Investments in companies - 9.10.2019
Finnish Industry Investment Ltd (Tesi) invests in Fira to help to modernise the construction sector into solutions that serve people and the environment. Fira’s goal is to increase its impact and, together with its customers and partnership network, produce revolutionary business models for the living environment for use on an international scale. This investment will extend the investment of Ilmarinen Mutual Pension Insurance Company in Fira.
“Tesi’s investment will expand Fira’s ownership base, help international investors to join and shape the ownership base for our future listing process. I’m very happy that the accelerated market development and our company’s current development phase link so well together. Our strategy of becoming a service company that leads the way just feels better and better every day. User- and environment-driven solutions, together with scaled production systems, are cornerstones of future success,” says Jussi Aho, CEO of Fira Group.
This spring, Fira launched a cooperation project with Xinova, a US innovation company, with the aim of producing business models for use on an international scale. Scaled production processes enable the quicker and more flawless completion of construction projects at a higher level of quality. These production processes include modular design and construction, as well as takt time production. Fira wants to provide users with similar values as they would obtain from a two-week pipeline renovation project.
“We have been monitoring Fira’s development for several years now. The company has helped to change the construction sector through its operations and has produced significant benefits for its customers. Next, Fira will expand its operating model throughout Finland and to international markets using digital smart services. Fira has the potential to become an internationally significant solver of problems in construction productivity. If it succeeds, the systemic change in the entire sector will produce significant benefits for the whole of society,” says Juuso Puolanne, investment director at Tesi.
Modular construction, or customised mass production, provides options and more choices to designers, builders, developers, property owners and residents. Modular installation can be completed in less than 30 minutes at the worksite, while prefabrication and testing in a controlled factory environment guarantee a high level of quality. Takt time production ensures the correct tasks are carried out at the correct time.
Fira is primarily owned by its founders, managers and personnel. Its largest institutional investor is Ilmarinen Mutual Pension Insurance Company. Ilmarinen has been a shareholder since 2016.
Jussi Aho, CEO Fira Group Oy Tel. +358 40 826 1146
Juuso Puolanne, investment director, Tesi Tel. +358 50 570 0235
Fira is a company that modernises the construction business and builds cities with people, creating opportunities for new business. Fira Group is comprised of Fira Oy, serving as the main contractor in a wide range of residential and commercial construction, modernisation and pipe renovation projects, as well as smart services that develop new services, products and approaches. Fira employs more than 300 people. Fira Group’s net sales and number of personnel have been growing since 2009.
Tesi (Finnish Industry Investment Ltd) is a state-owned investment company that wants to raise Finland to the front ranks of renewing economic growth by investing in funds and directly in companies. We invest profitably and responsibly, together with co-investors, to create the world’s new success stories. Our investments under management total 1.2 billion euros. Ambition for ownership and success www.tesi.fi | www.dtg.tesi.fi | @TesiFII