Origination

Eleda operates in the Nordic infrastructure services market, benefiting from structural tailwinds such as electrification, water preservation, and digitalization. Bain Capital identified Eleda in early 2023 as a highly attractive compounder in the large, growing, and resilient infrastructure services sector. At the time, the company was led by entrepreneur Johan Halvardsson and backed by a strong team of founders and managers, many of whom were significant shareholders, with more than 300 employees among the owners. We acquired a majority stake, partnering with the Northern European investment firm Altor, the founders, and management, who retained a significant ownership interest.

Opportunity and investment

Eleda has consistently outperformed peers through a decentralized, autonomous model that attracts top talent and enables superior project execution. As the leading consolidator in a fragmented sector, Eleda has built a proven M&A platform with a strong record of accretive acquisitions and a long runway for continued consolidation.

Value creation

Since our investment, Eleda has sustained a strong trajectory of organic growth complemented by targeted M&A. Together with management, we are executing a clear strategic roadmap aligned with long-term market trends, while evolving the operating model to support a larger group without compromising the entrepreneurial, owner-led culture. Our strategy is expanding Eleda’s geographic reach and service offering through both tuck-in acquisitions and larger platform transactions. Notably, Eleda has entered the high-growth rail segment, an area where it previously had limited presence but where structural tailwinds are expected to drive sustained expansion.

The company’s continued success reflects its disciplined execution, strong culture, and commitment to supporting the energy transition and modernization of critical infrastructure across the Nordic region.



Eleda is well-positioned to shape the next generation of essential infrastructure in the area, and we remain an active partner in supporting its long-term growth and leadership journey.

“The Nordic infrastructure market is entering a prolonged period of growth, driven by electrification, digitalization, and the modernization of essential assets. Eleda is uniquely positioned to capitalize on these tailwinds, and with Bain Capital as our partner, we are building a leading platform for the long term through both organic growth and acquisitions.”¹These endorsements are provided by certain CEOs and or founders of investments held by certain investment vehicles advised by Bain Capital affiliate investment advisers. None of these CEOs and or founders were directly compensated for providing these endorsements, however, the funds have made investments into such CEOs and or founders’ companies. As a result of this investment, a conflict of interest exists because the CEOs and or founders have an incentive to make positive statements about Bain Capital and their experiences with Bain Capital to maintain the goodwill with Bain Capital.

Johan Halvardsson / Chairman of the Board, Co-founder / Eleda

“Eleda is on the right side of history with a business driven by sustainability trends like electrification, renewable energy, water preservation, and more.”

Ivano Sessa / Partner / Bain Capital