Sale of KotiSun Oy to Panostaja Oyj

Panostaja Oyj has bought a 60 per cent shareholding in KotiSun Oy, a company offering service water and heating network renovation services. As a result of the transaction, Panostaja expands its business operations and establishes within the Group a new business area specializing in building technology renovation for houses.

KotiSun is Finland’s leading company in service water and heating network building technology renovations for houses. The company’s business is based on reliability, strong concept expertise, efficient implementation and customer-orientedness, offering customers renovation services on a turnkey principle. In the 2013 financial year, the company had net sales of MEUR 12.5 and employed about 120 staff. Its head office is situated in Jyväskylä and it has a number of other locations around Finland.

The purchase price paid for the entire shareholding of the company is MEUR 11.7. The sellers also have the chance of an additional purchase price of up to MEUR 3.0, which would be set based on the operating margin for the 2014 calendar year.

As part of the arrangement, KotiSun’s owners continue as minority shareholders in the new segment with a 40 per cent shareholding. KotiSun Managing Director Kalle Lahtinen continues as the company’s Managing Director and also as a major shareholder.

Panostaja’s objective is to build around KotiSun a nationally leading company in building technology renovation services for houses.

Carner advised KotiSun during the sale process.