New Investors to Help Accelerate Conjet’s Growth

Published: 9/12, 2019

Gulfstream Nordic Holdings AB (GNH) has entered into an agreement to acquire a majority shareholding in Conjet AB, the world’s leading specialist in design, development, and manufacture of remotely operated, computer-controlled hydrodemolition machines.

Over the past few years, the Conjet team has combined high growth with continuous introduction of highly advanced new robots to the market. The effort has paid off, with hydrodemolition now the most efficient method for the repair and restoration of deteriorated concrete structures such as bridges, parking decks, dams and other infrastructure.

The addition GNH as joint owner strengthens management expertise in developing global business, and adds the financial muscle to invest in a combination of organization and product development to support Conjet’s long-term growth. 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, with their extensive domain competence, 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,” says Conjet executive vice president Lars Nilsson. “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.” 

Tomas Wängberg, a partner with GNH, says the new ownership group, “will do our part to support the growth and generate an even stronger business by leveraging our experiences and strategic know-how from other growth companies with global presence, focusing on investing in and systematizing sales and strengthening processes and systems.”