A major new player has emerged in the Finnish infrastructure construction sector. Lohkare Infra Oy, established by European investment firm Triton, has acquired three well-known companies in the industry. Carner Corporate Finance advised Triton throughout the entire process, from origination to execution of the transactions, and continues to support Triton in its ongoing development of Lohkare Infra.

Lohkare Infra Oy is formed by three leading infrastructure companies: VM Suomalainen Oy, Lännen Alituspalvelu Oy, and Oteran Oy. (The acquisition of Oteran Oy is subject to regulatory approval, expected later in 2025.)

The combined turnover of the group is nearly EUR 200 million, with an operating profit (EBIT) of approximately EUR 25 million. This immediately places Lohkare Infra among the largest companies in the industry by revenue, as well as on the Talouselämä 500 list.

Lohkare aims to integrate the expertise and experience of the three strong and reputable companies into an agile and competitive whole. It operates with a decentralized, entrepreneurial management model, consisting of regionally or service-area leading companies that have proven their business models to be resilient and profitable through various cycles.

A team of experienced professionals with strong track records in construction and infrastructure—especially in buy-and-build strategies—has been recruited to lead the company.

The Chairman of the Board is Hannu Leinonen, a well-known figure in infrastructure construction, having served as CEO of major companies such as YIT and Destia, and also having held a board position at SRV Yhtiöt.

The group’s Chief Financial Officer is Valtteri Palin, who brings extensive experience from companies such as Lassila & Tikanoja, SRV Yhtiöt, and Skanska.

The CEO has also been selected and will be announced later this year.

Finland is now home to an exceptionally strong new player, with both the scale and agility to respond quickly to the evolving needs of infrastructure construction. Our goal is to build sustainable growth together, based on reliability and efficiency

The acquired companies focus on demanding special projects and technologies. Reliability, high quality, and efficient project management are key success factors. The companies will continue to operate independently and under their own names after joining Lohkare Infra. All company owners will also become shareholders in the new group, which Triton plans to expand further through additional acquisitions in the coming years.

Triton continues to actively invest in Nordic industry and infrastructure and aims to build even stronger companies for the market. It will support Lohkare Infra Oy’s growth both organically and through acquisitions as part of its consolidation strategy.

The founding of Lohkare Infra Oy marks a significant step forward in the development of Finnish infrastructure construction and in strengthening the competitiveness of the sector.

Triton

Triton, founded in 1997 and owned by its partners, is a leading European investment firm focused on mid-sized, sector-specific investments. The firm invests in companies that provide critical products and services in three core sectors: business services, industrial technology, and healthcare. Triton has over 150 investment and operations professionals across 11 offices in Europe. Triton’s portfolio companies have combined sales of around EUR 18 billion and employ over 100,000 employees.

VM Suomalainen Oy

Founded in 1980, VM Suomalainen Oy provides construction services primarily to public-sector clients such as cities, municipalities, and public utilities. Its core business includes the construction of streets and municipal engineering, and water distribution networks in the Helsinki and Uusimaa regions.
Revenue: EUR 87 million (2024) | EBIT: EUR 16.3 million (2024) | Employees: 86

Lännen Alituspalvelu Oy

Founded in 1988, Lännen Alituspalvelu Oy and its sister company Eesti Horisontaalpuur OÜ form a leading niche player specializing in horizontal drilling. Founded and led by Pekka Vepsä, the companies operate not only in Finland but also in Scandinavia, the Baltics, and across Europe.
Revenue: Over EUR 30 million (2024) | EBIT: EUR 5.4 million (2024) | Employees: 60

Oteran Oy

Founded in 2009, Oteran Oy is a project management firm in the infrastructure sector. It offers a broad range of services, including bridge and road construction, municipal engineering, industrial and rail construction, marine construction, and broadband and electrical network installations through a strong subcontractor network. It also holds a strong position in the defense sector.
Revenue: EUR 73 million (2024) | EBIT: EUR 3.3 million (2024) | Employees: 50