Vaaka Partners to become the main owner of Finnish staffing industry digital disruptor Bolt.Works – aim set for international expansion
The private equity company Vaaka Partners has signed a deal to become the main owner of the staffing services company Bolt.Works Ltd. This born-digital company has disrupted the Finnish staffing industry in recent years and has quickly become one of the leading companies in the market. Bolt.Works's revenue grew by 99 percent to EUR 78m in 2021, making it the fastest growing company in the industry. Vaaka Partners aims to support Bolt.Works’s next growth leap and expansion into international markets.
“Vaaka Partners invests in successful entrepreneurs and companies which have done something better than the competitors. Bolt.Works has disrupted the Finnish staffing industry with an operating model that clearly differentiates it from traditional players. Bolt.Works’s digital platform guarantees unique efficiency in the staffing process, and the company’s corporate culture based on respect and humanity is valued both by customers and employees. Bolt.Works's phenomenal growth figures show that the model works, and we strongly believe it will also be attractive in international staffing markets which have a high need for innovations”, says Antti Salmela, a Partner at Vaaka Partners.
“We need an experienced partner, with an ambition level matching ours, to support Bolt.Works’s next growth leap and expansion into international markets. Vaaka invests always in already successful companies, further accelerating their growth and developing their business to the next level. We are confident that Vaaka’s strong collaborative way of working will help us achieve our ambitious goals together”, says Timo Hakkarainen, a co-founder and Chief Strategy Officer at Bolt.Works.
The core of Bolt.Works's operating model is a digital technology platform that leverages, e.g., artificial intelligence to match employers and workers in a quick and flexible way. An efficient operating model frees up time to serve customers and workforce better. Bolt.Works's application is used by 7,600 workers and 1,000 employers. It has 22 office locations across Finland, and it serves multiple industries, such as construction, logistics, industry, HoReCa and property maintenance.
“Working life is in the middle of a big transformation everywhere. The desire for flexible work, the chronic shortage of labor in various sectors, the foreign workforce and the inefficiency of employment measures are challenging individual workers, companies, and entire societies. Bolt.Works has played a significant role in the Finnish job market as an efficient and flexible staffing company. We have also provided a route to employment for the hard-to-employ and the foreign workforce”, says Hakkarainen.
Bolt.Works was founded by Ville Herva, Timo Hakkarainen and Tommi Hämäläinen in 2016. The company's Chairman of the Board is Jari Niska, a long-term CEO of the Finnish ICT service company Solita. Bolt.Works estimates its revenue to reach EUR 100m mark in 2022.
The transaction requires the approval from the Finnish Competition and Consumer Authority.
Bolt.Works is a staffing services company which has developed a revolutionary digital staffing platform connecting employers and employees in a quick and flexible way. Bolt.Works's services are used by 7,600 employees and 1,000 employers. It has 22 office locations across Finland serving multiple industries, such as construction, logistics, industry, HoReCa and property maintenance. Bolt.Works's net sales increased by 99 percent to EUR 78m in 2021 and it has 120 employees. www.bolt.works
Vaaka Partners is an ambitious private equity company that helps medium-sized Finnish companies to become business champions. Current Vaaka champions are, e.g., AINS Group, Staria, Framery and Cloudpermit. With its fourth buyout fund, the company is responsible for over EUR 0.6 billion of private equity funds. To realize new growth opportunities, Vaaka's approach combines strategic and operational expertise with trust-based collaboration. The largest investors in Vaaka funds are leading pension funds.