Altor enters partnership with the entrepreneurs of Eleda


May 11 2020

Altor Fund V (“Altor”) has signed definitive agreements to invest in a majority stake in Eleda Infra Services Group (“Eleda”) to support the entrepreneurs and management on the continued growth journey to create a leading infrastructure services group. As part of the transaction, Eleda acquires and partners with the entrepreneurs of Järfälla VA- & Byggentreprenad AB (“JVAB”). In addition, Eleda acquires ONE Nordic (“ONE”) from Altor Fund III. Management of the respective companies will remain as significant shareholders of the combined group and continue in their respective operational management roles.

The new, larger, Eleda will be an expansive infrastructure services group focusing on small to medium sized civil engineering and transmission infrastructure projects and services across a wide range of sectors including water works, road works, energy works and data centers. JVAB strengthens Eleda’s geographical coverage in the Stockholm area and has strong expertise in water works. One Nordic broadens Eleda’s capabilities into electricity transmission infrastructure services and projects focusing on electricity distribution and renewable energy (wind and hydro power). The companies have an impressive history of strong growth and a proven ability to gain additional market shares in fast-growing areas of the market. The new Eleda group had a combined turnover of ca SEK 6 billion in 2019.

“We are enthusiastic and confident that Altor’s experience of building great companies will contribute to our continued strong growth and further support our ambition to always be the partner of choice for both public and private customers within infrastructure services. The timing of this transaction in the current market turmoil is a testament to our attractive and resilient business model, and we are proud to remain as significant shareholders in the combined group”, say Johan Halvardsson and Peter Condrup, representing the management consortium in Eleda.

“ONE Nordic is stronger than ever today”, says Jonas Arvidsson, CEO of ONE Nordic. “During Altor’s ownership period, ONE Nordic has had the opportunity to expand from electricity distribution into services and projects in renewable energy, and we now look forward to a continued growth journey as part of the larger Eleda group, with whom we already have several overlapping clients and hope to expand that further”.

“We are impressed with the businesses that the entrepreneurs have built and are truly excited to partner with them for the next phase of development. It is particularly exciting to be able to contribute ONE into the combination, adding new capabilities that will result in commercial benefits for both companies. We are highly committed to extend the strong track record of the companies to date and continue to build a leading infrastructure services company in the Nordics” says Bengt Maunsbach, Partner at Altor.

“In Eleda, I see a successful entrepreneurial, decentralized organization with local decision-making and responsibility, but with the resources and methods of a large corporation”, says Torbjörn Torell, current Chairman of ONE Nordic and incoming Chairman of Eleda. “I am glad for the opportunity to continue to work alongside Altor and look forward to working with the exceptional entrepreneurs of Eleda.”

The transaction is subject to customary regulatory approvals.

For more information, please contact:
Johan Halvardsson, Eleda Group CEO, +46 70 545 95 01
Emilie Condrup Maisor, Head of Communications and ESG, Eleda, +46 70 828 04 66
Jonas Arvidsson, CEO of ONE Nordic, +46 70 304 09 70
Bengt Maunsbach, Partner at Altor, +46 867 89 115
Tor Krusell, Head of Communications at Altor, +46 705 43 87 47

About Eleda Infra Services Group
Eleda Infra Services Group is an expansive group focusing small to medium sized civil engineering and transmission infrastructure projects and services across a wide range of sectors including water works, road works, energy works and data centers. The Group operates through regional companies across southern and western Sweden. The group currently includes Akeab, KEWAB, Mark & Energibyggarna and Salboheds Bygg & Anläggningstjänster. Eleda Group’s corporate culture is marked by a strong entrepreneurial spirit, and the companies work independently in complementary geographical areas with the goal of being a leading player in their respective regional markets. Eleda Group, which has its headquarters in Stockholm, has around 800 employees and sales of approximately SEK 3.1 billion in 2019. Eleda Group is currently owned by management and a broad group of key individuals in the group. For further information please visit

About ONE Nordic
ONE Nordic is one of Sweden’s leading suppliers of technical services in electricity transmission infrastructure and renewable energy production. With a nationwide organization and local knowledge, ONE Nordic delivers high quality services and solutions to energy producers, distributors and energy users. ONE Nordic is headquartered in Malmö and has around 1,000 employees and sales of approximately SEK 2.1 billion in 2019. ONE Nordic has been owned by Altor Fund III since 2011. For further information please visit

About JVAB
Järfälla VA- & Byggentreprenad AB is focusing on civil engineering and transmission infrastructure in the Stockholm region. JVAB has around 150 employees and sales of approximately SEK 0.7 billion in 2019. The majority of JVAB is owned by the founding family, who will reinvest a significant portion in the combined Group. For further information please visit

About Altor
Since inception, the family of Altor funds has raised some EUR 8.3 billion in total commitments. The funds have invested in excess of EUR 4.2 billion in more than 60 companies. The investments have been made in medium sized predominantly Nordic companies with the aim to create value through growth initiatives and operational improvements. Among current and past investments are Dustin, Byggmax, Piab, Aalborg Industries, Trioplast, SATS and RevolutionRace. For further information please visit


Press contact

Karin Åström

Head of Communications

+46 707 64 86 59


Altor Team


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