Commission européenne, DG COMP MERGER REGISTRY, 1049 Bruxelles, BELGIQUE  
Europese Commissie, DG COMP MERGER REGISTRY, 1049 Brussel,   BELGIË  
 
Tel: +32 229- 91111. Fax: +32 229- 64301. E -mail: COMP -MERGER -REGISTRY@ec.europa.eu.  
  EUROPEAN COMMISSION  
Brussels,  11.1.2023  
C(2023) 360 final  
PUBLIC VERSION 
Bain Capital Investors, L.L.C.  c/o Bain Capital Private Equity  
(Europe) LLP  
50 Berkeley Street  
London W1J 8HD  
United Kingdom  
Subject : Case M. 10987 – BAIN CAPITAL / CAVERION  
Commission decision pursuant to Article 6(1)(b) of Council Regulation 
(EC) No  139/20041 and Article 57 of the Agreement on the European 
Economic Area2  
Dear Sir or Madam,  
1. On 9 December 2022, the European Commission received notification of a proposed 
concentration pursuant to Article 4 of the Merger Regulation,  by which the 
undertaking Bain Capital Investors, LLC (‘Bain Capital’, USA ), will acquire within 
the meaning of Article 3(1)(b) of the Merger Reg ulation sole  control over the whole of 
the undertaking  Caverion Corporation (‘Caverion’, Finland) by way of purchase of 
public bid .3 
2. The business activities of the undertakings concerned are  the following:  
− Bain Capital is a private  equity investment firm that invests, through its family of 
funds, in companies across a number of industries, including information 
technology, healthcare, retail and consumer products, communications, financial 
servic es and industrial/manufacturing,  
− Cave rion is a public limited liability company incorporated under the laws of 
Finland. Caverion operates in building technology and industrial processes installation and maintenance, notably in heating, electricity, energy, ventilation, 
cooling, building autom ation and building security technical disciplines. In 
                                                 
1 OJ L 24, 29.1.2004, p. 1 ( the ‘Merger Regulation ’). With effect from 1 December 2009, the Treaty on 
the Functioning of the European Union ( ‘TFEU ’) has introduced certain changes, such as the 
replacement of ‘ Community ’ by ‘Union’  and ‘common market ’ by ‘internal market ’. The terminology 
of the TFEU will b e used throughout this decision.  
2  OJ L 1, 3.1.1994, p. 3 ( the ‘EEA Agreement ’). 
3  Publication in the Official Journal of the European Union No C 481, 19.12.2022, p. 5.  

2 addition, Caverion provides maintenance services for industrial manufacturing 
processes such as hydropower, pulp & paper manufacturing and chemical 
processes . 
3. After examination of the notification, the European Commission has concluded that 
the notified operation falls within the scope of the Merger  Regulation  and of 
paragraph 5(b) of the Commission Notice on a simplified procedure for treatment of 
certain concentrations under Council Regulation (EC) No  139/2004.4 
4. For the reasons set out in the Notice on a simplified procedure, the European 
Commission has decided not to oppose the notified operation and to declare it 
compatible with the internal market and with the EEA Agreement. This decision is 
adopted in application of Article 6(1)(b) of the Merger  Regulation and Article 57 of 
the EEA Agreement . 
For the Commission  
  
(Signed)  
Olivier GUERSENT  
Director -General  
                                                 
4  OJ C 366, 14.12.2013, p. 5.