Elcoline: From Varkaus to a renewing force in industrial services

Elcoline has grown from the idea of young founders in Varkaus into a leading Nordic provider of technical industrial services. The company delivers demanding installation projects and maintenance services for major industrial clients such as Saab, SSAB, and Stora Enso. With the support of private equity investors, Elcoline is pursuing market leadership. The next clear milestone in its acquisition-driven strategy is €250 million in revenue, with a long-term ambition of reaching the billion-euro scale.

Elcoline was founded in 2002 in Varkaus, when 19-year-old electrician Jere Räisänen and his friend Jouko Juvonen set out to modernize a conservative industry and build a workplace where people would genuinely enjoy working. The first decade was a search for direction: the company employed around 20 people and operated across Finland and to some extent in Sweden, but lacked a structured approach.

In 2013, Elcoline faced a decisive turning point. Its largest customer, representing more than 60% of revenue, left, and several key employees departed at the same time. The situation forced the company to reinvent itself: clear goals had to be set, the service portfolio expanded, and staff engagement strengthened in new ways. Thanks to these measures, Elcoline quickly grew from a couple of million euros in revenue to more than €20 million and found a new direction.

Elcoline’s services cover maintenance outsourcing, service contracts, and installation work – from mechanical and electrical automation solutions to piping, welding, and condition monitoring. In the energy production sector, the offering also includes heat exchanger, turbine, and generator maintenance. Proximity to customers has always been central to Elcoline’s operations. Particularly in sectors critical to society, such as defense, close collaboration is essential. Long-term partnerships and outsourcing models have become a source of competitive advantage.

“Elcoline is not just a supplier but a development partner that safeguards the existence and security of supply of Nordic industry,” summarizes Räisänen, Elcoline’s founder and interim CEO.

Private equity driving Elcoline’s next growth leap

In summer 2023, Evli Private Capital partnered with Elo, Tesi, and Arvo to accelerate Elcoline’s growth. The investors saw an attractive proposition: Elcoline was able to provide large industrial customers with broader and higher-quality solutions that supported their transition toward more sustainable production, while also enabling them to centralize service procurement to improve efficiency, quality, and supply chain security. As customer demands intensified, Elcoline stood out as the largest entrepreneur-led operator in the Nordics, with a clear direction and bold growth ambitions.

“We invested in Elcoline because the company is determined to renew the industry and has an ambitious, acquisition-driven growth strategy. Investments fueled by the green transition and industrial digitalization are driving demand for reliable maintenance specialists. Internationalization and industry consolidation create strong growth opportunities for Elcoline – and we want to actively support the company on this journey,” says Kia Aejmelaeus, Partner at Evli Private Capital.

When Evli and its partners came on board, Elcoline’s revenue was around €50 million. In just a couple of years, supported by two significant acquisitions, revenue will rise to about €150 million this year, and the workforce will grow to nearly one thousand. The acquisitions brought synergies, further expanded the service portfolio, and strengthened Elcoline’s market position.

“Private equity investors have brought us valuable networks, credibility, new expertise, and additional resources that have enabled our growth to reach a whole new level. Together, we are building Elcoline into the Nordic leader in industrial services,” says Räisänen.

The involvement of private equity has meant much more than financing. Since the investment, the company has developed a new strategy, strengthened its board, launched leadership development initiatives, and invested in brand building. Operations are being modernized with the introduction of a new ERP system. In addition, an ownership-based incentive program rolled out for all employees reinforces the entrepreneurial culture and makes Elcoline an even more attractive employer.

“Our shared goal is to raise the bar in everything we do – from strategy to board work and leadership development. Elcoline is an excellent example of how private equity can accelerate an already strong growth story and create lasting value,” says Aejmelaeus.

Sustainability and technology at the core of Elcoline’s future

Elcoline’s commitment to responsibility is most evident in occupational safety, which always comes first. By optimizing production, the company helps extend the life cycle of plants and equipment while reducing material and energy waste as well as emissions. Elcoline is also preparing for upcoming sustainability reporting requirements.

In the next phase of growth, digitalization and artificial intelligence will take center stage. Elcoline’s Systems unit enables predictive maintenance and deeper use of data, allowing deviations in the condition of power plant equipment, for example, to be detected before they lead to costly production interruptions.

The company’s ambition is to become a key player in the Nordic region and, in the long term, grow to nearly the billion-euro scale. Elcoline has traveled a long way from the small industrial town of Varkaus to an aspiring Nordic market leader. Its story demonstrates how crises can turn into catalysts for growth, how partnerships build trust, and how private equity support can lift a company to a completely new level.

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This article is part of the Finnish Venture Capital Association’s and PwC’s Building Growth Competition 2025 blog series, where we present the stories of the competition finalists. You can find more information about the competition on our website. The final will be held at FVCA’s main event of the year, the Finnish PE-VC Summit, on October 9, 2025.