Leading Nordic insulation manufacturer Jackon Group has bought 90% of ThermiSol Ltd’s capital stock. ThermiSol is a manufacturer of EPS insulation products and a Tesi portfolio company since 2011. The agreement was signed on 10 February 2017.
“This transaction gives us broader shoulders and ensures our continuing growth in the future. I’ll continue as CEO of ThermiSol with a 10% stake in the company,” says managing director Veli Ollila.
Energy-saving targets have created demand for modern plastic-based insulations that are more efficient than conventional thermal insulating materials. ThermiSol’s EPS insulating products are also recyclable and very moisture resistant. Established in 1962, ThermiSol has three production plants in Finland. The head office and largest plant is located in Sastamala. The company has consistently posted a profit in recent years despite the challenging business environment prevailing in the Finnish market for building products. ThermiSol generated net sales of €25m in 2016 and employed 70 people.
“ThermiSol has managed to enhance efficiency and boost its profitability headed by the current management. The new owner’s expertise will give the company even better opportunities for growth. I wish the company every success in the future,” says Tesi’s Investment Manager Miikka Salminen.
“Jackon will help ensure sufficient resources for future investments and R&D, while keeping production in Finland. Jackon’s products will also broaden the range we offer,” comments Ollila.
ThermiSol has a broad range of EPS insulation and insulating products
ThermiSol has strong ties to almost all Finnish construction firms and hardware stores, and is renowned for its efficient logistics. Discussions about acquiring the company lasted a number of months. Jackon Group has been looking to buy Finnish production facilities for some years now, and Finland’s market leader with its strong product brand was an attractive proposition.
“We are glad that Veli Ollila will continue to develop ThermiSol with us. EPS elements are not at present in Jackon’s product range, so the new product area opens up interesting opportunities. The acquisition of ThermiSol further reinforces our position as the market leader in the Nordic countries,” says Jackon Group’s CEO Stein Trygsland.
For more information and interviews:
Veli Ollila, Managing Director, ThermiSol Oy, tel. +358 50 305 5075, www.thermisol.fi
Stein Trygsland, CEO, Jackon Group, tel. +47 911 45 843, www.jackon.com
Miikka Salminen, Investment Manager, Tesi, tel. +358 40 535 4758, email@example.com
ThermiSol Ltd was founded in 1962 and specialises in the manufacture and sale of expanded polystyrene (EPS). ThermiSol Ltd operates throughout Finland, with three plants in Sastamala, Nurmijärvi and Rovaniemi. The company’s product range includes insulation, panels and industrial products fabricated from expanded polystyrene. ThermiSol is a leader in its selected market and employs some 70 insulation specialists.
Jackon Group is a Norwegian corporation based in Fredrikstad. The company is the Nordic countries’ leading manufacturer of EPS, XPS and EPP insulation and packaging products for construction and industrial use. Jackon Group has 15 plants in Europe, of which 12 are located in Nordic countries. The Group generates net sales of €265m and employs 750 people.
Tesi is a private equity and venture capital investment company that accelerates companies’ success stories by investing both in funds and directly in companies. We operate as an active minority owner that possesses business expertise and international networks enabling a company to pursue its growth strategy. Our assets under management amount to one billion euros and we have a total of 660 portfolio companies. @TesiFII