17.04.2008

Scaninter ownership change

Two venture capital firms, Eqvitec Partners (Through its Technology Fund III) and Finnish Industry Investment, the Finnish government owned investment company, have acquired the majority of shares in Scaninter Nokia, the Finnish mastclimber and hoist manufacturer.

Pirkkala based Scaninter was founded in 1989 and markets its products under the Scanclimber brand, but manufactures them in Gniezno Poland. It had revenues of €28 million in 2007 of which roughly 80 percent was exported and employs around 320 people.
Please register to see all images

Scanclimber mastclimbers at work

The current management team of Juha Asikainen and Markku Simanainen will retain a “significant” stake in the company. Other key employees have also been offered shares in the business.

Asikainen, the managing director of Scaninter said: “We are excited to have new owners who are growth and entrepreneurship oriented. Eqvitec brings in valuable experience and we have now the resources to invest in growth and especially production.”

Jussi Hattula, investment director at Eqvitec Partners added: “We have a strong belief that the mast climbing work platforms will continue to gain market share in construction, especially in the market of rental equipment. Scaninter Nokia has a strong product portfolio to take advantage of this trend both in the fast growing Eastern European and Russian markets. We have also been impressed by the management’s professionalism and customer focused drive for growth.”

Finnish based Eqvitec Partners is one of the largest technology focused venture capital and private equity firms in Northern Europe managing five funds with a total capital base of €440 million ands investments in 40 companies. The company was founded in 1997 and employs 15 in Helsinki and Stockholm.

Finnish Industry Investment invests the proceeds from the privatisation of state-owned companies into stimulating the growth and internationalisation of Finnish businesses by investing in venture capital funds and directly in growth companies, together with private co-investors.