Vaaka-backed Ovenia buys Arenna

The acquisition will combine Ovenia's and Arenna's strengths and improve the companies' market positions.

In May 2011, Vaaka Partners acquired Finnish asset and property management service provider Ovenia Oy. The value of the deal has not been disclosed, however it is thought to be worth about €15m.

Company
Founded in 1980, Ovenia provides property management services for property investors and corporate clients. The company is based in Helsinki and has additional offices in Lahti, Turku, Tampere, Jyväskylä, Vaasa, Kuopio, Lappeenranta, Oulu and St Petersburg. Its services comprise of property management, asset management, leasing services and life-cycle development services.

Founded in 2007, Arenna offers real estate management, property management, and rental services. Helsinki-based Arenna employs about 250 people in its 21 offices. Ovenia and Arenna are expected to generate a combined turnover of €35m in 2011. The group employs about 400 people.

People
Mika Valtonen is CEO of Ovenia and Kai Kosunen manages Arenna.

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