Armatury Group acquired by a Finnish investment company DevCo Partners
Date:2019-09-30 Click:1240
Finnish investment company DevCo Partners has acquired Armatury Group, the leading Czech industrial valve manufacturer from its founders. DevCo will create a leading European provider of valve solutions for the energy sector by combining Vexve, a DevCo-owned district energy valve solution provider, with Armatury Group.
The combination will have a comprehensive valve portfolio for the energy sector, with a combined turnover of over €100m. Jussi Vanhanen, CEO of Vexve, will become the CEO of the combined entity. Petr Groh will continue as the CEO of Armatury, which will continue to have its headquarters and factory in the Czech Republic.
“Armatury has been built over 20 years by a combination of hard work by our skilful employees together with our customers and other stakeholders. It has been extraordinary to be able to be part of this success story and I truly feel that it is the right time for Armatury to take the next step. I am convinced that DevCo is the right partner to take the Company to the next level and I’m looking forward to follow the success of the Company in the role of an investor,” says Petr Holeček, former Chairman of Armatury.
”We feel honoured to have the opportunity to combine forces with Armatury, which has developed from a local valve trading business to a leading manufacturer of demanding valve solutions for the energy sector. We have excellent experiences from developing Vexve over the past three years, and see great potential in Armatury,” says Otto Kukkonen, Vice Chairman of Vexve and Partner at DevCo.
”Vexve and Armatury are both known for the superior quality of their products as well as the desire to deliver the best service in the industry to their customers. By joining forces, we will be able to make use of our combined knowhow and expand the range of our products and services both in our existing core markets as well as in new ones. We are extremely excited of this opportunity to create a leading European valve solutions provider to the energy sector,” says Jussi Vanhanen, CEO of Vexve.
The combination will have a comprehensive valve portfolio for the energy sector, with a combined turnover of over €100m. Jussi Vanhanen, CEO of Vexve, will become the CEO of the combined entity. Petr Groh will continue as the CEO of Armatury, which will continue to have its headquarters and factory in the Czech Republic.
“Armatury has been built over 20 years by a combination of hard work by our skilful employees together with our customers and other stakeholders. It has been extraordinary to be able to be part of this success story and I truly feel that it is the right time for Armatury to take the next step. I am convinced that DevCo is the right partner to take the Company to the next level and I’m looking forward to follow the success of the Company in the role of an investor,” says Petr Holeček, former Chairman of Armatury.
”We feel honoured to have the opportunity to combine forces with Armatury, which has developed from a local valve trading business to a leading manufacturer of demanding valve solutions for the energy sector. We have excellent experiences from developing Vexve over the past three years, and see great potential in Armatury,” says Otto Kukkonen, Vice Chairman of Vexve and Partner at DevCo.
”Vexve and Armatury are both known for the superior quality of their products as well as the desire to deliver the best service in the industry to their customers. By joining forces, we will be able to make use of our combined knowhow and expand the range of our products and services both in our existing core markets as well as in new ones. We are extremely excited of this opportunity to create a leading European valve solutions provider to the energy sector,” says Jussi Vanhanen, CEO of Vexve.
