Acquisition of Flexmill by Mirka
World-leading abrasives and power tools manufacturer Mirka Ltd. acquires 100% of the shares of the Finnish robotics company Flexmill.
Based in Nurmijärvi, Flexmill is an engineering and integrator company specializing in robotics and surface treatment automation, focusing on demanding sanding, polishing, and deburring applications. Flexmill, which employs approximately twenty robotics engineers and software programmers, has delivered hundreds of systems to more than seventy customers in twenty countries. Typical applications include propellers, turbines, foundry products, and welded and machined structures in the fields of Aerospace, Automotive, Marine, and Energy industries.
The acquisition of Flexmill is a key part of Mirka’s strategy to expand its range in robotics.
“We welcome Flexmill into the Mirka Group and are really excited about the new competence we now have in Mirka. Flexmill’s specialized knowledge in robotics and automation and Mirka’s expertise in surface finishing and global market reach opens so many new opportunities. Mirka has recently launched a whole family of electric sanding tools, for robotic sanding applications, and can now also offer complete solutions and integration services for automated and robotized surface finishing,” says Mirka’s Chief Executive Officer Stefan Sjöberg.
Flexmill was founded in 2017 as a spin-off from JOT Automation with Finnish Private Equity company Verso Capital as the investor and main shareholder. Verso Capital is a growth stage buyout investor that specializes in carve-out situations and complex business situations. They acquire and invest in European B2B companies and businesses that have good growth potential and revenues up to 50 MEUR, but currently are suffering from growth bottlenecks. Verso Capital manages three funds with over 160 MEUR of capital and have offices in Helsinki, Stockholm, and Munich.
“For Verso Capital, it was important to find a strategic buyer that could take the unique and world-leading robotics competence to the next level. In Mirka, we see a perfect match, and we are happy we could play our part in excelling robotics for the Finnish industry”, comments Marko Järvinen, partner in Verso Capital.
Carner Corporate Finance advised Mirka throughout the acquisition process.
Source: Mirka Ltd press release
Mirka
Mirka is a world leader in surface finishing technology and offers a broad range of ground-breaking solutions for the surface finishing and precision industry. Thanks to high-quality sanding and polishing products, and innovative tools with digital services and connectivity, a Mirka solution delivers real benefits to customers in terms of speed, efficiency, surface finish quality, and cost-effectiveness. In 2021, Mirka’s turnover was 354 MEUR with approximately 1,500 employees. Mirka has 18 subsidiaries located in Europe, the Middle East, North and South America as well as Asia. Headquarters are in Finland, production is in Finland, Belgium, and Italy.