Image: AFRY AB

15 Jun 2022

NIB finances AFRY’s business expansion and new service offerings

NIB and the engineering, design, and advisory services company AFRY AB have agreed on a seven-year SEK 500 million (approx. EUR 47.1 million) loan. NIB’s financing supports targeted acquisitions to accelerate the company’s further growth and increase service offerings.

Part of the investments are linked to the establishment of  AFRY X, a new business division that aims to combine the group’s industrial advisory services with various digital solutions in Internet of Things (IoT), Artificial intelligence (AI), and cyber security. To swiftly integrate new digital offerings to its operations, AFRY has acquired six smaller Nordic software and IT companies with sector-specific knowledge.

Another portion of the loan partly finances AFRY’s acquisition of Vahanen Group, a Finnish multidisciplinary consulting company focusing on real estate and construction, to strengthen the group’s market position in the building consulting sector. Moreover, the acquisition is expected to unlock Vahanen’s competences in lifecycle management and environmental services for the benefit of AFRY’s clients in the region and beyond.

“AFRY is one of the leading sustainable engineering and consulting companies in the region, and we are happy to be part of their continuous growth journey. This investment supports AFRY’s expansion of services and also enables the acquired companies to access a broader customer base,” says André Küüsvek, NIB President & CEO.

AFRY AB (publ) 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.

NIB is an international financial institution owned by eight member countries: Denmark, Estonia, Finland, Iceland, Latvia, Lithuania, Norway and Sweden. The Bank finances private and public projects in and outside the member countries. NIB has the highest possible credit rating, AAA/Aaa, with the leading rating agencies Standard & Poor’s and Moody’s.

For further information, please contact
Frank Reichelt, Senior Banker, Services & Consumer, at +358 10 618 0309,
Vytautas Brazaitis, Communications Officer, at +358 10 618 0235,

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14 Jun 2022


EUR 47.1 million