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29 Apr 2021

MCF advises the owners of KPA Unicon on its sale to Partnera

Prounicon Oy (“Prounicon”) and Canelco Capital Oy (“Canelco”) have agreed to sell a majority shareholding in KPA Unicon Group Oy (“KPA Unicon”), a Finnish provider of clean energy production solutions, to Partnera Oyj (“Partnera”), a Finnish publicly listed business group. The new ownership structure will support KPA Unicon in implementing its international growth strategy and developing new clean energy solutions. MCF acted as the financial adviser to the owners of KPA Unicon, leveraging its prior expertise in the energy and industrial segments.

”I couldn’t be happier that our new principal owner, Partnera, is a solid listed company that will support us in implementing our international growth strategy. Our growth is supported by the global energy system’s transition to decentralised, low-emission energy production and the universal need to promote a circular economy. With our new owner, we can focus even more on providing added value to our customers by developing solutions based on clean energy production and reducing the use of fossil fuels.”

Jukka-Pekka Kovanen

CEO of KPA Unicon

The Deal

The transaction will make Oulu-based Partnera the majority shareholder (70%) of KPA Unicon Group. Previous majority owner, Prounicon will continue as the Group’s minority shareholder (30%). Canelco and the funds managed by it, that owned 37% of KPA Unicon’s shares, are disposing all of their holdings in connection with the transaction.

KPA Unicon will remain an independent company in the Partnera Group and will have a strengthened focus on providing added value to its customers by developing solutions based on clean energy and reducing the use of fossil fuels. The company’s growth is supported by the global energy system’s transition to decentralised, low-emission energy production and the universal need to promote a circular economy.

The transaction is estimated to be completed in Q2 2021.

The Target

KPA Unicon is a Finnish company that has been an advocate of clean, renewable energy since 1990. KPA Unicon provides new clean energy solutions, upgrades existing production systems with renewable technologies and innovative digital tools. The company is headquartered in Pieksämäki, Finland, and employed 202 energy industry professionals in eight countries at the end of 2020.

Client Statements

Jukka-Pekka Kovanen, CEO of KPA Unicon, said: ”I couldn’t be happier that our new principal owner, Partnera, is a solid listed company that will support us in implementing our international growth strategy. Our growth is supported by the global energy system’s transition to decentralised, low-emission energy production and the universal need to promote a circular economy. With our new owner, we can focus even more on providing added value to our customers by developing solutions based on clean energy production and reducing the use of fossil fuels.”

Pekka Kovanen, teollisuusneuvos of Prounicon, said: “This is a new and significant step for KPA Unicon as a rapidly developing clean-energy operator on the national and international markets.  For our family business, Prounicon Oy, it means that we are no longer the principal owner of KPA Unicon Group Oy. We will retain a major stake in KPA Unicon Group Oy with our 30% share, however. The ownership of Prounicon Oy will stay entirely in our family, which originally founded KPA Unicon.”

Pekka Hietala, Partner at Canelco, said: ”It has been a great honour to be involved in the systematic implementation of the long-term growth strategy jointly drawn up for KPA Unicon in 2010. This work has also been very much in line with my own values. I have a firm belief that the company’s new ownership structure will propel it to further growth. The company has always had a strong vision of the transitions in the energy industry and a great capacity for renewal.”

About Partnera

Oulu-based Partnera is a publicly listed business group that creates shareholder value and a more sustainable future through its operations. The company builds the business group mainly with equity and, as a rule, aims to be the majority owner of the companies.

About Prounicon

Prounicon Oy is a Finnish family-owned company founded in 1990.

About Canelco

Canelco is a responsible investment company that invests in and develops Finnish SMEs. Canelco sees ownership as an active, long-term partnership. Canelco works in close cooperation with the senior management and key stakeholders of its holdings to ensure stable growth.