Eleda Group

What Eleda Group does

Eleda Group is a Stockholm-headquartered, PE-backed infrastructure services roll-up operating across Sweden and Norway. The company identifies, acquires, and develops local market-leading infrastructure contractors across four end-market niches: power distribution (anchor brand ONE Nordic), technology infrastructure, water infrastructure, and transportation infrastructure (railway maintenance via Signalbolaget in Sweden and Nordic Infrastructure Group / Nettpartner Bane in Norway). Since its founding in 2017, Eleda has executed more than 50 acquisitions, including 16 in 2025 alone, building a decentralized portfolio that retains subsidiary brands and local leadership while leveraging Group-level capabilities in governance, financial control, project management, M&A, succession planning, and ESG.

The business model is professional services revenue generated through contracted infrastructure works for public and private-sector clients. Eleda does not sell software, APIs, or platform products; the "platform" is organizational rather than technical. Reported 2025 financials are 23 BSEK revenue, 13.8% sales growth, 8.7% adjusted EBITA margin, and 82% cash conversion. Customer concentration is not publicly disclosed, but the end markets are characterized by long-cycle public infrastructure and utility contracting. The decentralized ownership model is positioned as the core differentiator: local CEOs retain operating autonomy and equity-style incentives while drawing on shared resources for cross-portfolio efficiencies.

Ownership transitioned from Triton (divested December 2019) to Bain Capital (main owner since December 2023). The company is currently planning an IPO, with bank selections reported in November 2025. Recent strategic priorities have emphasized railway maintenance consolidation, expansion into data center infrastructure services, and continued cross-border Nordic roll-up. The company has 1,001-5,000 employees and is led by President & CEO Ellinor Thiel, with Johan Halvardsson serving as Chairman. No AI/ML capabilities, patents, or proprietary technology products are disclosed.

Name

Eleda Group

Legal name

Eleda Management AB

Website

https://eleda.se

Company type

Private

Founded year

2017

Operating status

Operating

Headcount range

1,001–5,000 employees

Short description

Eleda Group is a Stockholm-based, Bain Capital-owned infrastructure services roll-up operating in Sweden and Norway. It acquires and develops local contractors across power distribution, technology, water, and railway maintenance, generating 23 BSEK in 2025 revenue through decentralized platform companies.

Ownership category

akta.pro rank

Product category

Infrastructure Services

NAICS

Electric Power Generation, Transmission and Distribution (2211), Offices of Other Holding Companies (551112), Management of Companies and Enterprises (55111)

SIC

Electric Services (4911)

akta.pro primary industry

Power Plant Electrical Systems EPC (Switchyard, Transformers, Protection & Controls) (EUAEAAAM)

akta.pro secondary industries

Electrical Balance-of-Plant EPC (MV Collection, Cabling, Earthing, Lighting) (EUAEADAB), SCADA, Controls & Communications Integration (RTU, Fiber, Networking) (EUAEADAD)

Keywords

• Civil engineering services
• Power distribution infrastructure
• Railway maintenance services
• Water infrastructure services
• Transportation infrastructure contractors

Headquarters

HQ city

Stockholm

HQ country

Sweden

HQ region

Europe

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Supply Chain, Infrastructure, Marketing or Sales, Others

Revenue model

1. Infrastructure Services: Eleda generates revenue by identifying and developing high-quality local companies that deliver infrastructure services. The company provides services in power distribution, technology, water and transportation industries across the Nordics.

Go-to-market motion1 record

Distribution channels1 record

Marketing channels1 record

Core offering

Eleda Group delivers infrastructure services across selected niches in the Nordics, including power distribution, technology infrastructure, water infrastructure and transportation infrastructure. The company operates a decentralized holding model: it identifies, acquires and develops high-quality local market-leading contractors and service companies, retaining their brands and leadership while providing Group-level governance, financial control, project management, and ESG support. Services are delivered through wholly-owned local platform companies operating in Sweden and Norway.

Product overview

Eleda Group is an infrastructure solutions provider in the Nordics operating as a decentralized holding company structure. The company identifies, acquires, and develops local market-leading companies that deliver infrastructure services. Rather than offering a unified software product or platform, Eleda provides infrastructure services across selected niches including power distribution, technology, water, and transportation industries. The Group's portfolio of companies operate under various acquired brands including ONE Nordic (power distribution), Nordic Infrastructure Group (railway maintenance in Norway), Signalbolaget (railway systems in Sweden), Nettpartner Bane (railway maintenance), and multiple regional construction and civil engineering contractors across Sweden and Norway. The decentralized ownership model combines strong local leadership with shared Group resources for governance, financial control, project management, strategic development, acquisitions, and ESG support.

Differentiator

Problem solved

Functional benefit

Brands

• ONE Nordic: Infrastructure services company focused on power distribution

Products and services

• Power distribution infrastructure services Development, maintenance and renewal services for power distribution and electrical infrastructure assets in the Nordics, delivered through local wholly-owned platform companies such as ONE Nordic for enterprise utilities and grid owners.
• Transportation infrastructure services (including railway maintenance) Civil engineering and maintenance services for transportation infrastructure with a specific focus on railway maintenance in Sweden and Norway, delivered via acquired specialists such as Signalbolaget i Sverige AB, Nordic Infrastructure Group AS and Nettpartner Bane.
• Water infrastructure services Development and maintenance services for water infrastructure assets, delivered through local platform companies operating in the Nordics under the Group's decentralized ownership model.
• Technology infrastructure services Services supporting technology-related infrastructure projects in the Nordics, delivered through local platform companies and complemented by Group-level project management and governance.
• Civil engineering and construction services Civil engineering and construction contractor services delivered through multiple local platform companies across Sweden and Norway, supporting infrastructure projects in power, transportation and water end markets.

Segments4 records

Ideal customer profiles1 record

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Scale indicators6 records

Recent moves7 records

Expansion highlights5 records

Direct peers

• NCC Group: Major Swedish construction and infrastructure company operating across the Nordics with similar civil engineering, infrastructure, and property development exposure. Closely comparable by geography, end markets, and service offering.
• Peab: Swedish construction and civil engineering firm with strong Nordic infrastructure exposure. Operates a similar decentralized regional model across construction, civil engineering, and infrastructure services.
• Veidekke: Norwegian construction and civil engineering company with strong infrastructure focus. Highly comparable Nordic peer with overlapping geographies (Sweden/Norway) and end markets.
• Bravida: Nordic technical installation and services company providing electrical, heating/plumbing, and HVAC services. Closely comparable in power distribution-adjacent services and Nordic decentralized operating model.
• NRC Group: Nordic railway infrastructure contractor focused on track maintenance, groundwork, and rail environment services. Direct overlap with Eleda's railway maintenance acquisitions (Nordic Infrastructure Group, Signalbolaget, Nettpartner Bane).
• Infranord: Swedish state-owned railway infrastructure maintenance and construction company. Direct peer in Nordic rail maintenance, the vertical where Eleda has built a leading position through acquisitions.

Broad incumbents

• Skanska: Largest Nordic construction and project development group with significant infrastructure and civil engineering operations in Sweden and Norway. Comparable in end markets but materially larger and globally diversified.
• Sweco: Europe's largest engineering consultancy with deep Nordic infrastructure presence. Comparable in end-market exposure (transport, water, energy) but operates in design/consulting rather than contracting.
• AFRY: Nordic-headquartered engineering, design, and infrastructure consulting firm. Comparable in infrastructure end markets but competes as a consultancy rather than a contracting services platform.

Others

• One Equity Partners-owned Constellation Cold Logistics (illustrative Nordic infra platform): Note: This entry reflects that Eleda's structure (decentralized Nordic infrastructure platform backed by a global PE sponsor) most closely resembles European PE-backed build-up platforms; direct Nordic infrastructure-services roll-ups of similar scale are limited, making closest US/global analogues the more apt peer set for capital structure and growth narrative comparisons.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights6 records

Customer concentration

Revenue estimate

Valuation estimate

Number of profiles

Profiles4 records

Subsidiaries11 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A6 records

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Eleda Group