Adelis acquires Finnish discount retailer Puuilo together with the company’s management team
Adelis Equity Partners Fund I (“Adelis”) has agreed to acquire a majority stake in Puuilo Oy (“Puuilo”) from a fund managed by Sentica Partners (“Sentica”) and the company’s management team. The management team will retain their current roles and continue as significant minority owners in the company.
Puuilo, founded in 1982, is one of the leading discount retailers in Finland. The fast growing company currently has 15 stores throughout Finland and a webshop. Puuilo has a wide product offering that comprises do-it-yourself/renovation related products, tools, car accessories, garden supplies, pet food and supplies as well as household goods. Puuilo is primarily focused on DIY customers and is known for its wide assortment and everyday low prices. The company has a turnover of approximately €75 million and employs 240 people.
“We have experienced significant growth in recent years and expanded from being a local player to a company with nationwide presence. The cooperation with Adelis is a natural next step in the development of the company. Adelis will be a strong sparring partner for us and the management competences Adelis brings to bear will be very valuable as we continue implementing our growth strategy. Our goal is to double the number of stores in the coming years. The next store is going to be opened already in March in Oulu”, says Markku Tuomaala, CEO of Puuilo.
“We are very impressed with Puuilo’s development and the achievements of the management team. The handymen and women of Finland can be sure to find a very wide assortment at a price guaranteed to be easy on the pocket when visiting the company’s stores. Our plan is to give all Finnish people access to this unique concept in the coming years. The company fits our investment criteria well and we look forward to developing the company together with management”, says Rasmus Molander of Adelis.
As part of the transaction, Tomas Franzén will invest in the company and take on roles as a Board member and advisor to the management team. Franzén has held various leadership positions at IKEA and is the former CEO of Biltema and ÖoB.
The parties have agreed not to disclose the terms and conditions of the transaction, with the exception of the fact that the acquisition is subject to approval from competition authorities.
For further information
Markku Tuomaala, CEO, Puuilo, +358 40 540 56 70
Rasmus Molander, Adelis Equity Partners, +46 70 283 74 33
Puuilo is a family business founded in 1982 as a carpenter’s workshop in Kainuu in Finland. The company is a discount retailer operating a countrywide network of 15 stores and a web-shop. Puuilo’s product offering comprises of renovation related products, tools, car accessories, garden supplies, pet food and supplies as well as household goods. The company has a turnover of approximately €75 million and employs 240 people. For more information please visit www.puuilo.fi.
About Adelis Equity Partners
Adelis is an active investor and partner in creating value at small and medium sized Nordic companies. Adelis was founded in 2012 with the goal of building the leading lower middle market investment firm in the Nordics. Adelis’ team members have extensive Private Equity experience, have invested in over 50 companies and have been members of the board in more than 50 middle market companies. Our current fund size is approximately €400 million. For more information please visit www.adelisequity.com.