Altor Equity Partners announced the acquisition of a majority stake in marine and land-based cleantech solutions provider Evac from private asset investor Bridgepoint.
Founded in 1979, Espoo, Finland-based, Evac is a global provider of integrated clean-tech systems for marine, offshore and land-based industries. The company specializes in water and waste management, as well as vessel protection systems used by naval forces, cruise operators and commercial fleets. Its customer base spans cruise, naval, merchant, yacht and other marine sectors.
The acquisition is being made through Altor Fund VI and Altor ACT I – the latter of which targets investments related to decarbonization and circularity.
Björn Ullbro, CEO of Evac Group, said:
“Evac is driven by a strong focus on innovation, and we strive to pioneer the technology and sustainability transformation of our industry. As we embark on our next chapter, we want to thank Bridgepoint for their support. We are well-positioned and ready to keep on building on our leading position with Altor on board.”
Altor said that it plans to work with Evac’s management to support expansion across segments and products, drawing on Altor’s experience in the marine industry, including prior involvement with Aalborg Industries, Navico and Wrist Ship Supply. Evac’s management team will reinvest in the company as part of the transaction.
Bengt Maunsbach, Partner and Head of Industrials at Altor, said:
“From our very first encounter, we have been highly impressed by Björn and the entire management team at Evac. It is rare to come across a company like Evac with excellence and strong performance in its products and segments. Björn and the team have built a strong company fit for the future with innovation at the core of their success. As we move forward together, we look forward to supporting the team in driving growth from continued product innovation and M&A.”
Bridgepoint acquired Evac in 2017, and the company’s revenues have increased from around €100 million inn 2016 to €190 million in 2024, through a combination of product portfolio expansion, M&A and the buildout of its aftermarket capabilities.
Patrick Fox, Senior Partner and Christopher Bley, Partner and Co-Head of Nordics at Bridgepoint, said:
“During our ownership, Evac has developed into a truly global leader with a differentiated portfolio and a highly resilient aftermarket business. Our targeted M&A programme has expanded capabilities in core niches, strengthened Evac’s global footprint and created meaningful commercial synergies across the group. We are proud of the progress achieved together with the management team and believe the company is exceptionally well positioned for its next phase of growth.”
