Caverion Finland to acquire Johnson Controls Finland’s service business

Caverion Suomi Oy has signed an agreement to acquire the service and maintenance business of Johnson Controls Finland Oy, strengthening its position in industrial refrigeration and heat pump services. The transferred business has estimated annual net sales of EUR 700,000.

Johnson Controls Finland specializes in industrial refrigeration. The transaction supports an ongoing partnership between the two companies in the field of refrigeration and heat pump solutions. The acquisition is expected to close in August 2025. The value of the deal has not been disclosed but is reported to have no material impact on Caverion’s financials.

As part of the deal, eight Johnson Controls employees focused on industrial refrigeration will join Caverion, integrating with a team of over 220 refrigeration technicians. Caverion provides industrial-scale energy and refrigeration solutions across Finland, offering services from design to maintenance.

“Johnson Controls is known for its heat pump and industrial refrigeration, as well as the professional expertise of its field team. We warmly welcome Johnson Controls’ employees to strengthen our market-leading industrial refrigeration team,” said Jussi Lehtonen, Vice President Strategy at Caverion Finland.

John Foley, General Manager of Northern Europe and the United Kingdom at Johnson Controls, stated: “Caverion was our primary choice both as a partner for installation and maintenance of our products. Caverion has a strong reputation for quality, responsibility and with solid financials, and as such is well aligned with our business values.”

The acquisition aligns with Caverion’s growth strategy, having completed 17 acquisitions in Finland over the past five years with a combined turnover of approximately EUR 250 million. Caverion Finland, part of the international Assemblin Caverion Group, has annual net sales of around EUR 900 million and 5,800 employees.