Sweden. AFRY AB

Date of agreement:14 Jun 2022
Customer:AFRY AB
Amount in SEK:SEK 500 million
Amount in EUR:EUR 47.1 million
Maturity:7 years
NACE sector / loan type:Other business activities


The loan has been granted to finance AFRY AB expansion through acquisitions, related investments, and increased service offerings.

Earlier this year, the company established a new business division, AFRY X, to develop software services and solutions in areas such as Internet of Things (IoT), Artificial intelligence (AI), and cyber security. The creation of AFRY X has been supported by selective acquisitions of six smaller Nordic companies to bring in new sector-specific knowledge and expand on the overall service offering.

Moreover, AFRY acquired Vahanen Group, a Finnish multidisciplinary consulting company focusing on real estate and construction. Through the acquisition, the group has strengthened its market position in the building consulting sector as well as unlocked Vahanen’s competences in lifecycle management and environmental services for AFRY’s broader client base.

AFRY AB (publ) is a Swedish engineering, design, and advisory services company. The group operates across six different divisions: Infrastructure, Industrial & Digital Solutions, Process Industries, Energy, Management Consulting, and the newly established AFRY X. The company employs around 17,000 people in 40 countries, with the majority of the workforce located in the Nordics.

Fulfilment of NIB's mandate

AFRY X and related acquisitions

The newly created AFRY X aims to combine the group’s industrial advisory services with various digital solutions. By integrating sector-specific IT offerings, AFRY is able to provide their clients with new types of services. The acquisition of six smaller companies helps to accelerate the growth of this division by bringing in new capacity and software to AFRY. Moreover, the investments allow the acquired companies and their technologies to access a larger international client base as well as provide some cross-selling and expenditure synergies.

Acquisition of Vahanen Group

The acquisition strengthens AFRY’s construction and real estate business segment by bringing in Vahanen’s knowledge of the local Finnish market and its expertise in lifecycle assessments and management services. Furthermore, a number of sales synergies can derive from the acquisition.

Sustainability summary

No sustainability issues have been identified in relation to the acquisitions.

Press release

NIB finances AFRY’s business expansion and new service offerings

Press release

NIB finansierar AFRY:s expansion och nya tjänsteutbud