Sale of Wetteri Power to Persson Invest
3J Partners Oy acted as financial advisor to Wetteri Plc group
in an arrangement where Wetteri Power Oy, a subsidiary specialising in the sale and maintenance of heavy equipment, was sold to Persson Invest Ab. As a result of the transaction, new Volvo and Renault truck sales and related services transfer to the new owner. The estimated purchase price is approximately EUR 32.5 million.
Wetteri group’s strong focus on used truck sales, maintenance and bodywork continues. The transaction will strengthen the company’s equity and create significantly better conditions for implementing its growth strategy, developing and growing its passenger and heavy equipment business.
“This transaction is very positive for Wetteri’s shareholders. The acquisition significantly strengthens Wetteri’s balance sheet as well as its ability to execute strategic acquisitions and thus provides excellent support for the company’s growth strategy. Profitable growth also opens opportunities to pay dividends in the future. The automotive industry is going through a historical transformation and the operations will be focused on a few big players. Our goal is to grow into Finland’s largest full-service multi-brand car company, and this transaction takes us towards this goal”, Wetteri Plc’s CEO Aarne Simula says in a press release.
“We see that now is the right time to invest in the growth of the passenger car business. We will continue to develop the heavy equipment business, for which we have excellent prerequisites thanks to this transaction. We have a strong position in the used truck trade and expanded our business by starting to import earthmoving machinery. Truck maintenance will continue with five brands”, Aarne Simula continues.
“The acquisition of Wetteri Power enables us to enter the Finnish market immediately on a significant scale. We have been following Power for a long time and are familiar with its high-quality way of working. We look forward to learning more about Power’s operations, customers and staff and sharing good practices on both sides”, Björn Rentzhog, CEO of Persson Invest, comments in a press release.
Wetteri
Wetteri Plc is an entrepreneur-driven growth company in the automotive industry. In addition to the retail trade of passenger, commercial and heavy-duty vehicles, the company provides maintenance and damage repair services ranging from passenger cars to heavy vehicles. The company has 50 offices in Finland and its head office is located in Oulu. Wetteri group employs approximately 1,000 people.
Persson Invest
Persson Invest is a family-owned limited company. The company was founded in 1932 when the brothers Sven and Gustaf became dealers for Volvo in Östersund. The operations with passenger cars, trucks, buses, forestry, planing mills, real estate and renewable energy production have a turnover of approximately SEK 7 billion and the group employs just over 1,300 employees.
Read more:
Wetteri Plc press release: “Inside information: Wetteri Plc sells Wetteri Power Oy to Swedish Persson Invest AB, purchase price approx. EUR 32.5 million”
