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Mining industry

Evli Private Capital Invests EUR 6 Million in Finnish Comadev

Strategic Insights

— 2 min read

Evli Private Capital has made a significant investment of EUR 6 million in Finnish growth company Comadev, a leading provider of diamond core drilling and sampling services for mining companies in the Nordic countries. This new investment will help Comadev achieve its growth ambitions in Finland and abroad. As a result of the investment, Evli Private Capital becomes a significant minority shareholder in Comadev.

Key Takeaways:

  • Evli Private Capital has invested EUR 6 million in Finnish growth company Comadev, a leading provider of diamond core drilling and sampling services.
  • Comadev specializes in diamond core drilling and sampling for mining companies in the Nordic countries, with a strong presence in Finland and the wider EU mining industry.
  • The company has experienced rapid growth in recent years, reaching EUR 12.9 million in net sales in 2024, with an annual growth rate of over 100% between 2021-2024.
  • Comadev has a strong customer base, including large publicly listed companies such as Finnish Outokumpu and Canadian First Nordic Metals.
  • The company has significant potential for growth, with a presence in both surface and underground environments and a strong focus on compliance with the Critical Raw Materials Act.
  • Comadev is well-positioned to supply both the Nordic and wider EU mining industry with expertise and equipment used to identify new and develop existing mining potential needed to reach EU self-sufficiency targets.
  • Evli Private Capital's investment in Comadev is aligned with the company's commitment to the green transition, resource efficiency, and circular economy sectors.
  • Comadev will use the investment to expand its operations, including exploring opportunities in geothermal well drilling and increasing its growth ambitions in Finland and abroad.
  • The investment also highlights the potential for geothermal drilling services to complement Comadev's current offerings, maintaining a focus on sustainable development and minimizing environmental impact.
  • The company estimates it will increase its growth rate with the help of Evli Private Capital and expand its operations within and beyond the Nordics.

Statistics:

  • EUR 6 million investment by Evli Private Capital in Comadev
  • EUR 12.9 million in net sales for Comadev in 2024
  • 100% annual growth rate for Comadev between 2021-2024
  • 50 employees at Comadev's headquarters and assembly facilities
  • Over 60% of cobalt, used in batteries, extracted in the Democratic Republic of Congo
  • 97% of EU's magnesium supply sourced from China
  • Over EUR 12.9 million in net sales, making Comadev one of the leading players in the Finnish diamond core drilling and sampling market

Sources:

  • Evli Oyj news release
  • Evli Private Capital website
  • Comadev Oy website
  • European Commission website

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