Press Release – New investors to enable accelerated growth
Published October 24, 2019
Gulfstream Nordic Holdings AB (GNH) has entered into an agreement to acquire a majority shareholding in Conjet AB, now the world’s leading specialist in design, development and manufacture of remotely operated, computer controlled hydrodemolition machines.
In 1990, the current owners of Conjet AB acquired, through a management buyout, Atlas Copco’s Conjet project and have since then successfully developed the company into a leading player in the hydrodemolition market on a global basis. The Conjet team has over the last years managed to combine high growth with continuous introduction of highly advanced new robots to the market. Today, as a result of Conjet’s many years spent both in the field and in the shop developing and improving the technology, hydrodemolition is by far the most efficient method for the repair and restoration of deteriorated concrete structures such as bridges, parking decks and dams (to mention just a few relevant areas of focus).
The current owners have now come to a point where they have an upcoming succession issue to address, but also, and more importantly, need a partner with the ability to fuel and accelerate future growth. The purpose of bringing in GNH as joint owner is to strengthen the management expertise in developing global business as well as adding the financial muscle to invest in a combination of organization and product development to support long term growth. GNH will also bring further access to the US market and facilitate the expansion in North America through their existing network and presence. The existing management team and owners, with their extensive domain competence, will remain in the company and play an important role in the future. Conjet will remain an independent company.
“We have more than doubled revenue in Conjet over the course of the last three to four years, and we have simultaneously been able to expand our business and improve our product offering to the highest level ever. We see great opportunities ahead in our markets based on our competent employees as well as our technology edge, ensuring the perfect match between our immediate customers and the projects they work on. We have had a constructive and positive dialogue with GNH and are looking forward to sharing their experience from similar situations in a partnership. Together we can realize Conjet’s potential in the coming years,” said Lars Nilsson Executive Vice President of Conjet.
“Conjet’s products and field expertise provide a much-needed set of solutions to the aging infrastructure challenges faced by private owners and governments in North America. We are excited to partner with Conjet to increase accessibility to and usage of its cutting edge hydrodemolition machines in the US and abroad,” said Stephen Sistrunk, partner at GNH.
“We will do our part to support the growth and generate an even stronger business by leveraging our experiences and strategic know-how from other growth companies with global presence, focusing on investing in and systematizing sales and strengthening processes and systems,” said Tomas Wängberg, partner at GNH.
“We are confident about the great potential in Conjet and are extremely impressed with what the existing team has achieved over the years. The market for hydrodemolition is in our view very attractive and we believe Conjet is in a strong position to take advantage of this. We look forward to teaming up with current ownership to be a part of the continuous growth journey,” said Peter Ankerst, partner at GNH.