New owner for Vema Lift to strengthen growth

7.1.2020

New owner for Saurus and Vema Lift to strengthen growth

Sievi Capital plc will own majority shareholdings in Saurus Oy and Vema Lift Oy under the terms of a transaction agreement signed on 7 January 2020. State-owned investment company Tesi (Finnish Industry Investment Ltd) is a co-investor in the transaction arrangements. Saurus and Vema Lift, manufacturers of firefighting and rescue vehicles, will in future form a newly founded corporate group. The vendor, Kiitokori Group, will divest all ownership of the companies but will continue to support their growth by providing additional capacity as a subcontractor.

Saurus Oy’s and Vema Lift Oy’s strong product portfolios, existing customer relationships and brand recognition will enable accelerated growth to meet the market’s growing demand. There will continue to be considerable investment in both product development and production capacity. The ownership arrangements now agreed will form a strong framework for the new corporate group. A new-generation and long-sighted entrepreneur that can rejuvenate the business and accelerate growth in the global market for rescue vehicles was sought for the companies.

Rejuvenation and increased production will be achieved in the future also in a way that always allows us to succeed together with our customers. Existing partnerships and cooperation platforms form a springboard on which it will be a pleasure to build future operations. Kiitokori Oy’s CEO Antero Sirkka is involved to support continuity of business operations until a new CEO for the corporate group being founded has been appointed.

Looking forward to our fruitful cooperation in the future.

Saurus Oy

Vema Lift Oy

Information about the new owners:

Sievi Capital is a listed (Nasdaq Helsinki) private equity investment company that invests in small and medium-sized Finnish companies. Sievi Capital is a partner for portfolio companies’ management and co-owners that actively supports growth, profitability and value creation. www.sievicapital.fi

Tesi (Finnish Industry Investment Ltd) is a state-owned investment company that wants to raise Finland to the front ranks of renewing economic growth by investing in funds and directly in companies. We invest profitably and responsibly, together with co-investors, to create the world’s new success stories. Our investments under management total 1.2 billion euros. Ambition for ownership and success. www.tesi.fi | www.dtg.tesi.fi | @TesiFII