Caverion acquires Esco Norway, a company offering energy services

Caverion acquires Esco Norway, a company offering energy services

Caverion Corporation has on February 26, 2015 signed an agreement with Eneas Holding AS on the purchase of the Norwegian company Esco Norway AS. Esco Norway is an energy services provider with expertise in EPC contracts (Energy Performance Contracting), BMS (Building Management System), EMS (Energy Management Systems), energy advisory services, and engineering.

In 2014, the company’s revenue was EUR 4.8 million. The company employs 17 people. Esco Norway AS was established at the end of 2014 through a carve-out of the Norwegian energy savings business of Eneas Holding AS.

The purchase price is not disclosed.

“Our vision is to be a leading European provider of advanced and sustainable life cycle solutions for buildings and industries. The acquisition of Esco Norway is part of Caverion's strategy to pursue growth through balancing the business mix by increasing the share of service and maintenance and moving towards more comprehensive life cycle services. The acquisition strengthens Caverion’s offering in energy efficiency services and lifecycle solutions,” says Knut Gaaserud, Executive Vice President & CEO, Division Norway. Caverion is currently the largest player in the building solutions market in Norway and its revenue in Norway amounted to EUR 458.3 million in 2014.

“We really look forward to becoming a part of a large building and industrial solutions company and complement its offering with our areas of expertise. Design and engineering of cost and energy efficient solutions and operating major EPC contracts in a professional manner require comprehensive competence and control of all technical disciplines. As a part of Caverion we get the opportunity to deliver complete solutions to a market that increasingly focuses on energy efficiency,” says CEO of Esco Norway, Peter Kildal.

The acquisition will not change the outlook for Caverion Group’s current operations in 2015. 

For more information, please contact:  

Caverion Norway: Knut Gaaserud, Executive Vice President & CEO, Division Norway, + 47 918 15 318, knut.gaaserud@caverion.no

Esco Norway: Peter Kildal, Managing Director, +47 90 85 07 82, peter.kildal@eneas.no

Milena Hæggström, Head of Investor Relations, +358 40 5581 328, milena.haeggstrom@caverion.fi

CAVERION CORPORATION

Distribution: NASDAQ OMX, principal media, www.caverion.com

About Caverion

Caverion designs, builds, operates and maintains user-friendly and energy-efficient technical solutions for buildings and industries. Our services are used in offices, retail properties, housing, public premises, industrial plants and infrastructure, among other places. We aim to be a leading European provider of advanced and sustainable life cycle solutions. Our strengths include technological competence and comprehensive services, covering all technical disciplines throughout the life cycle of the property and industrial plant. Our revenue for 2014 amounted to approximately EUR 2.4 billion. Caverion has about 17,000 employees in 12 countries in Northern, Central and Eastern Europe. Caverion’s shares are listed on Nasdaq Helsinki. www.caverion.com

About Esco Norway AS

Esco Norway AS is a Norwegian energy services company. The company has nationwide operations in Norway with its headquarters in the city of Drammen. Esco Norway has expertise in EPC contracts (Energy Performance Contracting), BMS (Building Management System), EMS (Energy Management Systems), energy advisory services, as well as engineering. Esco Norway AS revenue was EUR 4.8 million in 2014. The company employs 17 people.