Finnish heating technology company HögforsGST continues its strong growth journey by acquiring a district heating substations business, including a team of dedicated experts from Swedish heat exchanger manufacturer SWEP International AB. The acquired part concerns SWEP’s Business Unit Systems in Gothenburg which has primarily served utility companies and the substation business in Sweden and Norway.
“With this acquisition, we are gaining access to a capable team in Gothenburg. Combined with our expertise and supporting structures, we will be able to serve the district energy market even better. It is also a great opportunity for growth as a company and will develop our value proposition to existing and new customers. We are truly strengthening our position as a leading district heating equipment supplier in the Nordic countries.”, states HögforsGST’s Managing Director, Antti Hartman.
The acquisition is a perfect match for HögforsGST core business area and will lead to a stronger service offering and delivery of district energy solutions and services. The transfer of the SWEP customer base will give HögforsGST a more comprehensive market reach and focus in the Nordic countries.
The acquisition is a milestone for HögforsGST that will continue the already long business relationship with SWEP dating back to 2005. The strong relationship has contributed to SWEP’s preference for HögforstGST as the new home for the business area.
“When deciding to divest, it was an important criterium to find a new owner enabling growth opportunities for the SWEP team while adding value to affected customers and partners.”, says Kristofer Haglund, Director of Business Solutions at SWEP International AB
“We are looking forward to continuing to develop the long-term business relationship with SWEP in this new format, and we are warmly welcoming both the former SWEP team and customers to HögforsGST. We are convinced that together we will make a new, even stronger team, adding value to the Nordic district energy market.”, Antti Hartman concludes.
HögforsGST is a Finnish company specializing in manufacturing, selling, and marketing high-quality heating and cooling systems. We are the leading supplier of heat substations in the Nordic countries, and our modern heating solutions reduce both emissions and costs caused by heating. We manufacture all our products in our factory, which is located in Leppävirta along with our company headquarters. We have a comprehensive sales network throughout Finland and subsidiaries in Sweden and Norway. HögforsGST employs 160 people and has an annual revenue of approximately EUR 30 million, mainly from exports.
SWEP is a world-leading supplier of brazed plate heat exchangers for HVAC and industrial applications. Designed to make the most efficient use of energy, material, and space, the technology is quickly winning ground around the world, with SWEP at the forefront of developments.
Antti Hartman
Strategy & Business Development Director
+358 400 738 325
antti.hartman@hogforsgst.com
