Are sells Russian operations to local management
Published: 26 October 2020, 9.00 (EET)
Are is divesting its Russian operations in the St Petersburg area to focus on developing and growing its business in Finland and Sweden.
Are has signed an agreement regarding the sale of the shares in OOO Are to Ville Paasonen, who has served as the company’s COO. The divestment is in line with Are’s strategy of focusing on business development and growth in Finland and Sweden.
Ville Paasonen, the new owner of the Russian operations, is an experienced building services expert and has led Are’s business operations in Russia since 2015.
“We are delighted that Ville Paasonen is taking over as the owner and CEO of the company. Over the years, we have built a solid business in the St Petersburg area, and we have a high reputation as a provider of high-end technical building services. As a family business, it was important for us to find a new owner who would be committed to developing the business further and provide continuity for our staff, customers and suppliers,” says Heikki Pesu, CEO of Are.
Are has operated in the St Petersburg area in Russia with an 80-strong team of building services professionals, which produced an annual turnover of EUR 5 million in 2019. Are’s recent projects in Russia include the electrical installation works at the Zenit Arena football stadium, and it has also provided property services to several international and local businesses.
“The changeover has no impact on our customer relationships or staff, and work will continue as usual. Our strengths are office and commercial property maintenance and management as well as technical building services. As an independent entrepreneur, I am excited to continue with the growth and development of this business,” says Ville Paasonen, the new owner and former COO of Are’s Russian operations.
Under the sales agreement, OOO Are may continue to use the Are logo and trademark until the end of 2021.
Heikki Pesu, CEO
Enquiries via Maiju Nupponen, Head of Communications
+358 (0)40 300 5995