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Tue May 11 2021

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Vinci agrees its 24th acquisition of 2017

9 Nov 17 Vinci Energies has reached an agreement to buy Swedish company Eitech, which specialises in electrical works and engineering.

Since the beginning of 2017, Vinci Energies has acquired 24 companies, representing around €1.1bn (£970m) of full-year revenue.

Eitech generates revenue of €200m (£176m) and employs 1,200 people in Sweden. Vinci’s agreement with Eitech shareholders covers the acquisition of all the shares.

Eitech was founded in 1994 by Rolf Tannergård and specialises in electrical works and engineering for industry, infrastructure and buildings in Sweden. The company delivers complete projects and ongoing maintenance services, operating out of 26 locations, from Malmö in the south to Kiruna in the north.

Like the acquisition of Infratek, announced last week, the new purchase is designed to boost the position of Vinci Energies in Scandinavia. The company now has more than 3,500 employees and a turnover above €650m there.

The Eitech acquisition is subject to the approval of the Swedish competition authority.

Vinci Energies chairman and chief executive officer Yves Meignié said "With this new acquisition, following Infratek and Horlemann announced last week, Vinci Energies is continuing to extend, consolidating its operations in Northern Europe, particularly in Sweden. In this country, we believe Eitech will bring us an ideal extension of our footprint, especially in buildings, industry and infrastructure activities.

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