Smaragdus group to become part-owner of Estonian company Heatconsult OÜ

Project management and planning group Smaragdus Oy, which owns CTS Engtec Oy, has purchased a share of the Estonian company HeatConsult OÜ. HeatConsult specialises in district heating and gas supply project management and specialist work, and its services will supplement the comprehensive range of services offered by companies in the Smaragdus Group for energy sector investment projects.

HeatConsult OÜ was established in 2011 and is a consulting agency specialising in heating and gas project management and specialist work. It has 16 employees. In recent years, the company has successfully participated in many local and international investment and development projects in the energy sector, and already has several significant and well-established customer relationships.

HeatConsult’s founders sought a wider ownership base to ensure the company’s growth and development. A new part-owner was found in the Finnish Smaragdus Group, which purchased 25 per cent of HeatConsult in a transaction that took place on 3.11.2020. The parties to the transaction aim to continue close collaboration, which may in the future lead to HeatConsult coming under the full ownership of Smaragdus.

Igor Krupenski will continue in his role as the managing director of HeatConsult. The company’s owners Igor Krupenski and Alexandr Ledvanov will continue to work for HeatConsult and to sit on the company’s Board of Directors. The managing director of the Smaragdus Group, Antti Lukka, has been appointed as Smaragdus’ representative on HeatConsult’s Board of Directors. The change in ownership will not affect staff, and the number of people employed by the company will increase in the future.

“The new ownership base allows us to offer our customers even more advanced and extensive expertise in various technical fields, from pre-planning through to project implementation. For us, joining the Smaragdus Group provides us with an opportunity to further develop our competence by participating in demanding technical projects and to access the international market with even bigger volumes. We are certain that with the Smaragdus Group’s professionalism and competence, we will be able to implement even more complex projects in many different sectors,” summarises Igor Krupenski, managing director of HeatConsult.

“For the Smaragdus Group, investment in HeatConsult is a natural continuation of the expansion of energy sector services. Combined with CTS Engtec’s strong market position in gas sector investments, HeatConsult’s strong competence will respond well to growing demand in Finland. HeatConsult’s district heating competence meanwhile opens up growth potential for the entire Group in the Baltics and in Central and Western Europe,” says Timo Hyvönen, Chair of the Smaragdus Group Board of Directors, and continues, “In addition, HeatConsult and SystemTest OÜ, which is based in Tallinn and is also part of the Smaragdus Group, can work together to offer extensive packages for customers of both companies.”

The Smaragdus Group is owned by professional investors comprising Finnish private individuals and companies with significant expertise in business relating to investment projects. The Group is managed by investment company Helmet Capital and it owns CTS Engtec Oy, which is an industrial technical engineering and consulting company; Fimpec Oy, which specialises in construction management and the implementation of industry, real estate and infrastructure projects; and Fundacon Oy, which specialises in project management in the energy sector. HeatConsult OÜ and its energy sector services will support the range of services offered by the Group in comprehensive industry and infrastructure development commissions.

For more information, please contact:

Igor Krupenski, Managing Director, HeatConsult OÜ
tel. +372 5800 3989
e-mail: igor(a)

Timo Hyvönen, Chair of the Board of Directors, Smaragdus Oy
tel. +358 400 975 838
e-mail: timo.hyvonen(at)

Antti Lukka, Managing Director, Smaragdus Oy
tel. +358 40 535 0626
e-mail: antti.lukka(a)

Helmet Capital Oy Ab is a Finnish private equity firm specialising in the ownership arrangements and industrial development of unlisted growth companies. It has invested funds into more than 50 companies. Helmet’s investors are a group of Finnish and international private investors, insurance companies, and other institutions. Helmet’s strength lies in its group of experienced Finnish industry leaders.
CTS Engtec Oy is one of Finland’s leading companies offering design and consulting services for investments. The professional skills of CTS Engtec’s staff have been available to customers representing various industry sectors for 50 years.

Fimpec Oy is an international project management company that provides  comprehensive project management services for large industrial investments, business and office buildings, and public real estate and infrastructure projects. Fimpec combines the expertise of internationally experienced experts with an extensive network of specialists to provide a comprehensive service package.

Fundacon Oy specialises in providing comprehensive service to energy industry end users in Finland and the Baltic Sea region. The company’s employees have extensive experience, particularly with the management of energy industry projects and specialist tasks.

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