EVLI PLC PRESS RELEASE, AUGUST 26, 2025 AT 6:00 AM (EET/EEST)
Evli Private Capital makes a significant investment in Finnish Comadev, a Nordic champion in diamond core drilling and sampling
Evli Private Capital, a part of Evli Group and specializing in private equity, has made a significant investment of EUR 6 million in the Finnish growth company Comadev with an option for an additional investment. Comadev specializes in diamond core drilling and sampling for mining companies in the Nordic countries.
Evli Private Capital, a part of Evli Group and specializing in private equity, has made a significant investment of EUR 6 million in the Finnish growth company Comadev with an option for an additional investment. Comadev specializes in diamond core drilling and sampling for mining companies in the Nordic countries.
Evli Private Capital Fund I, dedicated to the green transition, makes strategic minority investments in small and medium-sized enterprises in the energy transition, resource efficiency, and circular economy sectors. This new investment, consisting of both new equity and purchase of existing shares, will help Comadev in reaching its growth ambitions in Finland and abroad. As a result of the investment, Evli Private Capital becomes a significant minority shareholder in Comadev.
Comadev operates both surface and underground drill rigs in remote and challenging terrain to extract cylindrical rock samples from both surface and underground environments. Using diamond core equipment, the method offers intact cores that are essential for geological analysis, mineral exploration, and geotechnical testing. The company develops, assembles and maintains drill rigs used for its operations in-house at its facilities in Rovaniemi, Finland.
Comadev employs approximately 50 employees at its headquarters and assembly facilities in Rovaniemi and at customer sites located predominantly in the Nordic countries. The company has experienced rapid growth in recent years, reaching EUR 12.9 million in net sales in 2024, implying an annual growth rate of over 100 % between 2021-2024. Comadev's customers include large, publicly listed companies such as Finnish Outokumpu and Canadian First Nordic Metals.
Critical raw materials for Europe's climate goals
Today, EU is very dependent on imported critical raw materials needed for the green and digital transformation. According to the European Commission, over 60 percent of cobalt, which is used in batteries, is extracted in the Democratic Republic of Congo and 97 percent of EU's magnesium supply is sourced from China. By adopting the Critical Raw Materials Act in 2024, EU aims to increase self-sufficiency and improve supply chain reliability.
The Nordic mining industry is expected to benefit from this development, as Nordic countries have significant reserves of critical raw materials such as nickel, cobalt and graphite and are stable and environmentally conscious countries.
Comadev is well positioned to supply both Nordic and wider EU mining industry with both expertise and equipment used to identify new and develop existing mining potential needed to reach the EU self-sufficiency targets.
Comadev is expanding to geothermal well drilling
With the support of Evli Private Capital, Comadev seeks accelerated growth opportunities within and adjacent to excavation drilling services.
"We are deeply impressed by Comadev's track record within excavation drilling. Our investment supports Comadev's continued growth while reinforcing our fund's commitment towards the ongoing energy transition and digitalization in Europe. With our help, we see Comadev expanding into geothermal well drilling to complement the current service offering. This journey excites us, and we see many benefits in providing geothermal- and excavation drilling services under the same roof," says Mikko Heikkilä, Partner at Evli Private Capital.
"Our long-term growth efforts are bearing fruit. We are ready to take off within and beyond the Nordics, making this the perfect time to have Evli's backing. With the help of Evli we can increase our growth ambitions especially when it comes to geothermal drilling, which I see as synergistic to our current customer offering," says Eetu Pussinen, CEO and owner of Comadev Oy.
EVLI PLC
Additional information:
Evli Private Capital
Mikko Heikkilä, Partner, Evli Private Capital
mikko.heikkila@evli.com
+358 400 662885
Comadev Oy
Eetu Pussinen, CEO, Comadev
eetu.pussinen@comadev.com
+358 40 773 5064
Evli Private Capital
Evli Private Capital Fund I is dedicated to driving the green transition. The fund makes significant minority investments in Finnish and Swedish small and medium-sized growth companies within energy transformation, resource efficiency, and the circular economy. The fund has invested in EWQ Zone and Calefa. The private equity team's prior investments include Proventia, Solnet Green Energy, Bladefence and Elcoline.
Evli Plc
Evli is a Nordic wealth manager that helps institutions, companies, and individuals build a prosperous tomorrow. With 40 years of experience, we offer award-winning and result-driven wealth management, along with a broad range of investment solutions. Evli employs 300 professionals and manages EUR 19.7 billion in client assets (net as of 6/2025). Evli's B shares are listed on Nasdaq Helsinki. For more information, visit evli.com.
Comadev Oy
Comadev Ltd was founded 2014 in Rovaniemi Finland with main focus on core drilling and sampling. While our product development and maintenance are located in Rovaniemi, our drilling units can be found from many worksites in the Nordic countries.
Comadev has grown steadily in the past few years, and we have continued to hire and train new employees for our drilling units. We want to improve continuously, and our vision is to be the best partner in the field of core drilling and sampling.
Company website: www.comadev.com
