Investments in companies - 18.12.2012
Vaaka Partners, Etera, Finnish Industry Investment and other shareholders have agreed to sell EMC Talotekniikka to Royal Imtech N.V. (IM-AE, technical services provider in and outside Europe). With 580 employees, EMC Talotekniikka realises over 100 million euros in annual revenue. The acquisition price is in line with Imtech's previous acquisitions in Finland and will be paid in cash.
EMC Talotekniikka is owned by funds managed by Vaaka Partners Ltd, Etera Mutual Pension Insurance Company, Finnish Industry Investment Ltd and the management team. The company was created in 2007 through a merger of four medium-sized technical services providers with 12 subsequent add-on acquisitions further strengthening the company’s geographical reach, competencies and service offering. Today EMC Talotekniikka is a top-5 player in the technical services market with national coverage through 11 branches.
The company offers multi-disciplinary technical projects, including electrical services, plumbing, mechanical services (air, climate, air-conditioning), security and telecommunications, both in new-build and renovation. EMC Talotekniikka is one of the strongest players in the growing field of renovating technical and energy infrastructure in older apartment complexes, delivering dozens of large projects each year utilizing the company’s proprietary Silotek® prefabrication solutions. In addition the company has a substantial maintenance and technical services business as well as significant special competencies in project management, energy solutions and building automation.
“Together with the management team, Vaaka Partners has grown EMC Talotekniikka to a leading national player in the technical services and building systems markets which have been challenging for the construction industry in general. The company has succeeded excellently in its growth strategy: over 50 million euro of sales growth has been organic accelerated by a series of strategic add-ons. We are very pleased with the transaction and the fact that EMC Talotekniikka will be incorporated into a large international company, allowing strong further development. The market potential in Finland, EMC Talotekniikka's specific strengths, Imtech's financial security and continuity, and the available cross-selling potential constitute a solid base for EMC Talotekniikka’s continuing success.” says partner Ilkka Pentikäinen of Vaaka Partners.
”We believe that change in ownership enables further development of EMC Talotekniikka according to our previously set vision. In the future, EMC Talotekniikka can utilise Imtech’s extensive technological know-how. Furthermore Imtech’s strong financial background provides a solid basis for realizing our growth strategy and credibility within clients. In addition, we see Imtech’s decentralised leadership as a benefit, as it has already been executed in EMC Talotekniikka’s own leadership model” says CEO of EMC Talotekniikka Kimmo Liukkonen.
The acquisition is subject to the approval of the Finnish competition authorities. The acquisition is expected to be completed by early 2013.
EMC Talotekniikka Ltd
CEO Kimmo Liukkonen
tel. +358 50 911 2448
Vaaka Partners Ltd
Partner Ilkka Pentikäinen
tel. +358 400 217 671
Finnish Industry Investment Ltd
Investment Director Juuso Puolanne
p. +358 50 570 0235
Vaaka Partners Ltd is a Finnish private equity firm focusing on small and lower middle market buyouts. In total, its portfolio companies have a combined turnover of approximately EUR 400 million and about 3,000 employees. Vaaka Partners manages funds with commitments of EUR 300 million from domestic and international institutional investors. Examples of Vaaka Partners’ current investments include the power plant supplier Renewa, the building automation measurement and control equipment company Produal, the pet product retail chain Musti ja Mirri, and the property management service provider Ovenia. Further information is available at www.vaakapartners.fi/en/
Royal Imtech N.V. is a European technical services provider in the fields of electrical solutions, ICT (information and communication technology) and mechanical solutions. With 29,000 employees, Imtech achieves annual revenue of more than 5.1 billion euro. Imtech holds strong positions in the buildings and industry markets in the Netherlands, Belgium, Luxembourg, Germany, Austria, Eastern Europe, Sweden, Norway, Finland, the UK, Ireland, Turkey and Spain, the European markets of ICT and Traffic as well as in the global marine market. In total Imtech serves 23,000 customers. Imtech offers added value with integrated and multidisciplinary total solutions that lead to better business processes and more efficiency for customers and the customers they, in their turn, serve. Imtech also offers solutions that contribute towards a sustainable society - for example, in the areas of energy, the environment, water and traffic. Imtech shares are listed on the NYSE Euronext Amsterdam, where Imtech is included in the Midkap Index. Imtech shares are also included in the Dow Jones STOXX 600 index.