Porkka bought by Finnish refrigeration company Festivo
FINLAND: Commercial refrigeration equipment manufacturer Porkka has been acquired by its Finnish competitor Festivo Finland Oy.
The purchase from Porkka’a owners, the Huurre Group, will see the transfer of Porkka Finland Oy and its subsidiaries to Festivo. The companies traded are Porkka Finland Oy, Porkka Scandinavia AB, Porkka Norge AS and Porkka UK Ltd and its offices in Sweden, Norway and the UK.
Commenting on the deal, Festivo CEO Lasse Korpela said the acquisition would bring the enlarged business operational efficiency and sales power in the international market.
“The acquisition will enable us to form a strong Finnish refrigeration equipment manufacturer that is competitive on the international market. By combining the functions, we will be able to gain efficiency and sales power in important market segments for us,” he said.
Festivo is a group specialising in securing the food cold-chain, which after the transaction consists of the sub-groups of Suomen Kotikylmiö Oy and Porkka Finland Oy.
The total combined turnover of the companies last year was just over €50m and together they employ less than 300 people. Festivo insists that the companies will continue to operate unchanged for the time being.
The merger will create four clear business areas for Festivo: domestic refrigeration, commercial kitchen refrigeration, medical and laboratory refrigeration, and custom refrigeration. The company operates three production facilities.
The acquisition was financed through a €13m four-year covered bond.