Vaaka Partners-backed Solita acquires Palmu

Having acquired the company's entire share capital, Solita will merge with Palmu to form a business services company with more than 600 employees, where Palmu operates as an individual business unit. The merged entity is projecting around €80m of revenue in 2017, the GP said in a statement.

The bolt-on is Solita's first acquisition since coming under Vaaka Partners' ownership following an MBO in 2013. After the merger, Solita and Palmu will look to continue their growth in Finland and on international markets.

Tapping its Vaaka Partners Buyout Fund II, Vaaka took a majority stake in Solita in March 2013, for an undisclosed amount, according to unquote" data. Following the transaction, Vaaka held 75% of the company's shares while management held the balance. Solita was founded in 1996 and had €58.5m of sales in 2016.

Company
Headquartered in Helsinki, Palmu is a service design agency with around 60 employees in Finland and Singapore.

In 2016, the company posted net revenues of €7.6m, according to a Vaaka statement.

People
Solita – Jari Niska (CEO).
Palmu – Peter Barkman (CEO).

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• Topics
• Expansion
• Support services
• Nordics
• Finland
• Vaaka Partners Ltd (Formerly Pohjola)
• Build-up