Gulfstream Nordic Holdings AB (GNH) has agreed to acquire a majority shareholding in Conjet AB, a 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 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.
In a statement the current owners said they have now come to a point where they have an upcoming succession issue to address, 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, the company said. GNH will also bring further access to the US market and facilitate the expansion in North America through its existing network and presence.
The existing management team and owners 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,” said Lars Nilsson, Executive Vice President of Conjet. “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.”
“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,” added Stephen Sistrunk, partner at GNH. “We are excited to partner with Conjet to increase accessibility to and usage of its cutting edge hydrodemolition machines in the US and abroad.”