01 / Approach

We invest in the companies that service infrastructure, not in the assets.

We back specialist infrastructure-services companies. They deliver through skilled, certified field teams, and they grow when an owner brings operational experience as well as capital.

The sector

Why now

Norway and Sweden have adopted twelve-year national transport plans, and Statnett has set out its grid investment to 2034. A large share goes to maintenance that cannot be deferred for long. Delivery sits with many small specialist firms, and certified labour is the bottleneck, so the companies that can attract and deploy field teams gain share.

NOK 1,308bn

Norway’s National Transport Plan 2025–2036. NOK 484bn of it goes to operations, maintenance and smaller investments.

SEK 1,171bn

Sweden’s national transport infrastructure plan 2026–2037. SEK 564bn of it goes to maintaining state roads and railways.

NOK 150–200bn

Statnett’s planned investment in Norway’s transmission grid and its digitalisation, 2025–2034.

Sources: Meld. St. 14 (2023–2024) and Innst. 439 S (2023–2024), 2024 prices; Regeringen, fastställelse av nationell plan för transportinfrastrukturen 2026–2037 (April 2026), 2025 prices; Statnett, Systemutviklingsplan 2025.

Specification

What we look for

Business
Specialist B2B field services
Installation, maintenance and renewal, and testing, inspection and certification, for owners and operators of critical infrastructure.
End markets include
Power grid, rail, renewables and hydropower, water and wastewater, NATO and defence infrastructure, industrial facilities, road and ports, urban transit, airports, public facilities.
Company
Privately owned, Norway, Sweden or Finland
Founder or family owned, with a strong home-market position and the ambition to grow across the region.
Situation
Operational upside
We buy where the potential is operational and identifiable. We avoid turnarounds, and companies whose problem is the end market, the balance sheet or an open-ended liability.
Terms

How we invest

Structure
Control buyouts, built with add-ons
We buy a platform company and grow it with add-ons from founders in the same niche. Carve-outs of non-core units are a good fit.
Size
Lower mid-market
Established, profitable platforms, and smaller add-ons to build them with.
Sourcing
Direct, and through advisers
We approach founders directly, often years before a sale, and we also take part in advised processes.
Ownership
Majority, alongside founders
Founders reinvest and keep building with us. We strengthen the team around them rather than replace it.
Board
Active board seats
We work hands-on with the CEO, and both partners are involved in every material decision.
Exit
Built for the next owner
From the first day, we test each major decision on whether it makes the company more attractive to its next owner.
How we work

Five operating levers

We take on roll-ups, performance improvements and new platforms. Each value creation plan is written before we invest and draws on five levers, weighted to what the company needs.

  1. 01
    Financial control

    Management knows who earns money, why and how much.

  2. 02
    Targets and ownership

    Every manager owns clear goals and a budget, from the first bid to delivery.

  3. 03
    Incentives

    Rewards tied to the same goals, and agreed at the same time.

  4. 04
    Pricing discipline

    Every contract priced for its risk, and extra work charged for.

  5. 05
    AI tools

    Faster, clearer reporting and follow-up for everyone in the company.

Contact the partnersWhy Framheim