Triton completes acquisition of Caverion

Helsinki (Finland), 6 November 2023  -  Funds advised by Triton (“Triton”)have completed the public tender offer for Caverion Corporation (“Caverion”). Triton announced, through Crayfish Bidco Oy, a voluntary public cash tender offer for Caverion on January 10th 2023 with a subsequent acceptance period for shareholders to tender shares until November 1^st 2023. Following the expiration of this acceptance period and the completion of the tender offer, Triton now owns 94,39 % of the shares of Caverion.

Caverion is a Finland-headquartered provider of sustainable multi-technical installation and service solutions for the built environment. The company has a highly diversified revenue mix with more than two-thirds of revenue coming from service contracts and one-third coming from building technology installation projects. Its services span the entire lifecycle of the built environment, with expertise across a range of capabilities including base and smart disciplines, managed services and advisory, engineering and digital solutions. Caverion employs approximately 15,000 people primarily across the Nordics and the DACH regions, serving its customers across 10 countries through over 200 different locations.

Triton has a long and successful track record of investing in technical installation and services companies and sees Caverion as a platform that is well placed to capitalise on the key megatrends in the sector such as energy transition, smart buildings, urbanisation, and an ageing building stock driving increase in renovation.

Jacob Götzsche, Chief Executive Officer of Caverion says: “In Triton, we have found an excellent partner to support Caverion on the next stage of our journey – to accelerate the transformation strategy we have already embarked on. It is clear to me that Triton has an established track record within multi-technical installation services in delivering transformational growth, which will be of great benefit to Caverion and our customers. Triton shares the same values that drive us at Caverion: together we deliver on our promises, exploring and learning on every opportunity for the benefit of our customers, employees, and stakeholders. We look forward to working together to realise the full potential of Caverion together with Triton” 

Mikael Aro, Operating Partner at Triton says: “We are very happy to be the majority owners of Caverion, which is a great company. We are also excited about it as an excellent investment, supported by our longstanding expertise in this sector and Tritons ability to drive repeatable value creation. We look forward to helping Caverion reach its full potential with a greater emphasis on operational excellence in its core business, developing and continuing its digital and energy management leadership allowing Caverion and to accelerate growth through select acquisitions.”