Onvest and Tesi to acquire a stake in Puurakentajat enabling the company to enter a new growth phase
Puurakentajat Oy Press Release 9 November 2021 at 10.00 a.m. (EET)
Family company Onvest Oy has acquired a significant stake in Puurakentajat Group Oy, the Finnish expert in solid wood construction, and becomes an active industrial owner of the company. Furthermore, Tesi (Suomen Teollisuussijoitus Oy) has also acquired a stake in the company. The changing ownership structure enables Puurakentajat to develop its strongly growing operations to a new level.
Wood construction is growing strongly both in Finland and globally, driven by objectives and guidelines regarding carbon neutrality and sustainable use of wood. The Finnish Ministry of the Environment has published national targets for public wood construction, stating that the share of wooden constructions in public buildings should be 31% by 2022 and 45% by 2025. Finland is aiming at carbon neutrality by 2035.
Puurakentajat has been designing, producing and building ecologically sustainable and healthy single-family houses, apartment blocks, schools and day-care centres and other types of building since 2006. The growing trend of sustainable and ecological construction is also reflected in Puurakentajat’s strong order book.
“There is a lot of demand for solid wood construction at the moment. Consumers are appreciating ecological and healthy forms of living at a growing rate. At the same time, the environmental regulations are becoming tighter in a way that favours wood construction. We are well positioned to respond to this demand and are excited to take our business to the next level supported by the competence of both Onvest and Tesi”, said Mikko Leino, CEO of Puurakentajat
“The strengthening of the ownership structure is a continuation of Puurakentajat Group’s strategy to grow into a leading group specialising in wood technology and construction in the Nordics. We appreciate especially Onvest’s commitment to Finnish entrepreneurship and the fact that we share the same values. We are also happy to see Teollisuussijoitus joining us and bringing along its competence and vision of the market as well as in development of growth companies,” said Mikke Ruuhonen, Chairman of the Board of Puurakentajat.
“This investment allows us to build a new pillar for Onvest based on wood construction. At the same time we see this as an important investment in Finnish industry. We are a responsible, long-term owner who wants to help build new flagships for the Finnish industry, and create new jobs and new Finnish internationalisation stories. Our growth is driven by the family company’s passion to build sustainable Finnish success stories.
Onvest primarily invests in companies with outstanding competence and know-how in industries with high entry barriers. Puurakentaja’s vision is very much in line with Onvest’s values and business strategy. We want to support construction that enables clean indoor air and a healthy living environment for future generations. We see Puurakentajat as a pioneer in this field,” said Maria Toivanen, Chairman of the Board of Onvest.
“Tesi has identified wood construction as a growth area with opportunities for high positive impacts. Using solutions based on solid wood improves sustainability of the construction value chain and increases the added value of wood in Finland. We want to support the growth of the entire wood construction ecosystem by increasing Finnish industrial investments. Puurakentajat is a pioneer in solid wood construction in Finland and is now getting new owners to support its long-term growth ambitions,” says Esa Koponen, Investment Manager at Tesi.
After the transaction has been completed, Onvest will own 27.91% and Tesi 14.29% of Puurakentajat.
Puurakentajat Group Oy, CEO Mikko Leino
Tel. + 358 40 551 4055
Onvest Oy, Chairman of the Board Maria Toivanen
Tel. + 358 40 534 5217
Tesi (Suomen Teollisuussijoitus Oy), Investment Manager Esa Koponen
Tel. + 358 50 577 9166
Puurakentajat Oy Group is a Finnish group specialising in wood technology and construction with decades of experience in solid wood construction and renovation. We design, produce and build ecologically sustainable and healthy single-family houses, apartment blocks, schools and day-care centres, among others. All the buildings are made from wood sourced from PEFC-certified forests. The use of CLT (Cross Laminated Timber, solid wood elements) is at the core of our competence. The use of solid wood elements enables new architectural solutions and enhances construction, both economically and from the viewpoint of the environment and health. We construct buildings where people feel good. www.puurakentajat.fi
Onvest Oy is a Finnish sustainable family company. The Group’s goal is to develop Finnish industrial operations, real estate business and, through investment operations, other businesses. The company was founded in 1913 by Alfred Onninen as plumbing contractor A. Onninen. In 2020, the company’s turnover was EUR 147 million and is increasing strongly. www.onvest.fi
Tesi (Suomen Teollisuussijoitus Oy) a state-owned investment company wanting to raise Finland to the forefront of renewed economic growth by investing in funds and directly in companies. We invest profitably and responsibly to create the world’s next success stories. We have EUR 2.1 billion worth investments under management. www.tesi.fi/en | @TesiFII