Swiss International rental group Avesco - a Cat Rental Store franchise holder in Switzerland, the Baltic states and Finland - has acquired Finnish rental company Vatupassi Törmälä in an all share purchase deal.
The company’s operations will continue unchanged under the name Vatupassi, with all staff and management remaining on board including the principal Milla Törmälä who remains as chief executive, while Anssi Törmälä continues as chief financial officer and Sampsa Tanskanen as chief operating officer.
Established in 1992 Vatupassi employs around 70 staff at five locations in Joensuu, Jyväskylä, Kuopio, Nurmes and Oulu, running a mixed tool and equipment fleet that includes aerial work platforms, mastclimbers and hoists. Avesco Finland was set up by the group in 2020 and has 15 employees at three locations - Tampere, Turku, and Kerava which will now merge into and trade under the Vatupassi brand.
Milla Törmälä said: “For several years, we have grown our market position, but on our own it has been slower than we would have liked to see. Avesco provides the resources for growth that we simply do not possess. We have seen several buyer candidates in recent years, even though selling up the family business was not on the cards. However, future vision and values were such a brilliant match with Avesco that after six months of negotiating, a deal was struck. Avesco is a sixth generation family business, a fact which was of utmost importance to us.”
“In addition, their vision of the machinery and equipment rental industry is similar to ours, and they also have experience in the event industry, in which we are interested,” she added.
Avesco group chief executive Vincent Albasini said: “The Vatupassi brand is incomparable in Finland, and the merger of two strong operators is a huge competitive edge for both of us. We are pleased to welcome Vatupassi and its employees to Avesco. Our products and services complement each other well, and it is a key differentiating factor in the extremely competitive rental market. The acquisition also strengthens our development strategy in Finland and the Baltics.”
“We both have strong traditions as family businesses. Our goal is to together become the strongest and most significant operator of the industry in all of Finland.”
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