Taaleri participates in the Festivo-Porkka transaction
TAALERI PLC PRESS RELEASE 20 DECEMBER 2019 AT 2:00 PM (EET)
Taaleri participates in the Festivo-Porkka transaction
Taaleri's subsidiary Taaleri Capital has acted as financial advisor and Taaleri Wealth Management as lead manager in the issue of EUR 13 million senior secured bond by refrigeration equipment maker Festivo Finland Oy.
The bond issue is part of the transaction whereby Festivo Finland Oy has acquired the refrigeration equipment manufacturer Porkka Finland Oy from Huurre Group Oy. Porkka Finland with its subsidiaries will become part of Festivo Finland now. In addition to Finland, the new entity has offices in Sweden, Norway and the United Kingdom.
“It is great that the funding we have organized will create a major refrigeration company in Finland as Porkka Finland moves back to Finnish ownership. We are delighted to be involved again in a transaction which strengthens Finnish ownership in accordance with our mission,” says Vesa Heikkilä, Managing Director of Taaleri Capital.
“The deal will enable us to form a strong Nordic refrigeration equipment manufacturer that is competitive on the international market. By combining the functions, we will be able to gain efficiency and sales power in important market segments for us,” says Lasse Korpela, CEO of Festivo Finland Oy.
Festivo’s senior secured bond has a 4-year term with a fixed interest rate of 9%. The bond carries an additional annual interest of 3%, payable at the end of the loan period. The issue date of the bond was 16 December. The proceeds from the bond will mainly be used to restructure Festivo's current financing and strengthen the working capital of the new group.
Castrén & Snellman Attorneys acted as legal counsel for the bond issue.
Festivo in brief
Festivo is a group specializing in securing food cold-chain, which after the transaction consists of the sub-groups of Suomen Kotikylmiö Oy and Porkka Finland Oy. The parent company of the group is Festivo Finland Oy. Festivo has sales companies in Sweden, Norway and the United Kingdom. The companies have a combined turnover of just over EUR 50 million and slightly less than 300 employees
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For more information, please contact:
Vesa Heikkilä, Managing Director, Taaleri Capital Ltd, +358 50 355 4341, vesa.heikkila@taaleri.com
Lasse Korpela, Managing Director, Festivo Finland Oy, puh. +358 40 568 0990, lasse.korpela@festivo.fi
Taaleri in brief
Taaleri is a Finnish financial services company, whose parent company, Taaleri Plc, is listed on Nasdaq Helsinki main market. The Taaleri Group comprises three business areas: Wealth Management, Financing, and Energy. In addition, the Group makes investments from its own balance sheet.
At the end of June 2019, Taaleri had assets under management totalling EUR 6.6 billion and 5,300 wealth management customers. Taaleri Plc has some 4,300 shareholders. Taaleri’s operations are supervised by the Finnish Financial Supervisory Authority.
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Sophie Jolly, Head of Communications and IR, tel. +358 40 828 7317, sophie.jolly@taaleri.com
