Wermundsen Oy will increase its market share in line with its long-term goals by acquiring a majority stake in Kovartek Oy’s share capital in an arrangement implemented on March 18, 2022. The Wermundsen Group is Finland’s leading technology and food industry leader, which is expanding its expertise and operations extensively and successfully in various industries. “Profitable growth, both organically and through acquisitions, is at the heart of our strategy,” says Juha Wermundsén, Chairman of the Wermundsen Group.
With the acquisition, Kovartek will continue as an independent subsidiary of Wermundsen Oy, representing several major international suppliers. Kovartek’s founder Petri Koponen will continue as the company’s CEO and minority shareholder. “Ultimately, the decision to make the arrangement was easy because the personal chemistry with the new partners works well and the Wermundsen Group has the same positive attitude as Kovartek is used to. With the new wider shoulders, we are able to offer even more complete units and solutions for our customers’ needs”, says Petri Koponen.
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Kovartek Oy is a company founded in 2004, whose product range focuses on industrial instrumentation products, such as valves, pressure gauges and pipe fittings. In addition, Kovartek Oy is supported by valves and pipe fittings made of plastic materials for chemical pipelines. The company’s turnover in 2021 was just over 1.2 million euros. The company’s premises and warehouse are located in Vantaa.
Wermundsen Oy is a group focused on technical wholesale, with a turnover of approximately EUR 30 million in 2021. The Group consists of three companies: Wexon, Solotop and Gistele, each of which is the market leader in its respective business areas.