Industrial laser equipment specialist, Prima Industrie S.p.A. has completed the acquisition of Finn-Power Oy, an organisation with a 25-year track record of growth and innovation in the design and manufacture of sheet metal working machinery.
Through the 170 million euro deal, Prima Industrie group becomes a global leader in laser and sheet metal working systems, with annual sales exceeding 400 million euros, a presence in 50 countries, 10 manufacturing facilities located in Italy, Finland, USA and China, and more than 1,700 employees worldwide.
Headquartered in Finland, Finn-Power operates manufacturing plants in Italy and Finland, as well as subsidiaries in Italy, Germany, France, Belgium, Spain, USA and Canada. The company’s wide range of sheet metal working equipment includes punch presses, integrated punching and shearing cells, punching-laser cells, automatic bending cells and related material handling systems. Finn-Power has also developed a strong reputation for its custom-engineered flexible manufacturing systems and the versatility of its products. In addition, it has limited operations in Prima’s core business competence of laser cutting equipment.
Commenting on the take-over, Tomas Hedenborg CEO of Finn-Power said: “Prima is the perfect partner for Finn-Power from the technological and product point of view. Synergies arising from this integration represent an outstanding opportunity.”
Jan Ståhlberg from EQT Partners, advisors to Finn-Power’s former majority stockholders EQT III Limited, agrees. “I am delighted to see Prima as the new owner of Finn-Power. This is a commercially sound transaction that will create the third largest player in the market with an unparalleled product offering.”
Finn-Power’s principal markets mirror those of Prima Industrie group, with customers throughout the telecommunications, HVAC, electrical, lighting, agricultural equipment, domestic appliance and metal furniture sectors.
“The acquisition is in line with Prima Industrie’s growth strategy in complementary sectors,” adds Gianfranco Carbonato, the group’s chairman and CEO. “I would like to thank everyone who worked closely with us to make this acquisition – in particular Unicredit, Intesa Sanpaolo and Banca IMI. The cooperation between the banks and our company has been an important factor in enabling this agreement to be concluded successfully. I am confident that it will bring significant value to all our stakeholders.”