Intera’s portfolio company HögforsGST expands into Central Europe through strategic acquisition of Oventrop Energy & Network
Intera Partners is pleased to announce that its portfolio company, HögforsGST, has taken a significant step on its international growth strategy by acquiring Oventrop Energy & Network, a former subsidiary of Germany-based Oventrop Group.
Finnish heating technology company HögforsGST has acquired Oventrop Energy & Network, a subsidiary of the German company Oventrop, formerly known as Kring Fernwärme. The acquisition is part of HögforsGST’s strategic growth and expansion into the Central European market. As part of the transaction, the Oventrop Group becomes a shareholder in HögforsGST.
Through the acquisition, HögforsGST gains a foothold in Germany and strengthens its position in the European heating technology market. HögforsGST is strongly committed to continuing its expansion into the Northern and Central European markets.
”We have been systematically building HögforsGST into the leading provider of smart heating and cooling solutions in the Nordics. Now we are taking the next step by expanding into the heart of Central Europe. The acquisition of Oventrop’s subsidiary is a strategically significant move and a natural continuation of our previous acquisitions in Finland and Sweden”, says Adel Hattab, CEO of HögforsGST.
The acquired subsidiary, Oventrop Energy & Network, specializes – like HögforsGST – in the manufacturing of high-quality district heating equipment and cooling systems, with Germany and its neighboring countries as its main markets. Oventrop Energy & Network generates annual revenue of approximately EUR 10 million and employs around 45 people.
As a result of the acquisition, collaboration between HögforsGST and the Oventrop Group will deepen, particularly in component and product development. Oventrop’s CCO, Michael Scheller, welcomes the strategic partnership with a strong Nordic player.
“The strengths of both parties – in terms of product expertise and geographic presence – complement each other. I believe this collaboration will generate significant added value for our customers and both companies,” says Michael Scheller.
Oventrop Energy & Network will continue operations in Haiger, North Hesse. Operations in Germany will proceed under the well-known and respected Oventrop brand, now under Finnish ownership. This supports HögforsGST’s growth strategy in Central Europe.
“We at Oventrop Energy & Network are looking forward to this partnership after our brand relaunch. Our customers will benefit from the innovations provided by all three companies as well as synergies of this partnership in the form of a competitive offering, as well as improved expertise in customizing and other possible scaling effects. In doing so, we are emphasizing the consistent further development of future-proof heating network solutions,” says Rainer Klöckner, CEO of Oventrop Energy & Network.
The acquisition enables products manufactured in Finland to be sold in the German market. Acquiring a profitable and stable company also strengthens HögforsGST’s operations in its current home markets of Finland, Sweden, and Norway. The partnership with Oventrop brings HögforsGST not only expansion but also other strategic opportunities.
“We are excited about the opportunity to combine our expertise with Oventrop’s team. With this collaboration, we can also enhance the product offering in Finland and other Nordic countries with Oventrop’s support,” Adel Hattab adds.
Additional information:
Tuomas Sarkola
Partner, Intera Partners
tuomas.sarkola@interapartners.fi
+358 40 845 6493
HögforsGST is a Finnish company specializing in the design, manufacture, and marketing of high-quality heating and cooling systems. As the leading provider of smart energy solutions in the Nordic region, we help reduce both emissions and energy costs through innovative, modern technologies.
All our products are manufactured at our factory and company headquarters in Leppävirta, Finland. Our strong domestic sales network is complemented by subsidiaries in Sweden and Norway, enabling us to serve a growing international customer base. HögforsGST employs approximately 170 professionals and generates annual revenues of around EUR 35 million – most of which comes from exports.