The acquisition of the Nordec Group has been completed today 10th November 2022
Nordec Group Corporation press release 10th November 2022
The acquisition of the Nordec Group has been completed today 10th November 2022
Donges SteelTec GmbH (the “Selling Shareholder”), a wholly owned subsidiary of the German publicly listed private equity holding company Mutares SE & Co. KGaA, published on 22nd September 2022 the business transaction to sell its ownership of Nordec Group to a new consortium company of which major shareholders are Harjavalta Oy and Tirinom Oy.
The business transaction was subject to Finnish Competition and Consumer Authority approval, of which has been successfully finalized. The business transaction counterparties has agreed jointly that the price of the business transaction is not to be revealed. The new consortium company of which major shareholders are Harjavalta Oy and Tirinom Oy, former anchor investors of Nordec Group’s planned and cancelled IPO (Initial Public Offering) from June 2022 also include the senior management of Nordec Group Corporation.
This ownership change will support and enhance the company’s possibilities to successfully deliver on its business strategy. With the takeover of Nordec, Harjavalta Oy strengthens its commitment in the Nordic construction sector, and Tirinom expands its international footprint into new segments of the building industry.
Nordec Group Corporation has already taken major steps during 2022 to grow the business and this year the group is expected to exceed its previously communicated outlook for the year. There is a strong commitment from the organization to further develop the business together with the new owners.
Petri Rignell, the Chairman of the Board of Nordec Group Corporation, comments:
"As the Chairman of the Board of Nordec Group, I am very pleased to see this business transaction completed. The business transaction will support Nordec aims to further develop its business and support company to continue excellent business performance, of which has been executed throughout 2022.”
Kalle Luoto, the CEO of Nordec Group Corporation, comments:
“As the CEO of Nordec I am looking forward to starting new phase with the new owners. During 2022 the Group has been successfully grown it’s business ahead of the previously communicated targets. With the new owners we will continue to develop and grow the business in the years to come. My sincere thanks to all Nordec employees for the great performance of the company during the turbulent times in 2022.”
Further information
Petri Rignell
The Chairman of the Board of Nordec Group Corporation
Tel: +358 40 505 2404
petri@rignell.fi
Kalle Luoto
CEO
Nordec Group Corporation
Tel: +358 50 552 9682
kalle.luoto@nordec.com
Jussi Aine
The President and CEO of Harjavalta
Harjavalta Oy
jussi.aine@harjavaltagroup.fi
Information on Nordec
Nordec Group Corporation is, according to the Company’s management estimate based on revenues, one of the leading providers of steel frame structure and envelope solutions for construction projects in the Nordic countries of Finland, Sweden and Norway with a strong position in the Central and Eastern European countries of Poland, Lithuania, the Czech Republic and Slovakia.
Nordec has a long experience in designing, manufacturing and installing frame structures, envelopes and bridges. The main raw material used by Nordec in its construction structures is steel. Nordec’s offering comprises multi-storey, single-storey, heavy industry, bridge, and envelope solutions. Examples of Nordec’s landmark projects include Central Library Oodi in Helsinki, various construction projects related to battery value chain in Sweden, as well as DLS and Dahl logistics centers in Sweden.
Nordec’s revenue for the financial period ended December 31, 2021 was EUR 225.5 million, adjusted EBITDA EUR 11.8 million, adjusted EBITA EUR 9.2 million, and reported operating profit EUR 2.0 million.
More information about Nordec can be found on the Company’s website at www.nordec.com