Tesi Mergers and Acquisitions Summary

Sovereign Wealth Fund Profile

In the last 3 years, Tesi has acquired 1 company. It has also invested in 3 others.

Tesi’s most common sectors for investment areinformation technology (11%) and machinery (9%) . The Firm’s most common investment types include growth capital (36%) and venture (30%). In total, Tesi has invested in 3 US states and 5 different countries. Its largest (disclosed) acquisition occurred in 2011 when it acquired Den Finland Oy for $86M.

In the last 3 years, Tesi has exited 4 companies. The Firm’s most common exit type is trade sale (59%). 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 Activity105
    • M&A Buy Activity74
    • M&A Sell Activity31
  • Total Sectors Invested 32
  • Total Countries Invested 5
  • M&A Buy/Sell Connections 39

Tesi

Suomen Teollisuussijoitus Oy

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

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, Chemicals, Construction, Consumer Products, Consumer Services, Distribution, Environmental, Food, Forest Products, Healthcare Services, Information Technology, Internet Software and Services, Machinery, Marine, Media, Medical Products, Metals/Mining, Renewable Energy, Safety/Security, Software, Technology Hardware, Transportation

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

Geographic Preferences: Nordic

Transaction Criteria Min Max
Target Revenue 15 300
Target EBITDA - -
Investment Size 5 20
Enterprise Value - -
values in millions of EUR

M&A Summary

Buy vs Sell

Year ≤ '19 '20 '21 '22 '23 '24 T
Buy (1.0/yr) # 69 1 - 3 1 - 74
vol $96M $96M
Sell (1.6/yr) # 23 4 - 2 2 - 31
vol $340M $479M $819M
  105

Most Recent M&A

Company Date Value Type
Lamor Corp. Plc 2023-11-23 - IPO
Porvoo, Finland · www.lamor.com
Aidon Oy 2023-11-09 - Trade Sale
Jyvaskyla, Finland · www.aidon.fi
Oy Sisu Auto Ab 2023-09-07 - Stake Purchase
Karis, Finland · www.sisuauto.com
MariaDB 2022-12-19 - IPO
Redwood City, California · www.mariadb.com
Solnet Green Energy 2022-07-04 - Growth Capital
Diemen, Netherlands · www.solnet.group
Picosun Oy 2022-06-16 - Trade Sale
Espoo, Finland · www.picosun.com
Meeat Food Tech Oy 2022-02-25 - Growth Capital
Espoo, Finland · www.meeat.co
Flow Technologies Group 2022-01-01 - Buyout (LBO, MBO, MBI)
Helsinki, Finland · www.flowtech.fi
Kotkamills Oy 2020-12-09 479M EUR Trade Sale
Kotka, Finland · www.kotkamills.com
Profit Software Oy 2020-11-27 - Secondary Sale
Espoo, Finland · www.profitsoftware.com
View All >>

M&A by Sector

Sector Current # Value All-time # Value
Information Technology 3 (11%) - 8 (11%) -
Machinery 4 (15%) - 6 (8%) -
Construction 4 (15%) 86M (89%) 5 (7%) 86M (89%)
Electrical Equipment - - 5 (7%) -
Environmental 2 (7%) - 5 (7%) -
Software 1 (4%) - 5 (7%) -
Metals/Mining - - 4 (5%) -
Marine 3 (11%) 10M (11%) 3 (4%) 10M (11%)
Automotive 3 (11%) - 3 (4%) -
Internet Software and Services 1 (4%) - 3 (4%) -
Chemicals 1 (4%) - 2 (3%) -
Medical Products - - 2 (3%) -
Retail - - 2 (3%) -
Semiconductors - - 2 (3%) -
Test/Measurement Equipment - - 2 (3%) -
Beverages - - 1 (1%) -
Business Services - - 1 (1%) -
Communications - - 1 (1%) -
Consumer Products 1 (4%) - 1 (1%) -
Consumer Services 1 (4%) - 1 (1%) -
Distribution - - 1 (1%) -
Financial Services - - 1 (1%) -
Food 1 (4%) - 1 (1%) -
Forest Products - - 1 (1%) -
Healthcare Services 1 (4%) - 1 (1%) -
Leisure - - 1 (1%) -
Media - - 1 (1%) -
Real Estate - - 1 (1%) -
Renewable Energy 1 (4%) - 1 (1%) -
Safety/Security - - 1 (1%) -
Staffing - - 1 (1%) -
Technology Hardware - - 1 (1%) -
Total 27 $96M 74 $96M

Acquisitions By Geo

State/Country Current # Value All-time # Value
Finland 25 (93%) 96M (100%) 67 (91%) 96M (100%)
United States - - 4 (5%) -
  California - - 2 (3%) -
  Vermont - - 1 (1%) -
  Massachusetts - - 1 (1%) -
Netherlands 1 (4%) - 1 (1%) -
Sweden 1 (4%) - 1 (1%) -
Canada - - 1 (1%) -
  Ontario - - 1 (1%) -
Total 27 $96M 74 $96M

Acquisitions by Deal Type

Type Current # Value All-time # Value
Growth Capital 11 (41%) - 26 (35%) -
Venture 3 (11%) - 22 (30%) -
Buyout (LBO, MBO, MBI) 4 (15%) 10M (11%) 11 (15%) 10M (11%)
Stake Purchase 5 (19%) - 7 (9%) -
Secondary Buyout 1 (4%) - 4 (5%) -
Divestiture 1 (4%) 86M (89%) 1 (1%) 86M (89%)
Add-on Acquisition 1 (4%) - 1 (1%) -
Consolidation - - 1 (1%) -
Recapitalization 1 (4%) - 1 (1%) -
Total 27 $96M 74 $96M

Exits by Deal Type

Type Total # Value
Trade Sale 11 (35%) 479M (58%)
Trade Sale - Public Company 7 (23%) 340M (42%)
IPO 3 (10%) -
Secondary Sale 3 (10%) -
Bankruptcy 2 (6%) -
Sold to Management 2 (6%) -
Recapitalization 1 (3%) -
Stake Sale 1 (3%) -
Unknown 1 (3%) -
Total 31 $819M

Deal Values

buy # Total
< $100M 2 $96M
TOTAL $96M
Largest Den Finland 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)
5%
4 (5%)
Strategic(s)
3%
2 (3%)
Exited to
Investor(s)
13%
4 (13%)
Strategic(s)
61%
19 (61%)

FAQ

When was Tesi founded?

Tesi was founded in 1995.

What type of investor is Tesi?

Tesi is a sovereign wealth fund.

Where is Tesi headquartered?

Tesi is headquartered in Helsinki, Finland.

How much capital does Tesi have under management?

Tesi has 2.4B EUR under management.

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