Global law firm White & Case LLP has advised Altor Fund V on the acquisition of Eleda Infra Services Group, and the separate add-on acquisition of JVAB, from private shareholders.
White & Case also advised Altor Fund III and the minority shareholders on the separate divestment of ONE Nordic to Eleda.
"These transactions demonstrate that, despite the ongoing global coronavirus crisis, deals are still being signed including, in this case, large and complex multi-party and multi-target deals," said White & Case partner Johan Steen, who led the Firm's deal team.
The add-on acquisition of JVAB strengthens Eleda's geographical coverage in the Stockholm area. The acquisition of ONE Nordic broadens its capabilities in electricity transmission infrastructure services and projects focusing on electricity distribution and renewable energy (wind and hydro power). The new Eleda group would have had a combined turnover of around SEK 6 billion during 2019. The transaction is subject to customary regulatory approvals.
Eleda is a Stockholm-headquartered infrastructure services group focusing on small to medium sized civil engineering and transmission infrastructure projects and services across a wide range of sectors including water works, road works, energy works and data centres. It operates through regional companies across southern and western Sweden, including keab, Mark & Energibyggarna and Salboheds Bygg & Anläggningstjänster. Eleda has around 800 employees and achieved sales of approximately SEK 3.1 billion during 2019.
ONE Nordic is one of Sweden's leading suppliers of technical services in electricity transmission infrastructure. Headquartered in Malmö, it delivers services and solutions to energy producers, distributors and energy users, has around 1,000 employees and achieved sales of approximately SEK 2.1 billion in 2019.
JVAB focuses on civil engineering and transmission infrastructure in the Stockholm region. It has around 150 employees and achieved sales of approximately SEK 0.7 billion in 2019.
Since inception, the family of Altor funds has raised around €8.3 billion in total commitments. The funds have invested in excess of €4.2 billion in more than 60 companies.
The White & Case team which advised on the transactions was led by partner Johan Steen (Stockholm) with support from partner Magnus Wennerhorn (Stockholm), who led the financing, and associates Jonas Lagerroos, Victor Åberg, Alexandra Stolt, Pontus Mattsson, Erik Larsson, Alexander Berlin-Jarhamn, Jonas Brandt, Pontus Grönberg, Josephine Martinsson, Fredrik Johansson, Daniel Högström (all Stockholm) and Louise Lundberg (Brussels).
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