Acquisition of Recion from Caverion

Carve-out from Caverion Corporation

MIMIR INVEST AB, a global investment firm acquiring mature and growing companies, today announces the acquisition of assets forming the Project Piping business, part of Caverion Corporation’s (HEL:CAV1V) division Industrial Solutions.

Headquartered in Helsinki (Finland), the business is the leading Nordic provider of infrastructure design, engineering, manufacturing and installation of pressure piping and pressure vessels for power plants, industrial facilities and other end markets. The business offers an end to end engineering solution with delivery capability across Europe, employing 324 people while offering significant manufacturing capacity. Project Piping has EUR 45 million of sales and will be joining the Mimir group of companies that has combined sales of EUR 270 million.

”We are enthusiastic on behalf of all customers and employees of the newly formed business. As a standalone company it will be able to focus wholeheartedly on the needs of its customers and further develop its services accordingly. I am confident that Mimir is the perfect partner to help write the next chapter of a success story that has a long history. Mimir will bring experienced staff with the required industrial and operating expertise, used to carving out and establishing successful standalone enterprises” said Sakari Toikkanen, Head of Division Industrial Solutions, Caverion Corporation.

“The future is exciting, we will continue to provide excellent service to our customers while accomplishing new and great things together with the experienced operating team of Mimir”, said Pekka Alamattila, head of Project Piping and new CEO of the business. “Our employees share an unwavering commitment to providing the greatest engineering solutions. We are now focusing on enabling a stable transition and look forward to growing and evolving as a leader in our field”.

“We are looking forward working together with the experienced team led by Pekka Alamattila to strengthen the business’ service offering, and internationalise its operations. Our operations team has decades of experience from working with engineering companies in a global context and will be able to add significant value in the strategic development of the company”, says Henry Selenius, Managing Partner, Operations, Mimir.

For any inquiries about the transaction or Mimir, please contact:

Joakim Notö, Managing Partner, M&A,, +46 739 86 36 37


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