Bain Capital takes majority stake in Eleda Group

Bain Capital agreed on 11 December 2023 to acquire a controlling interest in Eleda from Altor, which retained a minority position, at an enterprise value reported at €1–10bn, an EV/EBITDA multiple of 15x–25x on expected 2023 figures. Founders Johan Halvardsson and Peter Condrup reinvested substantially alongside the management team, and completion remained subject to regulatory approval. Headquartered in Stockholm, Eleda builds and maintains infrastructure across Sweden, Norway and Denmark: electricity distribution networks, district heating pipes, water and sewerage systems, roads, railways, and the groundwork and electrical installations data centres require. Revenue amounted to €1–10bn with an EBITDA of €100–200M. The group operates through local companies that keep their own management, customer relationships and profit responsibility, while drawing on the centre for governance, financial control, acquisitions and succession planning. That structure is what allows the pace of acquisition: a regional contractor joining the group continues to trade under its own leadership rather than being absorbed, which makes selling to Eleda acceptable to owners who would refuse an integration. Altor had created the company in April 2020 by merging three infrastructure services platforms with combined revenue of around 6 billion kronor, and had taken it past 15 billion through organic growth above 10% a year and nineteen acquisitions. Demand across these markets follows obligations that do not move with the economic cycle: electricity grids requiring reinforcement for electrified transport and industry, water networks carrying decades of deferred maintenance, and railway infrastructure in the same condition. Data centre construction in the Nordics, drawn by low-carbon power and a cool climate, has added to it.

The acquisition of Eleda Group is part of the growth strategy of Bain Capital, which already has several external growth operations under its belt, notably Estia Health in 2023.