Eleda Gets New Ownership: Altor Sells Controlling Stake to Bain Capital, Companies Form Partnerships for Future Expansion


Dec 13 2023

STOCKHOLM AND LONDON – December 13, 2023 – Bain Capital Private Equity (‘Bain Capital’), a leading global private investment firm, today announced it has agreed to acquire a controlling stake in Eleda, the Swedish infrastructure projects and services firm, from Altor who will retain a minority stake. Eleda’s founders, Johan Halvardsson and Peter Condrup, and management team will substantially reinvest in the company.

Headquartered in Stockholm, Eleda is a leading Nordic infrastructure development and services provider. The company is the market leader within several segments, many addressing the need of the green transition, including water and sewerage, power distribution, district heating, roads, data centres, railways, and electric vehicle charging stations. The firm’s decentralized operating model allows its companies to deliver the highest quality to their customers with the optimal mix of local presence and the resources of a larger organization.

“We are excited to welcome Bain Capital to the team as we seek to capture significant market opportunities,” said Johan Halvardsson, CEO and co-founder of Eleda. “We have had a fantastic journey with Altor since 2020, are immensely proud of how successfully Eleda has developed, and now stand ready to take our business to new and exciting heights.”

Altor created Eleda in April 2020 through the merger of 3 well positioned infrastructure services platforms. At the time of the merger the company had a turnover of approximately SEK 6 billion. Today, Eleda has over SEK 15 billion of revenues, driven by strong organic growth of more than 10 percent per annum, and 19 acquisitions.

“There is great competence in Eleda, and the market for its services is growing strongly throughout Europe,” said Bengt Maunsbach, a Partner at Altor and responsible for the Industrial sector. “It is natural that Altor is now making a partial sale, as the value of Eleda today is almost as large as the entire Altor fund. We are very happy to reinvest a significant amount and are convinced that Bain Capital is uniquely positioned to help in Eleda’s next growth phase.”

“Eleda is on the right side of history with a business driven by sustainability trends like electrification, renewable energy, water preservation, and more” said Ivano Sessa, a Partner and Head of Industrials at Bain Capital. “We have been impressed by Eleda’s entrepreneurial spirit and decentralized business model, which has enabled it to attract the best performing employees in the sector and rapidly expand services that benefit customers,” added Halvor Horten, a Partner and Head of Nordic region at Bain Capital. “We are excited to work with management and the wider team at Eleda and Altor and look forward to supporting Eleda going forward.”

Altor Director and Co-Lead Swedish Business Services Sector, Karl Svenningsson, added, “The incredible entrepreneurship and strong professionalism of Eleda’s team has enabled the company to grow organically and with satisfied customers whilst maintaining a high acquisition pace with significant synergy realizations. We are delighted to continue our partnership going forward.”

The transaction is subject to approval by the regulatory authorities. Citigroup Global Markets acted as financial advisor to Altor and the founders. Rothschild & Co was the financial advisor to Bain Capital.

About Altor

Since inception, the family of Altor funds has raised more than EUR 10 billion in total commitments. The funds have invested in just south of 100 companies. The investments have been made in medium-sized predominantly Nordic and DACH companies with the aim to create value through growth initiatives and operational improvements. Among current and past investments are Trioworld, OX2, FLSmidth, H2 Green Steel and Piab. For more information visit www.altor.com

About Eleda

Founded in 2020 and headquartered in Stockholm, Eleda is the leading infrastructure development and services provider in Sweden and with strong positions in Norway and Denmark. The company is the market leader within several segments – many addressing the need of a green transition, including water and sewerage, power distribution, district heating, roads, data centres, railways and electric car chargers. Its range of services is both broad and specialized and ranges from projects to entire contracts. Eleda and its group companies work for sustainable business environment by being a strong player in the market with sound finances and by creating solid long-term relationships with satisfied customers.

About Bain Capital Private Equity

Bain Capital Private Equity has partnered closely with management teams to provide the strategic resources that build great companies and help them thrive since its founding in 1984. Bain Capital’s global team of more than 280 investment professionals creates value for its portfolio companies through its global platform and depth of expertise in key vertical industries including healthcare, consumer/retail, financial and business services, industrials, and technology, media and telecommunications. Bain Capital has 23 offices on four continents. Since its inception, the firm has made primary or add-on investments in more than 1,150 companies. In addition to private equity, Bain Capital invests across multiple asset classes, including credit, public equity, venture capital and real estate, managing approximately $180 billion in total assets and leveraging the firm’s shared platform to capture opportunities in strategic areas of focus. For more information, please visit: www.baincapitalprivateequity.com

Press contact

Karin Åström

Head of Communications


+46 707 64 86 59


Altor Team


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