Evli Private Capital Fund I has made a significant minority investment in Comadev, supporting its growth in drilling services while expanding into geothermal drilling.

Target Company Overview

Comadev, a rapidly growing company based in Rovaniemi, specializes in the production of rock samples from both surface and subsurface environments using advanced drilling technologies. Their innovative diamond drilling methods yield core samples that are essential for geological analysis, the search for valuable minerals, and geotechnical studies. Comadev has a workforce of approximately 50 employees at its headquarters and assembly plant in Rovaniemi, as well as client sites across the Nordic countries. The company experienced impressive growth, achieving a revenue of €12.9 million in 2024, which reflects over 100% annual growth from 2021 to 2024.

Comadev serves a variety of prominent clients, including major publicly listed companies such as the Finnish Outokumpu and Canadian First Nordic Metals. Its expertise in resource extraction positions the company well within the mining sector, specifically in relation to the critical raw materials required for Europe's climate goals.

Industry Overview in Finland

The mining industry in Finland and the Nordic region is poised for significant growth as Europe aims to meet its climate objectives, which necessitate a reliable supply of critical raw materials. The European Union currently relies heavily on imports for essential materials used in green technologies. For example