högfors, further indicating their engagement in industries related to industrial machinery.



Industrial Machinery Maintenance Insights: Key Investors in the Nordics


InvestorHeadquarterSizeFoundedDeals 2024
Indutrade Life ScienceStockholm, Stockholm, Sweden1001-5000197814
EQT GroupStockholm, Stockholm, Sweden1001-5000199430
Addtech ABStockholm, Stockholm, Sweden1001-500019069
InstalcoStockholm, Stockholm, Sweden1001-500020142
ASSA ABLOY GroupStockholm, Stockholm, Sweden10001+199421
Indutrade ABStockholm, Stockholm, Sweden5001-1000019781
MetsoEspoo, Uusimaa, Finland10001+20202
KoneEspoo, Uusimaa, Finland10001+19101
Epiroc Construction ToolsKalmar, Kalmar, Sweden10001+20183
CapManHelsinki, Uusimaa, Finland51-20019894
Beijer RefStockholm, Stockholm, Sweden5001-1000018666
CaverionVantaa, Uusimaa, Finland10001+19120
Altor Equity PartnersStockholm, Stockholm, Sweden51-20020036
NorvestorOslo, Oslo, Norway11-5019893
Aboa Venture III KyTurku, Southwest Finland, Finland1-1019940
Lagercrantz Group ABStockholm, Stockholm, Sweden1001-500020016
KonecranesHyvinkää, Uusimaa, Finland10001+19944
Intera PartnersHelsinki, Uusimaa, Finland11-5020072


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