DevCo creates a leading European provider of valve solutions by acquiring Czech Republic based ARMATURY Group. This transaction represented DevCo Partners’ first acquisition outside Finland and the first add on acquisition of their portfolio company Vexve Oy, the leading manufacturer of valves for the global district energy sector, which DevCo acquired in June 2016.

ARMATURY Group is a modern, rapidly growing valve manufacturer, serving the gas pipeline, power and metallurgical sectors. The Company is headquartered in Dolní Benešov Czech Republic, where it employs around 550 people in its modern and well invested, ca. 75,000 m² company area. ARMATURY generates revenue of ca 60 million and around 80 of the Company’s products are exported to over 60 countries.

Carner advised the buyers on the acquisition, first by conducting a thorough market analysis to develop a deep understanding of the flow control industry. Secondly, based on specific target criteria an international screening of suitable targets was carried out by leveraging the connections and industry insight of the international IMAP organization. Thirdly, Carner facilitated several introductory meetings with potential targets and provided its full support throughout the discussions, not only in the traditional corporate finance related tasks, but also in the commercial due diligence work stream. With the support of Carner and its local IMAP partner Redbaenk, DevCo promptly entered exclusive negotiations with the sellers and ARMATURY’s management team.

DevCo Partners is a long term oriented owner operator, which is dedicated to building world leading companies in selected niche markets. DevCo is currently the majority owner of three global niche leaders, Vexve, Medix Biochemica and ARMATURY Group.

Vexve Oy is a globally leading supplier of valve solutions for heating and cooling needs in urban and industrial environments. Through this transformational acquisition, Vexve strengthens its position in new attractive end segments and creates an even stronger platform for global growth. The turnover of the company was €49 million in 2018.