Intera’s year 2025: Strong international growth and a historic exit
2025 was a strong year for Intera. Our portfolio companies made excellent progress, growing both organically and through acquisitions in the Nordics and Central Europe. We also made a new investment in Yellow Elk and achieved a historic, successful exit from PHM Group – both demonstrating our role as a long-term growth accelerator and builder of Nordic market leaders.
New investment and historic exit
In 2025, we made a new investment in the Swedish leading data and analytics company Yellow Elk. Yellow Elk has delivered strong growth, exceeding 50 percent annually over the past five years, and our partnership aims to build the leading Nordic specialist in data analytics and artificial intelligence. We support the company in its next growth phase and further strengthen its position in the Nordic markets. The investment fits perfectly with Intera’s strategy to support ambitious growth stories.
In July, we exited the real estate services company PHM Group, whose explosive growth has been exceptional in the entire Nordic private equity sector. During Intera’s ownership, PHM completed over 170 acquisitions and grew from a local Finnish service company to a leading player in Northern Europe. Over this period, the company’s revenue multiplied from about 40 million euros to 1.2 billion euros. At the same time, PHM’s team, systems, and operations developed to meet the needs of international growth, and the company is excellently positioned to continue its rapid development in the future. We at Intera will continue to follow PHM’s success story with great interest.
New talent strengthening Intera’s team
During the year, our team was strengthened by several new recruits. Partner Iikka Moilanen returned to the company, having previously worked at Intera in the early 2010s and spent 11 years as an investment professional at Verdane. Iikka’s long experience in private equity brings additional expertise to our team, especially in supporting the growth of technology-driven and service-oriented companies. Sara Stegare joined Intera’s investment team in Stockholm, bringing strong experience in private equity as well as in developing portfolio companies and M&A.
New board member Juha Pekka Katainen and legal and compliance officer Krista Koskinen further strengthen our legal and administrative expertise.
Portfolio companies continued strong growth and internationalization
Intera’s mission is to support significant revenue growth of its portfolio companies and strengthen their strategic position in close cooperation with operational management and the board. This was clearly reflected in the continued strong performance of our portfolio companies in 2025.. Revenue in our portfolio companies grew by an average of 13 percent and EBITDA by 18 percent. Acquisitions are a key part of Intera’sgrowth strategy, and during the year our portfolio companies completed a total of 34 strategic acquisitions.
Supporting international growth is one of Intera’s strengths and focus areas. In 2025, our portfolio companies took significant steps in expanding both in the Nordics and Central Europe. HögforsGST expanded into the Central European market by acquiring the German Oventrop Energy & Network, strengthening its position as a supplier of energy-efficient heating and cooling solutions. Halon, in turn, strengthened its foothold as an international player in email security and infrastructure by acquiring the German eleven cyber security GmbH.
There were also notable new expansions in the Nordics through acquisitions. Midagon made a strategic acquisition of Melkki, strengthening its role among the leading independent consulting firms in the Nordics. Our newest portfolio company Yellow Elk joined forces with Bizwareand nearly doubled the company’s size, expanding its ability to offer analytics and AI services across the Nordics and creating a stronger growth platform for the coming years.
Actively seeking new investments in 2026
This year marks Intera’s 18-year anniversary. Over its history, the company has completed 35 investments, 26 exits, and 450 add-on acquisitions. Intera’s exceptional growth focus is reflected in the development of its portfolio companies: on average, portfolio companies have quadrupled during our ownership.
“In recent years, we have strengthened our position as a leading Finnish private equity firm, with a rapidly growing Nordic presence. Our operations play an important role in supporting the growth of companies and the wider economy,” says Intera’s Managing Partner Juhana Kallio.
Looking to 2026, Juhana Kallio is confident:
“The market environment in Finland and Sweden has strengthened towards the end of the year, and the outlook for 2026 is positive. We will continue to actively seek new investments in the technology and service sectors and strongly support the growth and internationalization of our portfolio companies,” he says.
A warm thank you to all our portfolio companies and other stakeholders for excellent cooperation and to the Intera team for strong work and commitment in 2025!