Jernbro Signs Acquisition of Veltec to Drive New Industrial Services Growth Across Scandinavia
Jernbro has agreed to sign a deal to acquire Veltec, a renowned industrial services leader with significant operations in Norway and Denmark. This strategic move marks a significant milestone in Jernbro’s mission to enhance its capabilities and expand its reach across Scandinavia.
Daniel Backman, CEO of Jernbro, said “This acquisition represents a significant step in our growth strategy. By joining forces with Veltec, we are better equipped to meet the evolving needs of our customers across Scandinavia. We are committed to bringing the combined expertise of both companies to offer unparalleled service quality and operational efficiency.”
Gert Nielsen, CEO of Veltec, said, “Joining forces with Jernbro presents a unique opportunity to strengthen our services and expand our market reach. Together, we are well-positioned to provide our customers throughout the region with superior industrial services that drive efficiency, safety, and sustainability.”
This acquisition further cements Jernbro’s position as a leading industrial service provider in the sector. By integrating Veltec’s expertise and established presence, Jernbro will enhance its capabilities and market reach. The acquisition will bring several key benefits, including an enhanced geographical presence and local support across Sweden, Norway, and Denmark, which allows for greater service reach to customers.
It also strengthens capabilities across diverse industries such as petrochemical, steel, mining, food & beverage, pulp & paper, automotive, metals manufacturing, pharmaceutical, energy, water & sewage, maritime infrastructure, and chemical sectors. Furthermore, Jernbro is committed to ongoing growth, alongside a continued focus on training and development through its established Maintenance School training academy.
Deal completion is expected in September subject to customary closing conditions.
Jernbro is backed by Bluewater, a specialist international private equity firm focused on the energy sector. Their experienced investment and operating professionals drive value creation as they manage $2.5billion of investment across a portfolio of 19 companies. Today, Bluewater has a prime focus on projects or technologies that contribute to the energy transition agenda and works to a diversified investment strategy based on the principles of sustainability and close working partnerships with best-in-class management teams. Bluewater has a strong focus on ESG and is a signatory to the UN Principles for Responsible Investment.
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