Client
Granlund
Industry
Engineering
Service
Corporate Finance
Client territory
Finland
Chapter 1 Setting the scene
PwC Finland's Corporate Finance team is pleased to announce the successful completion of a significant minority sale in Granlund, Finland's leading mechanical, electrical, and plumbing (MEP) engineering company, to global alternative asset manager Intermediate Capital Group (ICG). Granlund has set a clear strategic target to strengthen its international presence in Scandinavia and Europe. Granlund's owners decided to strengthen the company's ownership and partnered with ICG, who is joining Granlund as a minority shareholder to support the company on its international expansion.
Having grown continuously for the past 20+ years with industry leading profitability, the company reported net sales and EBITDA of EUR 139m and EUR 18.1m, respectively for 2023.
With a rich history spanning over 60 years, Granlund has cemented its position as the undisputed leader in MEP engineering in Finland. The company's remarkable success can be attributed to its niche segment expertise, unwavering customer relationships, exceptional company culture, and a team of outstanding professionals.
Chapter 2 PwC's approach
The PwC Corporate Finance team acted as the exclusive financial advisor for Granlund, leveraging on our existing relationship and previous successful cooperation leading up to the transaction. The transaction process itself focused on identifying international investors with minority strategies and robust resources to fuel Granlund's ambitious international expansion plans.
Following a competitive process, ICG emerged as the frontrunner and was selected as the preferred partner for Granlund. Moreover, PwC Strategy& played a pivotal role in supporting Granlund to crystallize its internationalization plan, while PwC Transaction Services and Tax experts provided comprehensive vendor due diligence services.
"It was a privilege to work with Pekka Metsi and Jack Westrén-Doll and the whole Granlund team on the minority sale to ICG. The transaction was a great outcome for Granlund and they found a strong partner to support the company on its international growth agenda.”
Chapter 3 Making a difference
The minority investment marks the beginning of an exciting new chapter for Granlund. With the backing of ICG's extensive expertise and global network, Granlund is poised to accelerate its international expansion, aspiring to become Europe's leading MEP champion. This partnership will unlock countless opportunities for Granlund, empowering them to access new markets, resources, and strategic alliances that will expedite their growth journey and solidify their position as an industry leader.
"It has been a pleasure collaborating with PwC on this project. Finding a minority investor for Granlund has been a significant milestone in our company's history, and PwC's extensive experience has been invaluable to us throughout this journey.”
People behind the success story
Corporate Finance team:
Other services provided:
Ilkka Simula
Markku Hakkarainen
