Are buys Lemminkäinen’s technical building services
Are Group and Lemminkäinen Corporation have signed an agreement whereby Are buys Lemminkäinen Technical Building Services’ entire share capital.
The transaction is subject to approval by the Finnish Competition and Consumer Authority , which is expected by the end of June 2014. Lemminkäinen’s Technical Building Services personnel will be transferred to Are as existing employees.
The acquisition will strengthen Are’s service offering and competitive position. The new unit offers total solutions for building services contracting and property services on 24 locations. The acquisition brings together the industry’s best service and contracting professionals. After the acquisition, the amount of employees more than doubles and will be approximately 2,800. Are’s revenue will increase from EUR 165 million to EUR 387 million, counted on 2013 figures.
‘This is one of the most significant acquisitions in the history of our family business. We will be better able to compete on large and demanding contracts. This will significantly benefit our customers,’ says Maarit Toivanen-Koivisto, Chairman of the Board of Are and Onvest.
Berndt Brunow, Chairman of the Board and temporary CEO of Lemminkäinen: ‘Our goal is to crystallize our business portfolio and focus on developing the Building Construction and Infrastructure Construction segments. The acquisition brings together the best experts in the field of building services and contracting and creates a strong domestic player. It provides our customers with a better service level and our personnel with new development possibilities.’
Heikki Pesu, CEO, Are: ‘The proportion of technical building services is approximately 20-30% of the value of new properties. The demand for energy savings is constantly growing, as well as is the proportion of renovation. The combination of local sites and expertise of the two companies strongly complement each other and bring us closer to our customers. We will offer the best technical solutions and constantly develop our service offerings.’
For further information, please contact:
Maarit Toivanen-Koivisto, vuorineuvos, Chairman of the Board of Are and Onvest, Tel+358 204 85 5508
Heikki Pesu, CEO, Are Group, Tel+358 40 300 5450