Onvest takes a majority stake in Puurakentajat and strengthens the company’s growth potential

Puurakentajat Oy, Press release January 23 2023, at 10.45 a.m. EET

Family business Onvest Oy (“Onvest”) has increased its minority holding in Puurakentajat Group Oy (“Puurakentajat”), the Finnish expert in solid wood construction, and has become main shareholder of the company as founder Jyrki Huttunen has sold his majority stake to Onvest. As part of the transaction Mikke Ruuhonen, who has acted as Chairman of the Board, has also sold his shares in the company to Onvest. Tesi’s (Suomen Teollisuussijoitus) and CEO Mikko Leino’s holdings in the company remain unchanged. Jyrki Huttunen continues in an operational role following completion of the transaction.

In the autumn 2021, Onvest became an active industrial owner of Puurakentajat by acquiring a 27.91 per cent stake in the company. At the same time Tesi made a 14.29 per cent investment in the company. With the new owners, Puurakentajat started to develop the rapidly growing business to a new level. The new ownership structure announced today further supports Puurakentajat's strategy implementation and abilities to grow, both organically and through acquisitions.

"Consumers are increasingly looking for ecological and healthy forms of living. At the same time, environmental requirements set by the authorities are tightening and favoring Puurakentajat. Solid wood construction is experiencing solid demand. With the new ownership structure, we are better placed to meet this demand and successfully implement our strategy. Our new main owner's commitment to Finnish wood construction and our shared values are particularly important to us. It is with great enthusiasm that we now continue construction of solid wood buildings, developing the industry, and growing the business towards the leading Nordic group in solid wood technology and construction", said Mikko Leino, CEO of Puurakentajat.

"Onvest has today announced its increased holding in Puurakentajat Oy and the acquisition of 100 percent of Teijo-Talot Oy. Through these acquisitions our intention is to take a significant position in solid wood construction. Onvest Oy is a responsible and long-term owner. Our ambition is to build new flagships of the Finnish industry, create jobs and build successful internationalisation stories. Our growth is driven by the family company's passion for building sustainable Finnish success stories. The goals and values of Puurakentajat align perfectly with the strategy and values of Onvest. We want to support construction that enables clean indoor climate and healthy living conditions for future generations. Puurakentajat is a forerunner in this field," said Maria Toivanen, Chairman of the Board of Onvest Oy.

“Our core values have always been an important part of what we do and our competence. Professionalism and quality are important aspects of everything we do. Equally, it is important that we are perceived as a trustworthy partner. We care about the world in which we operate. As the company grows and its priorities evolve, these changes are also reflected in our daily operations, strategy, leadership and ownership structure. I am pleased to see the transfer of the main ownership of Puurakentajat to a competent and responsible industrial owner, who strengthens our abilities to meet the strong demand in solid wood construction. We share the same core values, which remain unchanged and continue to serve us as the backbone of our company,” said Jyrki Huttunen, founder of Puurakentajat.

Environmental concerns and global warming create strong demand for environmentally friendly new construction. Ecological building materials and carbon neutrality during the life cycle of buildings are important growth drivers. In order to achieve carbon neutrality by 2035, the Finnish Ministry of the Environment has defined that at least 45 per cent of all new public construction should be wood construction by 2025. 60 per cent of municipalities in Finland have defined wood construction as a strategic goal in the next few years.

As a result of the transaction, the composition of Puurakentajat's Board of Directors will change. The composition of the new permanent board will be confirmed later.

More information:

Puurakentajat Group Oy, CEO Mikko Leino
Tel. +358 40 551 4055
mikko.leino[at]puurakentajat.fi

Onvest Oy, hpj Maria Toivanen
Tel. 040 534 5217
maria.toivanen[at]onvest.fi

Puurakentajat Group Oy is a Finnish group specializing 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. 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 solid wood buildings where people feel good. www.puurakentajat.fi

Onvest Oy is a Finnish responsible family business aiming to develop Finnish industrial, real estate and, through investment operations, other businesses. The company was founded in 1913 by Alfred Onninen as plumbing contractor A. Onninen. Turnover of the Onvest Group is today about EUR 270 million. www.onvest.fi