The heavy civil construction industry in the Nordics is crucial for developing large infrastructure projects such as roads, bridges, and tunnels. Companies in this sector include contractors, engineering firms, and material suppliers, each playing a vital role in transforming geographical landscapes. With sustainability gaining traction, many firms are focusing on greener practices and innovative technologies to enhance project efficiencies. Significant investments in renewable energy and infrastructure revitalization reflect the industry's direction towards building robust, modern infrastructure. This growth is also driven by increasing urbanization and government initiatives targeting transport and energy projects, making civil construction a dynamic field in the Nordics.


The list features a mix of corporate and private equity investors based primarily in Sweden, Finland, and Norway. Firms such as Instalco and EQT are noteworthy among the 19 investors, which range in size from small companies to major corporations with thousands of employees. Established between 1820 and 2018, the investors have collectively completed numerous strategic deals in 2024, showcasing their strong commitment to the heavy civil construction sector. This collective activity illustrates the region's competitive investment landscape, where innovation and infrastructure improvement are driving forces behind growth.


Top 19 Heavy Civil 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, 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. In recent years, Instalco has made several strategic acquisitions to strengthen its position in the construction industry. Notably, they acquired Highcon AB, a company specializing in scaffolding structures, which is crucial for heavy civil construction projects. Additionally, Instalco's acquisition of Enter Ställningar AB, which also focuses on scaffolding, further emphasizes their commitment to supporting heavy civil construction activities. These transactions highlight Instalco's role in enhancing operational capabilities within the construction sector, making them a relevant player in the heavy civil construction investment landscape.


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 managing diverse investment portfolios across multiple sectors and geographies. Notably, EQT has made significant investments in the construction sector, including the acquisition of Thinkproject, a leading SaaS provider for construction and engineering projects in Europe. This acquisition highlights EQT's commitment to enhancing operational efficiencies in the construction industry. Additionally, EQT's investment in Osmose Utilities Services further demonstrates their engagement in sectors that support infrastructure and utilities, which are closely related to heavy civil construction. Through these transactions, EQT showcases its strategic interest in the construction and infrastructure domains, reinforcing its position as a relevant investor in heavy civil construction.


3. 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 operates through various subsidiaries across multiple countries, emphasizing sustainability and quality in its service delivery. In recent years, Green Landscaping has made several strategic acquisitions to enhance its capabilities in the heavy civil construction sector. Notably, they acquired SOREX Entreprenad AB, a company specializing in excavation works and groundwork projects, on September 19, 2022. This acquisition aligns with their goal to expand their footprint in construction-related services. Additionally, their acquisition of Hadeland Maskindrift AS, a street and road maintenance company, on September 1, 2020, further demonstrates their commitment to engaging in heavy civil construction activities. Other acquisitions, such as Markbygg Anläggning Väst AB and Aktiv Veidrift, also contribute to their growing portfolio in this industry, showcasing their strategic focus on enhancing infrastructure development capabilities.


4. 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 aims to drive growth and transformation in its portfolio companies, catering primarily to institutional investors and pension funds seeking sustainable returns. Notably, FSN Capital has made significant acquisitions in the heavy civil construction context, including ViaCon, a company that provides infrastructure solutions, and Saferoad, which specializes in road safety and infrastructure products. These transactions highlight FSN Capital's commitment to investing in companies that play a crucial role in the heavy civil construction industry.


5. 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 heavy civil construction sector, including the acquisition of Kreate in 2014, a company known for its expertise in infrastructure construction. Additionally, they acquired Normek Group in 2008, which provides essential services in civil engineering and construction. These transactions highlight Intera Partners' commitment to investing in companies that contribute to the heavy civil construction industry, while also maintaining a diverse investment portfolio.


6. 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, 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. The firm has a strong presence in the Nordic markets and leverages its expertise to manage funds and drive value creation for its clients. Notably, CapMan acquired NYAB in December 2022 for approximately $52.7 million, marking a significant investment in the heavy civil construction sector. Additionally, their involvement with Havator, a company focused on heavy lifting and logistics, further emphasizes their commitment to the construction industry. CapMan's strategic investments aim to provide a solid financial foundation for growth in these sectors, showcasing their capability and interest in heavy civil construction.


7. 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 to construction firms and infrastructure projects. With a commitment to sustainable solutions and circular economy principles, Bellman Group operates across Sweden through a network of subsidiaries. Notable transactions include the acquisition of Losshållningsbolaget i Sverige AB, which operates in the quarrying and civil engineering sector, and the acquisition of Bröderna Öhman AB, which further strengthens their position in the construction market. Their strategic acquisitions, such as Samgräv Holding AB and VSM Entreprenad AB, aim to enhance their capabilities in the heavy civil construction industry, making them a significant player in this field.


8. Epiroc Construction Tools


Epiroc Construction Tools is a corporate investor based in Kalmar, Sweden, specializing in mining and construction equipment. Founded in 2018, Epiroc has quickly established itself as a key player in the industry, focusing on enhancing productivity and safety through innovative technology. The company offers a wide range of products, including drill rigs and rock excavation tools, along with maintenance and digital solutions. Epiroc has been actively acquiring companies to bolster its capabilities in both mining and construction sectors. Notably, the acquisition of Wain-Roy, a U.S. manufacturer of excavator attachments, signifies Epiroc's commitment to expanding its footprint in the North American construction market. Other acquisitions, such as JTMEC, an electrical infrastructure specialist, and GeoScan, a digital core imaging business, further illustrate Epiroc's strategy to enhance its service offerings in the construction and mining industries. These transactions highlight Epiroc's dual focus on mining and construction, making it a relevant investor in the heavy civil construction space.


9. Nordisk Bergteknik AB (publ)


Nordisk Bergteknik AB (publ) is a corporate investor based in Gothenburg, Västra Götaland, Sweden, specializing in construction services related to rock management and foundation work. Founded in 2016, the company has quickly established itself in the infrastructure sector, providing essential services that support the development of public and private projects. In recent years, Nordisk Bergteknik has made several strategic acquisitions to enhance its capabilities and market presence. Notable transactions include the acquisition of Torbjorn Sundh Entreprenad, which strengthens their operational capacity, and BGS Svensson, which enhances their market position in the Västra Götaland region. Additionally, the acquisition of Power Mining, a Finnish company specializing in rock construction, aligns with their geographical expansion strategy. These transactions reflect Nordisk Bergteknik's commitment to growth within the heavy civil construction industry, particularly in areas that require specialized rock and foundation services.


10. 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 operational efficiency across various sectors, including IT services and property maintenance. Notably, they have made significant investments in the heavy civil construction context, such as the acquisition of Roadworks in 2015, which is directly involved in construction activities. Additionally, their acquisition of Wexus Gruppen AS and Sortera further demonstrates their engagement in sectors that may intersect with heavy civil construction, as these companies are involved in infrastructure and environmental services. Their recent acquisition of Serwent, expected to close in Q3 2024, also indicates their ongoing commitment to investing in relevant sectors.


11. 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, Uusimaa, Finland, founded in 1820. It provides a comprehensive range of banking and investment management services to individual and corporate clients, with a strong presence in the Nordic region. Nordea offers personal banking, business banking, and asset management solutions, helping clients manage their finances and investments effectively. Notably, Nordea has been involved in significant debt transactions with major construction firms such as NCC, which raised approximately $428 million in 2012, Veidekke, which raised about $88 million in 2025, and Peab, which secured around $698 million in 2023. These transactions highlight Nordea's active role in financing key players in the heavy civil construction sector, reinforcing its position as a relevant investor in this industry.


12. Fabricom AS

  • Website: endur.no
  • Type: Corporate
  • Headquarters: Stavanger, Rogaland, Norway
  • Founded year: 1992
  • Headcount: 501-1000
  • Number of deals in 2024: 1
  • LinkedIn: fabricomas

Fabricom AS, a corporate investor based in Stavanger, Norway, is part of Endúr ASA, a company specializing in marine infrastructure and aquaculture solutions. Founded in 1992, Fabricom AS has positioned itself as a key player in constructing and maintaining marine structures. In 2023, Endúr ASA announced the acquisition of Repstad Anlegg AS for NOK 317 million, enhancing their capabilities in heavy civil construction. Additionally, in July 2024, they acquired Norsk Bergsikring AS, focusing on infrastructure rehabilitation, particularly in rockfall and landslide protection. These strategic acquisitions demonstrate Fabricom's commitment to expanding its footprint in the heavy civil construction sector, making it a relevant investor in this field.


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 providing consulting services across various sectors, including technology and consumer products, while focusing on enhancing operational efficiency and sustainable growth for its partners. Notably, Altor has made significant investments in the heavy civil construction sector, including the acquisition of Eleda Group, a company engaged in civil engineering and infrastructure projects, on May 11, 2020. Additionally, they acquired Dynapac on June 1, 2004, a manufacturer of construction equipment, further solidifying their presence in the construction industry. Altor's diverse investment portfolio also includes companies like KAEFER and OX2, showcasing their broad investment strategy while maintaining a foothold in the construction sector.


14. 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 an engineering consultancy based in Stockholm, Sweden, founded in 1942. The firm provides a wide range of services, including project management, digital solutions, and sustainable energy consulting, catering to both businesses and public authorities. With a strong presence in the Nordic region and the UAE, Rejlers is committed to addressing modern challenges and achieving sustainability goals. Recently, Rejlers has made strategic acquisitions to enhance its service offerings in the heavy civil construction sector, including the acquisition of Karl Knudsen AS, a Norwegian consulting company specializing in building and civil engineering. This acquisition is part of Rejlers' growth strategy to strengthen its position in the Trondheim region. Other notable acquisitions include HydroTerra Ingenjorer and Eurocon Consulting AB, which further diversify their expertise and capabilities in engineering and consultancy services.


15. 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. Notably, they have made investments in companies relevant to the heavy civil construction sector, such as Taratest, which specializes in geotechnical services and environmental surveys. This investment highlights their engagement in the construction industry. Additionally, they have invested in other companies like Kas-Telineet, Destaclean, Kamrock, and Hydroline, which may also have connections to construction and related services, further indicating their involvement in this sector.


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 focuses on providing strategic investment services to enhance financial performance across various sectors. Notably, Segulah has made significant acquisitions in the construction industry, including Zengun AB, a company involved in construction and civil engineering, acquired on March 2, 2016. They also acquired S:t Eriks on June 1, 2005, which specializes in construction materials and solutions. Other acquisitions, such as Beerenberg Corp. and Sandbäckens, further demonstrate Segulah's engagement in sectors related to construction and infrastructure, reinforcing their relevance in the heavy civil construction context.


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, founded in 1908 and based in Oslo, Norway, is a prominent consulting and engineering firm that provides a wide range of services across various sectors, including construction, renewable energy, and environmental management. The firm has a significant presence in the construction industry, evidenced by its recent acquisitions aimed at enhancing its project planning and engineering capabilities. Notably, Multiconsult acquired T-2 Prosjekt Vest AS in November 2023 and Roar Jørgensen AS in November 2022, both of which are likely to bolster their expertise in heavy civil construction projects. Additionally, their acquisition of Petter J. Rasmussen in May 2024 and Lifetec in April 2025 further demonstrates their strategic growth in sectors relevant to construction and engineering. Multiconsult serves a diverse clientele, including government agencies and private developers, providing them with expertise in compliance with environmental regulations and engineering solutions for complex projects.


18. 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 enhancing the efficiency and sustainability of infrastructure through technology and services. 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 specializes in automated cloud-based measurement systems for monitoring vibration and noise in infrastructure projects, and Hilltip Ab Oy, a leading manufacturer of road maintenance equipment in Europe. These acquisitions demonstrate Sdiptech's commitment to supporting the heavy civil construction sector by providing essential tools and technologies that improve infrastructure management and maintenance.


19. 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, with a workforce of over 18,000 employees operating in more than 35 countries. Founded in 1945, Ramboll provides sustainable solutions across various sectors, including energy, environment, and infrastructure. The company has made significant strides in enhancing its capabilities in the heavy civil construction sector through strategic acquisitions. Notably, the acquisition of Singapore-based Web Structures, a leading design and engineering consultancy, bolstered Ramboll's presence in Southeast Asia, adding expertise crucial for infrastructure projects. Additionally, the acquisition of Wandschneider + Gutjahr, a German waste-to-energy engineering consultancy, and K2 Management further demonstrates Ramboll's commitment to sustainable transformation and infrastructure development. These transactions highlight Ramboll's active role in the heavy civil construction industry, making it a relevant investor in this space.



Heavy Civil Construction Insights: Key Investors in the Nordics


InvestorHeadquarterSizeFoundedDeals 2024
InstalcoStockholm, Stockholm, Sweden1001-500020142
EQT GroupStockholm, Stockholm, Sweden1001-5000199430
Green LandscapingSkegrie, Skåne, Sweden201-50020090
FSN Capital PartnersOslo, Oslo, Norway51-20019990
Intera PartnersHelsinki, Uusimaa, Finland11-5020072
CapManHelsinki, Uusimaa, Finland51-20019894
Bellman GroupSolna, Stockholm, Sweden501-100020172
Epiroc Construction ToolsKalmar, Kalmar, Sweden10001+20183
Nordisk Bergteknik AB (publ)Gothenburg, Västra Götaland, Sweden501-100020160
NorvestorOslo, Oslo, Norway11-5019893
NordeaHelsinki, Uusimaa, Finland10001+18206
Fabricom ASStavanger, Rogaland, Norway501-100019921
Altor Equity PartnersStockholm, Stockholm, Sweden51-20020036
RejlersStockholm, Stockholm, Sweden1001-500019421
Juuri PartnersHelsinki, Uusimaa, Finland11-5020151
Segulah AdvisorStockholm, Stockholm, Sweden11-5019940
MulticonsultOslo, Oslo, Norway1001-500019081
SdiptechStockholm, Stockholm, Sweden1001-50000
RambollCopenhagen, Denmark10001+19453


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