Finnish firm Caverion buys Huurre Refrigeration Solutions
FINLAND: Finnish building services company Caverion has signed an agreement to acquire the Refrigeration Solutions business of Huurre Group Oy, a leading supplier of energy-efficient CO2 based refrigeration systems.
Huurre Refrigeration Solutions has three business units – services, refrigeration projects and related automation – and operations in Finland and Sweden. It achieved sales of €48m in 2018, of which €30m was generated in Sweden and the rest in Finland. The Services business accounted for slightly over half of the total revenue in 2018. Huurre Refrigeration Solutions employs 138 people in Sweden and 134 in Finland. The product development and production are centralised in Finland.
Huurre Refrigeration Solutions develops and manufactures CO2-based refrigeration systems and intelligent digital automation technologies providing remote controlling and predictive maintenance of refrigeration systems. The key customer segments of the business are retail, industrial and logistics. The company offers maintenance of all refrigeration equipment brands in both countries.
“The acquisition supports our growth in services and strengthens our offering in the cooling business,” said Caverion’s deputy CEO and head of business unit services Thomas Hietto.
“Refrigeration is an area within cooling that requires special expertise and is impacted by factors such as environmental legislation and energy efficiency requirements. We value the know-how of the personnel of Huurre Refrigeration Solutions, bringing us new opportunities in the design and build of energy-efficient and environmentally friendly solutions for built environments. After the completion of the acquisition, our combined revenue in cooling, including refrigeration, will be around €130m, making it one of the spearheads of our smart technologies.”
This latest acquisition is said to complement Caverion’s acquisition last year of Jetitek, another Finnish CO2 refrigeration specialist.