Vaaka Partners acquires Finland’s leading property manager Ovenia
Ovenia Oy is Finland’s leading provider of asset and property management services. Ovenia operates independently of facility service providers, and has under management a property portfolio amounting to approximately 6 million square meters in different parts of Finland. Ovenia’s turnover in 2010 was EUR 15 million.
On March 31, 2011, Vaaka Partners, Ovenia’s management and shareholders agreed on a transaction where the private equity funds managed by Vaaka Partners and the company’s management will acquire the entire share capital of Ovenia.
“Ovenia has excellent expertise, and has established a leading market position in recent years. As we know the company very well for a long time, it will be natural for us as the new majority owner to continue the systematic development of the company together with the management. We believe Ovenia’s strategy, now as an independent company from both the property owners and the facility service providers, will realize Ovenia’s growth potential in full,” says Ilkka Hietala, partner at Vaaka Partners.
“The investment by Vaaka Partners is a demonstration of confidence in Ovenia and its skilled personnel. We will continue to operate in accordance with our strategy in close co-operation with the new owner.” says Mika Valtonen, CEO at Ovenia Ltd.
“The advances in the company’s operations implemented in recent years have proven to be very well-suited to the markets’ needs. We will continue to actively develop the company in accordance with customers’ needs,” Valtonen adds.
Ovenia provides customer driven property management services for property investors and corporate clients. With 30 years of experience, Ovenia is the largest and oldest company in its field. Its comprehensive service offering covers property management, asset management, leasing services and life-cycle development services. Ovenia administers a property portfolio amounting to approximately 6 million square meters in different parts of Finland, and in 2010 the company had a turnover of EUR 15 million. The company employs 140 property professionals and has offices in Helsinki, Lahti, Turku, Tampere, Jyväskylä, Vaasa, Kuopio, Lappeenranta, Oulu and St Petersburg. www.ovenia.fi
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