Partnera, a Finnish investment company located in Oulu, has reached an agreement to acquire Uusioaines Ltd. As a result of the transaction, Partnera becomes the majority owner of Uusioaines with a 58% stake in the company. Other shareholders include Tesi (Finnish Industry Investment Ltd) with 30% ownership, as well as the former sole owner Jarkir Ltd, and Managing Director Jussi Parkkali. The total consideration of the transaction is EUR 19.8 million on a debt and cash free basis.
Uusioaines is the leading glass recycling company in Finland, processing ca. 70% of all recycled glass in the country. The company’s manufacturing plant in Forssa, Finland, produces glass cullet and glass powder for various industry uses. Furthermore, by-products from the recycling process are used to produce foam glass, an environmentally friendly insulating product and low-capillarity and lightweight fill material.
“The foam glass product has great growth potential and our new owners will help in with the realisation of that potential. We are happy to join forces with Partnera and Tesi - both being Finnish investors and with the same core values as we have”, comments Jari Stenberg, owner of Jarkir Ltd, the former sole owner of Uusioaines. He will remain with the company as a minority owner.
According to Jari Pirkola, CEO of Partnera, Uusioaines fits well into Partnera’s investment strategy, as glass recycling and manufacturing of foam glass represent circular economy and sustainable development, both vital to the society. Meanwhile, Finnish state owned Tesi emphasizes responsibility in its operations. Many of its portfolio companies focus on reducing environmental impact and energy consumption. “Exporting Finland’s expertise in circular economy is one of the goals of the Finnish government. Due to tightening regulation, glass recycling rate is projected to rise in Europe, creating new opportunities for Uusioaines,” says Tesi’s Investment Manager Samuel Saloheimo.
ProMan advised the seller throughout the process.