EXIT: Equity United portfolio company Smartecon acquired by Verston Group
Verston Group, the parent company of Estonia's leading infrastructure construction and maintenance group, has acquired a 100% stake in Smartecon, the renewable energy and energy infrastructure company backed by Equity United.
Equity United invested in Smartecon in 2022 to support the company's next stage of growth. Since then, Smartecon has established itself as one of Estonia's leading renewable energy EPC companies, having built more than 1,000 solar power plants across five countries and reaching close to €35 million in revenue in 2025.
Founded as an energy infrastructure specialist, Smartecon focuses on the design, construction, and maintenance of renewable energy generation and energy storage solutions. The company has played a significant role in the development of solar energy infrastructure across the Baltics and wider region.
The acquisition brings together Smartecon's expertise in renewable energy and energy storage infrastructure with Verston's experience in delivering large-scale infrastructure projects. Together, the companies aim to take on larger, more integrated energy infrastructure projects, ranging from solar and wind parks to storage solutions, grid connections, and broader energy infrastructure developments across the region and Europe.
"Over the past ten years, we have reached a point where moving to the next level requires a stronger platform behind us," said Magno Kure, CEO of Smartecon. "Organic growth alone would not have allowed us to scale up project volumes, operational capacity, and international reach quickly enough. An important factor in joining Verston Group was that its leadership shares our ambitions, approach, and outlook."
According to Veiko Veskimäe, Founder and Co-CEO of Verston Group, the acquisition enables the company to offer end-to-end energy infrastructure services by combining expertise in the planning, construction, and maintenance of roads, facilities, and energy infrastructure projects.
The transaction reflects growing demand for integrated energy infrastructure solutions as renewable energy generation and storage projects become increasingly complex. By bringing together complementary capabilities, Verston Group and Smartecon aim to strengthen their position in the rapidly evolving energy infrastructure market.
Smartecon will continue operating under its own brand as a separate subsidiary of Verston Group. Its management team, employees, partnerships, and ongoing projects will remain unchanged, with integration taking place gradually. The financial terms of the transaction were not disclosed.
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