CapMan Infra’s portfolio company ProPellet has acquired the majority ownership of Geo Geo Oy, a Finnish company specialised in end-to-end delivery of ground source heat pump (“GSHP”) solutions. ProPellet offers mainly pellet-based heating, and the acquisition of Geo Geo diversifies the group’s heating technology offering and enables growth to new customer segments with the heating-as-a-service (“HaaS”) business model.
ProPellet’s strategic focus is scaling up its HaaS business with both pellet-based heating and new technological solutions. Together Geo Geo and ProPellet are well positioned to grow in the fast-developing GSHP market. Geo Geo was founded in 2021 and has a team of 8 people. The company has delivered over 70 turn-key ground source heating projects in Southern Finland. As part of the ProPellet group, the company will fully focus on providing HaaS solutions.
“We are very pleased to start our joint journey with Geo Geo’s ambitious and capable team. Our aim as an infrastructure investor is to further develop and scale ProPellet’s heating service business and we see GSHP as an attractive growth segment”, says Laura Karikko, Director, Asset Management at CapMan Infra.
“This transaction provides us the financial strength that enables us to start providing heating-as-a-service solutions. We firmly believe that this is the winning business model in the future, and are extremely excited to work together with ProPellet and CapMan Infra”, shares Anssi Virtanen, CEO of Geo Geo Oy.
“ProPellet already has a number of GSHP plants in its portfolio of some 140 heating plants, and with Geo Geo’s expertise, we will be able to expand our business and provide innovative hybrid solutions to meet our customers’ varying needs”, adds Timo Peltokorpi, CEO of ProPellet.
For more information:
Laura Karikko, Director, Asset Management, CapMan Infra, tel. +358 50 372 8555
About CapMan
CapMan is a leading Nordic private asset expert with an active approach to value creation and €6.4 billion in assets under management. As one of the private equity pioneers in the Nordics we have developed hundreds of companies and assets creating significant value for over three decades. Our objective is to provide attractive returns and innovative solutions to investors by enabling change across our portfolio companies. An example of this is greenhouse gas reduction targets that we have set under the Science Based Targets initiative in line with the 1.5°C scenario and our commitment to net-zero GHG emissions by 2040. We have a broad presence in the unlisted market through our local and specialised teams. Our investment strategies cover real estate and infrastructure assets, natural capital and minority and majority investments in portfolio companies. We also provide wealth management solutions. Altogether, CapMan employs around 200 professionals in Helsinki, Jyväskylä, Stockholm, Copenhagen, Oslo, London and Luxembourg. We are listed on Nasdaq Helsinki since 2001. www.capman.com
About ProPellet
Founded in 2006, ProPellet is Finland’s leading producer of pellet-based bioenergy and employs about 30 people. The company provides its customers with property-specific heating plants as a service, with a portfolio of over 140 heating sites across Finland. In addition, the company operates its own pellet fuel production facilities, which utilise side streams from the forestry and sawmill industries. ProPellet’s business has experienced strong growth in recent years, particularly due to the ongoing transition from oil-based heating to biofuels. CapMan Infra acquired a majority stake in Propellet in 2024.