Uudenkaupungin Työvene Oy and Summa Defence to join forces
Summa Defence Ltd
Press Release, for immediate release at 18.11.2024 at 07:55 EET
Uudenkaupungin Työvene Oy and Summa Defence to join forces
The Finnish defense and security technology group Summa Defence Ltd and Uudenkaupungin Työvene Oy have agreed to an acquisition in which Summa Defence Ltd will acquire the entire share capital of Uudenkaupungin Työvene Oy through a share exchange.
Founded in 1987, Uudenkaupungin Työvene Oy is an internationally renowned shipbuilding company known for its quality. The company has built vessels for the navies of Finland, Sweden, and Estonia; the border guards of Finland and Sweden; the Swedish Transport Administration (Trafikverket); and various ferries and connection vessels for Finland’s Ferry Services Ltd (Finferries) and the ELY Center to support security of supply.
"Uudenkaupungin Työvene Oy is an excellent addition to our portfolio, as securing critical infrastructure essential to Finland’s security of supply is one of the key objectives in the changed security environment. Summa Defence provides strategic support and growth opportunities to companies like Uudenkaupungin Työvene that aim for international success. Finland has a wealth of remarkable innovations and technologies that, with the right resources, can expand globally. We offer a platform to achieve these goals," says Jussi Holopainen, CEO of Summa Defence Ltd.
Uudenkaupungin Työvene’s production focuses on vessels designed for demanding professional and official use. The company builds high-quality products, ranging from aluminum patrol boats to steel-hulled vessels over 100 meters in length. Uudenkaupungin Työvene is responsible not only for the new construction of ships, but also for their major refits, which it has carried out for example for the ships of the Navy and the Border Guard. With overhauls, it is possible to extend the life cycle of vessels with technical upgrades and system renewals. The company has sold vessels to various authorities across Europe, including Poland, Germany, and the United Kingdom.
"Uudenkaupungin Työvene plays an important role in Summa Defence’s growth strategy. We focus on dual-use technologies with applications in both civilian, defense, and security sectors. We provide solutions for real-time situational awareness, effective protection, flexible mobility and security of supply, which Uudenkaupungin Työvene embodies," adds Holopainen.
"We are very excited about this ownership arrangement. We are currently in a strong growth phase, and Summa Defence provides us with an excellent platform for further expansion. With our strong order backlog of approximately EUR 112 million and Summa Defence’s support, we can meet increased demand and take our business to a new level," says Juha Granqvist, CEO of Uudenkaupungin Työvene.
In 2023, Uudenkaupungin Työvene had a revenue of approximately EUR 17 million and currently employs 70 people, as well as over a hundred subcontractors. The acquisition has no impact on personnel. The parties have agreed that the purchase price will not be disclosed. The transaction is executed through a share exchange, making sellers Juha Granqvist, Janne Kosomaa, and Baltic Workboats AS shareholders in Summa Defence Ltd.
Summa Defence brings together companies in the defense and security industries to build a strong growth company in the sector. The company’s acquisition strategy focuses on businesses that have demonstrated the applicability of their technologies to both defense and civilian markets. These companies must have a passion and capability for international growth, particularly in NATO member countries. Owners’ commitment to continue developing and growing the company is also crucial. Acquired companies will continue to operate under their own identities while benefiting from group synergies and participating in larger international projects.
"Summa Defence is a coalition of companies and entrepreneurs. Finnish ownership is important to us, and we are building a future publicly listed growth company in the defense and security industry. Summa Defence’s main owners, AktiiviOmistajat, are investing approximately 20 million euros into the company as part of the implementation of these arrangements, ensuring continued strong growth for the subsidiaries. Interest in Summa Defence has been very high, and we believe in the group’s rapid growth", says Markku Kankaala, Chairman of the Board of Summa Defence Ltd and AktiiviOmistajat.
Summa Defence is currently finalizing acquisition negotiations with several security and defense technology companies.
For more information:
Jussi Holopainen, CEO
Phone: +358 44 517 4543
Email: jussi.holopainen@summadefence.com
Summa Defence in brief
Summa Defence is a Finnish defense and security technology group supporting industry growth and strengthening industrial production capacity amid geopolitical change. We focus on dual-use technologies related to situational awareness, mobility, and protection, benefiting the civilian, security, and defense sectors while enhancing comprehensive security, security of supply, and crisis management capabilities.
www.summadefence.fi