Clearwater advises Plant Systems & Services PSS GmbH on the sale of Veltec Nordics to Jernbro Industrial Services AB, backed by Blue Water Energy LLP
We have advised Plant Systems & Services PSS GmbH (PSS GmbH), an energy and process industry services provider, on the sale of its subsidiary Veltec Nordics to Jernbro, Sweden’s leading player in industrial maintenance and projects.
PSS GmbH is a German holding company holding shares in specialised companies that provide services for the energy and process industry, such as engineering, maintenance, repair, and servicing as well as upgrading and converting existing plants, subsystems, and components. PPS is a leading player in Germany providing energy transition solutions. PSS Group acquired Veltec Group from investment company Triton in 2018.
With locations in Denmark and Norway and more than 300 employees, Veltec Nordics provides industrial services to various process industries, primarily within energy, pharma, and oil & gas, as well as generally close proximity to significant energy transition markets.
Jernbro is a Sweden-based industrial services provider with 30 locations across Sweden, offering complete solutions to both process industries and public infrastructure.
The acquisition of Veltec Nordics will strengthen Jernbro given its operational overlap and enable the combined entity to become a leading Nordic provider of industrial services due to complementary geographies and client bases.
We are very thankful for Clearwater’s outstanding support throughout this sale process. Their deep knowledge and proven track record, especially after their successful work on our Veltec acquisition in 2018, were instrumental in achieving this great outcome.
It has been a true pleasure advising and helping both owners and the management team for the second time find a new owner for Veltec Industrial Services. The transaction is a good example of Clearwater’s international presence and effect – now with this carve-out of a Danish/Norwegian company from a German unit. We are certain that the merger with Jernbro will open even more possibilities and growth in the future building a strong Scandinavian player that benefits both clients and the company.