This acquisition will strengthen Caverion’s expertise in the cooling area, particularly within CO2-based refrigeration.
The deal between Caverion and Huurre was announced October 29.
Finnish building and industrial services company Caverion has signed an agreement to buy Huurre Group Oy’s Refrigeration Solutions business, which specializes in energy-efficient CO2 systems and digital automation solutions. Huure's automation services allow for remote controlling and predictive maintenance of refrigeration systems.
The acquisition was announced by Caverion on October 29 and is subject to approval by the Swedish Competition Authority. The value of the deal has not been disclosed.
“The acquisition supports our growth in services and strengthens our offering in the Cooling business,” said Thomas Hietto, Deputy CEO and Head of Business Unit Services at Caverion, in a statement. “Refrigeration is an area within cooling that requires special expertise and is impacted by factors such as environmental legislation and energy efficiency requirements.”
“We value the know-how of the personnel of Huurre Refrigeration Solutions, bringing us new opportunities in the design and build of energy-efficient and environmentally friendly solutions for built environments,” Hietto added.
Huurre Refrigeration Solutions operates in Finland and Sweden. It has approximately 270 employees, and a revenue of 48 million Euros (US$ 53.5 million) in 2018. The division has three main business units: services, refrigeration projects and related automation. Product development and production are located in Finland.
“The transaction represents a positive step in the planned divestment of the operating divisions of Huurre Group,” said Jóhann Reyndal, Board Director of Huurre Group Oy. “We believe Caverion will make an excellent partner to support Huurre’s customers and employees going forward.”
Caverion designs, builds, operates and maintains intelligent and energy-efficient solutions for buildings, industries and infrastructures. The company operates in north, east and central Europe. It has around 15,000 employees in 10 countries, with its headquarters located in Vantaa, Finland. Caverion is listed on the Finnish stock exchange.
Caverion also acquired Jetitek, another Finnish CO2 specialist, in November 2018.