Press release, Onvest Oy   


                                              Press releasee 
                                              12 January 2016

 

Onvest to sell Onninen to Kesko
 
  
Onvest sells its subsidiary Onninen to Kesko. Kesko disclosed the acquisition earlier today.
 
”Onninen will transition from one Finnish owner to another. Together Onninen and Kesko
will be able to create something completely new. The world is constantly changing, and
I believe that this transaction will ensure a bright future for Onninen”, comments
Maarit Toivanen-Koivisto, Chair of the Board of Directors at Onvest.
 
Onninen has a century long history as a family-owned company. Businessman Alfred Onninen
founded the company in 1913, in Turku.
 
“I represent the fourth generation of our family business. The decision to relinquish the company was not easy. It was important to us that the new owner, Kesko, is an established Finnish company. I want to thank everyone at Onninen for their hard and valuable work throughout the years. The company’s expertise is well known and widely respected amongst building professionals”, comments Maarit Toivanen-Koivisto.
 
Onninen provides comprehensive material and information flow solutions to contractors, industry, public organizations, technical product retailers and suppliers.
 
Onninen is the leading provider of material services in the Baltic region. Onninen operates in Finland, Sweden, Norway, Poland, Russia, Estonia, Latvia and Lithuania. Onninen employs 3,000 people, of which 1,200 are located in Finland.
 
Onvest Group also includes Are, which provides comprehensive solutions for office and commercial premises. Onninen and Are have been operating as separate businesses, and
the deal has no effect on Are. Are has approximately 2,700 employees. Onvest Group is also an active investor, and also otherwise active in the property management services, focusing
on logistics, storefront, and office real estate.

”Onvest is a committed owner, and we will continue to invest and employ in Finland”, states Maarit Toivanen-Koivisto.
 
The completion of the acquisition is subject to the approval of the European Commission and the fulfillment of the other terms and conditions of the transaction. The acquisition is expected to be complete in the first half of 2016. Onninen and Kesko will continue on as separate and independent companies, and this will not have any visible impact on customers.

Onninen’s existing subsidiary in Russia, OOO Onninen and Onninen’s steel business are not included in the acquisition, and will be transferred to Onvest Group in connection with the transaction. Onninen’s steel business has a strong foothold in the market and Onvest intends to continue the development of the steel business on a standalone basis in the future.
 
For further information, please contact:
 
Timo Alamiekkaoja, Managing Director, Onvest Group, Tel. +358 204 85 5507, timo.alamiekkaoja@onvest.fi