Moerdijk, Netherlands – September 14, 2023 – The Specialist Group (“TSG”), a leading provider of technical engineering specialists for sectors such as power, chemicals, infrastructure, renewables and life sciences, today announced that it has acquired the technical staffing business unit of Umia Innovation, a Swedish technical installations provider. Financial terms were not disclosed.
The acquired entity will operate as newly created brand “Altio” under TSG’s flagship label STAR. This acquisition advances TSG’s expansion into the Nordics, marking a significant step in the company’s continued international growth and solidifying its ambitions to become the leading technical staffing company in Europe’s renewable energy sector. Sweden is a key market for TSG. The company plans to further accelerate Altio’s growth in the region through organic initiatives driven by TSG’s existing client base.
Altio has been a pioneer in the energy transition and has completed key projects in battery storage, wind power, hydrogen electrolyzers, nuclear power and carbon storage initiatives. Together, TSG and Altio will continue supporting clients in their transition towards new energy and sustainable operations. Through its extensive client network across the country, Altio will provide TSG with access to some of the world’s most advanced projects in the energy transition. Altio will also add 100 technical specialists to the TSG network of 3000 experts.
Sil Hoeve, Chief Executive Officer at TSG, said: “Sweden has previously identified over $10 billion of investment in energy transition initiatives over the next five years, which will fall within TSG core sectors and disciplines. Altio is the perfect match for TSG. Its excellent network in Sweden provides us with access to some of the world’s most critical energy transition projects. That, coupled with our ability to connect Altio with our international base of highly skilled engineers, creates a meaningful opportunity for us to create a strong foothold in Sweden. To advance our mission of becoming a leading staffing player in Europe’s sustainable energy market, TSG will continue to pursue acquisition opportunities in Sweden and other key European markets.”
Jonas Jonson, CEO at Altio, said: “The partnership with TSG will not only help us reach our growth targets, but also enable us to make an even greater impact on the world’s energy transition. We are looking forward to collaborating with TSG, connecting global experts to our existing and prospective clients in Sweden, and further building TSG’s STAR brand.”
Jonas Jonsson will continue to lead Altio as CEO, reporting to Sil Hoeve, CEO of TSG, who will also be appointed as head of the board of Altio.
About The Specialist Group
The Specialist Group (“TSG”) is a platform that deploys technical engineering specialists on a project basis. TSG serves over 350 clients across technical end-markets such as power, chemicals, infrastructure, renewables and life sciences with a focus on enabling the energy transition. Currently over 80% of TSG’s specialists are involved in projects supporting the energy transition and the creation of a more sustainable industrial environment. The company operates via seven labels (STAR Group, Sentijn, Or-Quest, Litecad, Fellow, ECC Solutions and Altio) and provides regional coverage across the Netherlands, Belgium, Germany, Sweden and Austria, focussing on both experienced candidates and young professionals. TSG is backed by funds managed by Oaktree Capital Management, L.P, a leader among global investment managers specializing in alternative investments, with $179 billion in assets under management as of June 30, 2023.
Altio is a technical staffing company, specialized in the sectors driving the energy transition such as battery storage, wind power, hydrogen electrolyzers, nuclear power and carbon storage initiatives. Headquarted in Umeå, Sweden, Altio operates in northern parts of the country with additional offices in Skellefteå and Örnsköldsvik. In 2023, Altio has been acquired by The Specialist Group, a leading provider of technical engineering specialists for sectors such as power, chemicals, infrastructure, renewables and life sciences
For more information: https://www.altio.se/