Vaaka Partners to support Finland-based Framery to strengthen its globally leading position in soundproof office booths
The importance of quiet spaces is growing dramatically all over the world, as open-plan offices have become the norm. The Finnish company Framery updated the traditional phone booth for the modern office environment and is now the globally leading supplier of soundproof office solutions. The shared goal of the private equity investor Vaaka Partners and Framery is to accelerate the company’s global growth and to multiply its turnover.
Private equity investor Vaaka Partners’ Buyout Fund III is investing in the Finnish company Framery, which has boldly and open-mindedly entered the international market. After this investment, Vaaka Partners and its co-investors will own 60% of the company. Framery is a growth company that manufactures soundproof phone booths and meeting pods mainly for the international market.
In 2017, Framery more than doubled its turnover from the previous year to EUR 40 million. Framery has won multiple awards within its industry, and more than 90% of its turnover comes from exports. Framery products are exported to North America, Europe and Asia.
Growth-minded Finnish business leaders and industry experts to join Framery Board
“We will provide our extensive know-how, a new experienced board and support to accelerate Framery's internationalisation. The members selected for the Board are Mika Sutinen, well-known growth leader from the pet specialty retail chain Musti Group; Timo Toikkanen, expert in management of international sales organizations and one of the people behind Nokia’s growth; Per-Arne Andersson, industry expert and previous CEO of the Kinnarps Group, and Jukka Kurttila, the marketing whizz known from Bob the Robot and Finlayson,” says Partner Ilkka Pentikäinen from Vaaka Partners.
Vaaka Partners will support Framery in strengthening its technological product leadership, brand value and international sales organization. Key role in Framery’s growth and internationalisation plays its innovativeness, courage and talent to design solutions for the evolving requirements of work places, combined with top quality and integrity.
“First and foremost, we were impressed by Framery’s superior technological know-how, its continuous innovation and its dynamic, positive working culture. The success of Vaaka Partners’ portfolio companies is based on creating a strong growth strategy, as well as additional resources, know-how and systematic modes of operation,” states Partner Ville Koskenvuo from Vaaka Partners.
“It all started with the boss hollering into his phone”
The founders of Framery discovered their great idea for a company in 2010, while looking for a way to solve the problem of noise at their workplace of that time. Right from the start, the company’s mission was to combine functionality and design in all its products. Today, Framery’s top-selling products – soundproof phone booths and meeting pods – are used and appreciated by large international companies, such as Puma, Vodafone, Microsoft and Uber, as well as Finnish companies like Outotec. Framery’s products are sold via a global dealership network, and the company aims to expand its international sales organization and distribution network.
“Having Vaaka as our partner is a significant leap forward for Framery in terms of implementing our growth strategy. Framery’s management, Vaaka and Vaaka’s industrial advisers have worked together to update our growth strategy, which should enable further acceleration of our rapid growth. As Framery grows into a new size category, we will be able to utilize the numerous experiences Vaaka and their industrial advisers have had of corresponding situations in various growth companies,” says Framery CEO and founder, Samu Hällfors.
Framery in brief:
Framery is a pioneering designer and manufacturer of prefabricated soundproof phone booths and meeting pods, as well as the global market leader. The company was established in 2010, and its turnover was approximately EUR 40 million in 2017. Framery’s success and growth are driven by its strong technological and production know-how, dynamic development culture and its own innovative designs. In 2017, Framery was granted the Internationalisation Award of the President of the Republic of Finland. It also ranked second on the Deloitte Technology Fast 50 list and received the Internationalisation Award for Finnish design. Framery employs more than 180 people worldwide. Its products are manufactured in Tampere, Finland.
Vaaka Partners in brief:
As an active private equity owner, Vaaka Partners builds significant growth for medium-sized Finnish companies. Companies owned by Vaaka include, for example, Solita, Unisport, Molok and Jungle Juice Bar. The success of its companies is based on designing a strong growth strategy, additional resources, know-how, systematic modes of operation and trust-based collaboration between management and other stakeholders. Vaaka Partners manages private equity funds of approximately EUR 0.5 billion. The investors are premier European institutional investors, such as pension funds.
Vaaka Partners Oy: Partner Ilkka Pentikäinen, tel. +358 (0)400 217 671
Framery Oy: CEO Samu Hällfors, tel. +358 (0)50 517 5818