Jernbro Signs Acquisition of Veltec to Drive New Industrial Services Growth Across Scandinavia 

• Jernbro, a leading provider of industrial maintenance and projects in Sweden, extends its capabilities across Scandinavia with the acquisition of Veltec. 

• Veltec’s expertise in Norway and Denmark complements Jernbro’s extensive service portfolio, enhancing customer offerings. 

• “This big player tie-up strengthens capability for customers and makes us one of the leading industrial service providers in Scandinavia,” said Daniel Backman, CEO of Jernbro. 

29 July 2024: Today, Jernbro, one of Sweden’s leading providers of industrial maintenance and projects, announced it 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.  

The acquisition signifies a strategic step forward for both Jernbro and Veltec, ensuring that their customers will benefit from a broader range of services, increased reliability, and innovative solutions that meet the demands of modern industrial operations. 

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.” 

Veltec, a significant player in the region with over 300 skilled staff and more than 50 years of experience across various industrial sectors, brings a wealth of knowledge and specialist capabilities to Jernbro. As a service leader in Scandinavia, Veltec’s established presence and proven track record in Norway and Denmark will complement and strengthen Jernbro’s service delivery and customer offering.  

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.” 

Upon completion of the acquisition, the combined team will operate from over 35 locations throughout Sweden, Norway and Denmark, delivering end-to-end industrial services, support decarbonisation projects and improve operational performance. The integration of both teams, consisting of approximately 1,300 employees, will contribute to expertise knowledge in industrial maintenance and projects from various industries and enable seamless service delivery across the region.  

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. 

Jernbro is backed by Bluewater, a specialist international private equity firm focused on the energy sector. 

Deal completion is expected in September subject to customary closing conditions.