Tesi Mergers and Acquisitions Summary

Sovereign Wealth Fund Profile

In the last 3 years, Tesi has invested in 2 companies.

Tesi’s most common sectors for investment areinformation technology (15%) and software (10%) . The Firm’s most common investment types include venture (39%) and growth capital (32%). In total, Tesi has invested in 2 US states and 3 different countries. Its largest (disclosed) acquisition occurred in 2011 when it acquired Pohjolan Design-Talo Oy for $86M.

In the last 3 years, Tesi has exited 3 companies. The Firm’s most common exit type is trade sale (80%). Tesi’s largest (disclosed) exit occurred in 2020 when it sold Kotkamills Oy for $479M.

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M&A Summary

  • M&A Total Activity83
    • M&A Buy Activity63
    • M&A Sell Activity20
  • Total Sectors Invested 27
  • Total Countries Invested 3
  • M&A Buy/Sell Connections 31

Tesi

Porkkalankatu 1,
Helsinki, FI-00180
Finland
+358 9 680 3680
www.industryinvestment.com
info@industryinvestment.com

Tesi is a Finnish venture capital and private equity firm specializing in fund and direct investments. Tesi specifically targets minority investments in early, growth stage, and established businesses. Areas of interest include industrial, mining, software, business and consumer services, healthcare, life science, cleantech, and marine. Tesi was established in 1995 and it is based in Helsinki.


Investment Criteria

Sectors of Interest: Automotive, Beverages, Business Services, Chemicals, Communications, Construction, Consumer Services, Distribution, Electrical Equipment, Engineering, Environmental, Financial Services, Healthcare Services, Information Technology, Internet Software and Services, Leisure, Machinery, Medical Products, Metals/Mining, Real Estate, Retail, Safety/Security, Semiconductors, Software, Staffing, Technology Hardware

Target Transaction Types: Buyout (LBO, MBO, MBI), Growth Capital, Recapitalization, Stake Purchase, Venture

Geographic Preferences: Scandinavia

Transaction Criteria Min Max
Target Revenue - -
Target EBITDA - -
Investment Size 0 20
Enterprise Value - -
values in millions of EUR

M&A Summary

Buy vs Sell

Year ≤ '16 '17 '18 '19 '20 '21 T
Buy (0.6/yr) # 60 1 1 1 - - 63
vol $96M $96M
Sell (1.4/yr) # 13 4 - - 3 - 20
vol $313M $27M $479M $819M
  83

Most Recent M&A

Company Date Value Type
Kotkamills Oy 2020-12-09 479M EUR Add-on Acquisition
Kotka, Finland · www.kotkamills.com
Profit Software Oy 2020-11-27 - Secondary Buyout
Espoo, Finland · www.profitsoftware.com
Kaiku Health Ltd. 2020-05-19 - Add-on Acquisition
Helsinki, Finland · www.kaikuhealth.com
Picosun Oy 2019-06-28 - Growth Capital
Espoo, Finland · www.picosun.com
Uusioaines Oy 2018-11-07 - Venture
Jokioinen, Finland · www.uusioaines.com
IonPhasE Oy 2017-12-20 27M EUR Add-on Acquisition
Tampere, Finland · www.ionphase.fi
Visedo Oy 2017-11-01 - Add-on Acquisition
Lappeenranta, Finland · www.visedo.fi
StaffPoint Oy 2017-10-05 - Secondary Buyout
Helsinki, Finland · www.staffpoint.fi
BCB Medical Oy 2017-08-18 - Growth Capital
Turku, Finland · www.bcbmedical.com
ThermiSol Oy 2017-02-16 - Add-on Acquisition
Sastamala, Finland · www.thermisol.fi
View All >>

Portfolio M&A

Company Acquired Add-On/Sale Date #
Coronaria Hoitoketju Oy 2013-01-01 Touhula Varhaiskasvatus Oy 2016-03-10 1
Oulu, Finland · www.hoitoketju.fi Oulu, Finland · www.touhula.fi

M&A by Sector

Sector Current # Value All-time # Value
Information Technology 6 (15%) - 9 (14%) -
Software 5 (13%) - 6 (10%) -
Electrical Equipment 1 (3%) - 5 (8%) -
Machinery 4 (10%) - 5 (8%) -
Metals/Mining 1 (3%) - 4 (6%) -
Construction 2 (5%) 86M (89%) 3 (5%) 86M (89%)
Environmental 2 (5%) - 3 (5%) -
Internet Software and Services 3 (8%) - 3 (5%) -
Semiconductors 3 (8%) - 3 (5%) -
Business Services 1 (3%) 10M (11%) 2 (3%) 10M (11%)
Chemicals 1 (3%) - 2 (3%) -
Medical Products 1 (3%) - 2 (3%) -
Retail - - 2 (3%) -
Automotive 1 (3%) - 1 (2%) -
Beverages 1 (3%) - 1 (2%) -
Communications - - 1 (2%) -
Distribution 1 (3%) - 1 (2%) -
Energy Services and Equipment 1 (3%) - 1 (2%) -
Engineering 1 (3%) - 1 (2%) -
Financial Services 1 (3%) - 1 (2%) -
Forest Products - - 1 (2%) -
Healthcare Services 1 (3%) - 1 (2%) -
Leisure 1 (3%) - 1 (2%) -
Real Estate - - 1 (2%) -
Safety/Security 1 (3%) - 1 (2%) -
Staffing - - 1 (2%) -
Technology Hardware 1 (3%) - 1 (2%) -
Total 40 $96M 63 $96M

Acquisitions By Geo

State/Country Current # Value All-time # Value
Finland 38 (95%) 96M (100%) 60 (95%) 96M (100%)
United States 2 (5%) - 2 (3%) -
  Vermont 1 (3%) - 1 (2%) -
  California 1 (3%) - 1 (2%) -
Canada - - 1 (2%) -
  Ontario - - 1 (2%) -
Total 40 $96M 63 $96M

Acquisitions by Deal Type

Type Current # Value All-time # Value
Venture 18 (45%) - 24 (38%) -
Growth Capital 13 (33%) - 20 (32%) -
Buyout (LBO, MBO, MBI) 3 (8%) - 9 (14%) -
Stake Purchase 3 (8%) 10M (11%) 5 (8%) 10M (11%)
Secondary Buyout - - 2 (3%) -
Divestiture 1 (3%) 86M (89%) 1 (2%) 86M (89%)
Consolidation 1 (3%) - 1 (2%) -
Recapitalization 1 (3%) - 1 (2%) -
Total 40 $96M 63 $96M

Exits by Deal Type

Type Total # Value
Trade Sale 10 (50%) 479M (58%)
Trade Sale - Public Company 6 (30%) 340M (42%)
Secondary Sale 3 (15%) -
Recapitalization 1 (5%) -
Total 20 $819M

Deal Values

buy # Total
< $100M 2 $96M
TOTAL $96M
Largest Pohjolan Design-Talo Oy
$86M (2011-01-21)
sell # Total
$100M to $1B 2 $693M
< $100M 3 $127M
TOTAL $819M
Largest Kotkamills Oy
$479M (2020-12-09)

M&A Connections

Deals
Acquired from
Investor(s)
3%
2 (3%)
Strategic(s)
3%
2 (3%)
Exited to
Investor(s)
20%
4 (20%)
Strategic(s)
80%
16 (80%)

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