Tesi Mergers and Acquisitions Summary

Sovereign Wealth Fund Profile

In the last 3 years, Tesi has invested in 1 company.

Tesi’s most common sectors for investment areinformation technology (12%) and machinery (9%) . The Firm’s most common investment types include growth capital (39%) and venture (33%). In total, Tesi has invested in 3 US states and 4 different countries. Its largest (disclosed) acquisition occurred in 2011 when it acquired Den Finland Oy for $86M.

In the last 3 years, Tesi has exited 2 companies. The Firm’s most common exit type is trade sale (59%). Tesi’s largest (disclosed) exit occurred in 2020 when it sold Kotkamills Oy for $479M.

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M&A Summary

  • M&A Total Activity96
    • M&A Buy Activity67
    • M&A Sell Activity29
  • Total Sectors Invested 30
  • Total Countries Invested 4
  • M&A Buy/Sell Connections 34

Tesi

Porkkalankatu 1,
Helsinki, FI-00180
Finland
+358 9 680 3680
www.tesi.fi
info@tesi.fi

Tesi is a Finnish venture capital and private equity firm specializing in fund and direct investments. Tesi specifically targets minority investments in early, growth stage, and established businesses. Areas of interest include industrial, mining, software, business and consumer services, healthcare, life science, cleantech, and marine. Tesi was established in 1995 and it is based in Helsinki.


Investment Criteria

Sectors of Interest: Automotive, Beverages, Business Services, Chemicals, Communications, Construction, Consumer Services, Distribution, Electrical Equipment, Engineering, Environmental, Financial Services, Food, Healthcare Services, Information Technology, Internet Software and Services, Leisure, Machinery, Marine, Medical Products, Metals/Mining, Real Estate, Retail, Safety/Security, Semiconductors, Software, Staffing, Technology Hardware

Target Transaction Types: Buyout (LBO, MBO, MBI), Growth Capital, Recapitalization, Stake Purchase, Venture

Geographic Preferences: Scandinavia

Transaction Criteria Min Max
Target Revenue - -
Target EBITDA - -
Investment Size 5 20
Enterprise Value - -
values in millions of EUR

M&A Summary

Buy vs Sell

Year ≤ '20 '21 '22 '23 '24 '25 T
Buy (0.2/yr) # 66 - 1 - - - 67
vol $96M $96M
Sell (0.4/yr) # 27 - 2 - - - 29
vol $819M $819M
  96

Most Recent M&A

Company Date Value Type
MariaDB 2022-12-19 - IPO
Redwood City, California · www.mariadb.com
Picosun Oy 2022-06-16 - Add-on Acquisition
Espoo, Finland · www.picosun.com
Meeat Food Tech Oy 2022-02-25 - Growth Capital
Espoo, Finland · www.meeat.co
Kotkamills Oy 2020-12-09 479M EUR Add-on Acquisition
Kotka, Finland · www.kotkamills.com
Profit Software Oy 2020-11-27 - Secondary Buyout
Espoo, Finland · www.profitsoftware.com
Enevo, Inc. 2020-07-01 - Bankruptcy
Boston, Massachusetts · www.enevo.com
Kaiku Health Ltd. 2020-05-19 - Add-on Acquisition
Helsinki, Finland · www.kaikuhealth.com
Fira 2019-10-04 - Growth Capital
Vantaa, Finland · www.fira.fi
Picosun Oy 2019-06-28 - Growth Capital
Espoo, Finland · www.picosun.com
Uusioaines Oy 2018-11-07 - Growth Capital
Jokioinen, Finland · www.uusioaines.com
View All >>

M&A by Sector

Sector Current # Value All-time # Value
Information Technology 3 (14%) - 8 (12%) -
Machinery 4 (18%) - 6 (9%) -
Electrical Equipment - - 5 (7%) -
Software 1 (5%) - 5 (7%) -
Construction 3 (14%) 86M (89%) 4 (6%) 86M (89%)
Environmental 2 (9%) - 4 (6%) -
Metals/Mining - - 4 (6%) -
Marine 3 (14%) 10M (11%) 3 (4%) 10M (11%)
Internet Software and Services 1 (5%) - 3 (4%) -
Chemicals 1 (5%) - 2 (3%) -
Medical Products - - 2 (3%) -
Retail - - 2 (3%) -
Semiconductors - - 2 (3%) -
Automotive 1 (5%) - 1 (1%) -
Beverages - - 1 (1%) -
Business Services - - 1 (1%) -
Communications - - 1 (1%) -
Consumer Services 1 (5%) - 1 (1%) -
Distribution - - 1 (1%) -
Financial Services - - 1 (1%) -
Food 1 (5%) - 1 (1%) -
Forest Products - - 1 (1%) -
Healthcare Services 1 (5%) - 1 (1%) -
Leisure - - 1 (1%) -
Media - - 1 (1%) -
Real Estate - - 1 (1%) -
Safety/Security - - 1 (1%) -
Staffing - - 1 (1%) -
Technology Hardware - - 1 (1%) -
Test/Measurement Equipment - - 1 (1%) -
Total 22 $96M 67 $96M

Acquisitions By Geo

State/Country Current # Value All-time # Value
Finland 21 (95%) 96M (100%) 61 (91%) 96M (100%)
United States - - 4 (6%) -
  California - - 2 (3%) -
  Vermont - - 1 (1%) -
  Massachusetts - - 1 (1%) -
Sweden 1 (5%) - 1 (1%) -
Canada - - 1 (1%) -
  Ontario - - 1 (1%) -
Total 22 $96M 67 $96M

Acquisitions by Deal Type

Type Current # Value All-time # Value
Growth Capital 12 (55%) - 26 (39%) -
Venture 3 (14%) - 22 (33%) -
Buyout (LBO, MBO, MBI) 3 (14%) 10M (11%) 10 (15%) 10M (11%)
Stake Purchase 2 (9%) - 4 (6%) -
Secondary Buyout - - 2 (3%) -
Divestiture 1 (5%) 86M (89%) 1 (1%) 86M (89%)
Consolidation - - 1 (1%) -
Recapitalization 1 (5%) - 1 (1%) -
Total 22 $96M 67 $96M

Exits by Deal Type

Type Total # Value
Trade Sale 10 (34%) 479M (58%)
Trade Sale - Public Company 7 (24%) 340M (42%)
Secondary Sale 3 (10%) -
Bankruptcy 2 (7%) -
IPO 2 (7%) -
Sold to Management 2 (7%) -
Recapitalization 1 (3%) -
Stake Sale 1 (3%) -
Unknown 1 (3%) -
Total 29 $819M

Deal Values

buy # Total
< $100M 2 $96M
TOTAL $96M
Largest Den Finland Oy
$86M (2011-01-21)
sell # Total
$100M to $1B 2 $693M
< $100M 3 $127M
TOTAL $819M
Largest Kotkamills Oy
$479M (2020-12-09)

M&A Connections

Deals
Acquired from
Investor(s)
3%
2 (3%)
Strategic(s)
3%
2 (3%)
Exited to
Investor(s)
14%
4 (14%)
Strategic(s)
62%
18 (62%)

Investor Summary

Investor Type

Sovereign Wealth Fund

Size

Large

PE Assets

2.4B EUR

Established

1995

Specialist/Generalist

Generalist

Leadership

Pia Santavirta

CEO

Gösta Holmqvist

CFO

Henri Grundstén

Development Director

Matias Kaila

Director

Jussi Hattula

Director of Growth & Industrial investments

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