Kjell Martin Grimeland appointed CEO of Eneas Group

Founder and CEO of Eneas Group, Mr. Thomas Hakavik, has for some time contemplated reducing his workload. Having headed a period of strong growth and profitability improvement in Eneas he has asked the Board’s permission to resign as CEO and assume the position of Chief Commercial Officer. Mr. Hakavik will work 60 percent going forward, and focus on strategic development of the Group. He will remain member of the Board.

Mr. Kjell Martin Grimeland has been appointed CEO. Mr. Grimeland has served as Chief Operating Officer of Eneas Group since 2015. He has a long history with Eneas, having served as Chairman in the period 2008-2010.

Says Thomas Hakavik: “Having worked with Kjell Martin in various capacities for a long time, I am confident that Eneas will continue to prosper under his leadership. With the group now having strong management and good organizations in all 3 countries – Norway, Sweden and Finland – and a set strategic development path, this is a good time for me to step down as CEO. I look forward to concentrating my efforts on development projects and sales coaching, which l have always thought of as more fun!”

Says Kjell Martin Grimeland: “Thomas and I have always worked well together, and the change of positions will not alter the strategic or operational focus of Eneas. We will, together with management and employees in Eneas, continue to serve our customers well and develop the company in an effective manner.”

Both Mr. Grimeland and Mr. Hakavik have assumed their new roles.

Eneas completes add-on acquisitions

Eneas Group Holding AS (“Eneas”), majority owned by Norvestor VII, L.P., has acquired Enegia Market Services OY and Enegia Sweden AB (collectively “Enegia Market Services”) and Yrittäjäin Sähkönhankinta Oy (“Sähkönhankinta”) in Finland. With these two acquisitions, Eneas significantly strengthens its position as the leading Nordic energy intermediary for SMEs.


Rejlers acquires Eneas’ Swedish operations Energy Business Sweden

Rejlers acquires 100 per cent of the shares in Energy Business Sweden AB, the Swedish operations of Eneas Energy AB. Energy Business Sweden offers energy-efficient services that ensure lower energy consumption for properties and municipalities. This acquisition will be enhanced our expertise within the areas of energy and the environment.

“Through this acquisition we can offer more energy-efficient solutions and handle bigger and far more far-reaching assignments, completely in line with Rejlers’ strategy. We can take on more responsibility throughout the entire chain of energy services, from strategic issues to collecting meter readings and analysis”, says Jan Svensson, Managing Director of Rejlers Energitjänster and head of marketing for Rejlers Sweden.

Read the full press release here (PDF)

Caverion buy Esco Norway, subsidiary of Eneas

On Thursday 26. February, Caverion bought the company Esco Norway, the energy efficiency part of Eneas Holding AS. Caverion is Norway’s largest technical contractor.

– 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.

Read the full press release here (PDF)

Skien – Energy Performance Contracting

Eneas Energy har reached an agreement with Skien municipality to work together in an Energy Performance Contracting project (EPC).

The project wich is divided in three stages, started in February 2013 and final stage is expected to be completed in 10 years.

Eneas together with Skien municipality har estimated that the turnover of this project will be in the area og 40 MNOK.

Palamon Capital Partners acquires Eneas Energy AS for NOK 375 million

Palamon Capital Partners (“Palamon”), one of Europe’s leading mid-market private equity firms, has acquired a majority stake in Eneas Energy AS (“Eneas” or “the Company”) in a transaction valued at NOK 375 million.

Eneas is the leading supplier of corporate energy services in the Nordic region, generating revenue approaching NOK 700 million during 2010.  It provides a range of services aimed at reducing energy costs for the SME sector as well as large corporate and public authorities.  The Company employs 350 staff in its operations based in Norway, Sweden and Germany and serves approximately 10,000 customers.  Eneas has achieved a 60% compound annual growth rate since 2000.  The Company is now targeting further growth by broadening its reach both through developing a wider product range and expanding geographically, which will be facilitated through the strategic support of Palamon.

The business was co-founded in 1995 by CEO, Thomas Hakavik, and sold to Statoil in 2001.  In 2005, Mr Hakavik led a group of private investors to buy the company back from Statoil.  In the current transaction, Palamon will replace the private investors and the Company’s existing debt facilities will be rolled over.  Mr Hakavik and his team will continue to lead the Company through its next phase of growth and remain significant shareholders.

Commenting on the transaction, Erik Ferm, Partner at Palamon Capital Partners, said: “Eneas has shown phenomenal growth over the last ten years and is now established as a leading player in Scandinavia.  We have considerable experience in helping companies to grow internationally and in Eneas we see a company with the right credentials to achieve this.”

Dan Mytnik, Principal at Palamon Capital Partners, commented: “We are delighted to be partnering a company with such a strong management team and a business with clear potential for growth.  We look forward to working with Thomas and his team to take the business to the next level.“

Thomas Hakavik, CEO and founder of Eneas said: “We continue to see exciting opportunities and therefore it was important to us to partner with a firm that could share our vision of expansion and has the capital to back further expansion.  We look forward to our partnership with Palamon, which is an experienced pan-European player, and we are confident that it is the perfect partner for this next stage in our development.”

This transaction marks the fourteenth investment of the Firm’s second fund, Palamon European Equity, II, which now has over 65% of its €670 million invested.  Palamon is an experienced investor in the Nordic region and owns Espresso House, the largest branded coffee chain in Sweden and recently successfully exited its investment in Nordax Finans, a Nordic consumer finance business.

Palamon Capital Partners

Palamon Capital Partners, LP is an independent private equity partnership founded in 1999, which is focused on providing equity for European growth services companies. Palamon, as a pan-European investor, originates, executes and manages investments in the UK, Italy, Spain, Denmark, Belgium, Sweden, France, and Germany.  The Firm targets investments in companies where it can be the lead private equity provider and where the partnership’s experienced principals can provide strategic direction and support to help build equity value.

The Firm manages Palamon European Equity, L.P. and Palamon European Equity II, L.P., capitalised at €1.1 billion, and making up one of the largest pools of private equity capital dedicated to growth investment opportunities in Europe’s mid market arena.  Investors in Palamon funds are based mainly in the US and Europe and are among the most significant investment institutions in the world.

For more information on Palamon refer to www.palamon.com