VINCI Energies acquires EITECH, one of the Swedish leading specialists in electrical works and engineering
EITECH generates revenue of €200 million and employs 1,200 people in Sweden. After Infratek, this acquisition will boost VINCI Energies’ position in Scandinavia.
VINCI Energies has reached an agreement with EITECH shareholders to acquire this company, covering acquisition of all the shares.
Founded in 1994 by Rolf Tannergård, EITECH is today one of the leading specialists in electrical works and engineering for industry, infrastructures and buildings in Sweden. The company delivers complete projects and solutions to ongoing maintenance services within electrical installations and engineering. Employing 1,200 people, it generated revenue of €200 million in 2016. EITECH benefits from a strong local presence with 26 locations, from Malmö in the south to Kiruna in the north.
After the acquisition of Infratek, announced last week, this operation will boost the position of VINCI Energies in Scandinavia: with more than 3,500 employees and a turnover above €650 million, VINCI Energies becomes a major player in this dynamic area. This acquisition is subject to the approval of the Swedish competition authority.
VINCI Energies Chairman and Chief Executive Officer Yves Meignié said "With this new acquisition, following Infratek and Horlemann announced last week, VINCI Energies is continuing to extend, consolidating its operations in Northern Europe, particularly in Sweden. In this country, we believe EITECH will bring us an ideal extension of our footprint, especially in buildings, industry and infrastructure activities".
Since the beginning of 2017, VINCI Energies has acquired 24 companies, representing around €1,1 billion of full year revenue.