MB Funds sells Norpe to a German corporation, Viessmann

A fund managed by MB Funds and other Norpe Oy’s shareholders have sold the entire share capital of Norpe to the German Viessmann Group.

Norpe is Europe’s leading manufacturer of innovative refrigeration solutions, including refrigeration cabinets, lamella products and power packs. Its customers are companies operating in food retail and the food industry. Norpe’s aim is to utilise its own solutions for creating new opportunities for in-store add-on selling of groceries. Norpe’s success factors include the lowest total life cycle costs, creation of enjoyable grocery shopping experiences and customer-oriented customisation for the needs of the food retailers.

Norpe was founded in 1953 and celebrates its 60th anniversary this year. Norpe is the market leader in the Baltic Rim area and the Nordic countries and has subsidiaries in eight countries. At the moment, the company is growing rapidly in Central European and Russian markets.  In addition, Norpe operates globally in the Middle East and Australia. In 2012, the Group’s turnover exceeded EUR 130 million, and it has approximately 450 employees. The company’s production plants and head office are located in Porvoo. Since 2010, Matti Virtanen, M.Sc. (Tech.), has acted as Norpe’s CEO.

MB Funds acquired Norpe Oy in 2005. Under MB Funds’ ownership, Norpe’s turnover has grown by more than 60%. The Group strategy, renewed in 2011 to emphasise growth and customers’ needs more than before, has been implemented successfully. The company’s profitability has also improved significantly as of 2011. 

Norpe’s new owner is a German family business, Viessmann. The Viessmann Group is one of the leading international manufacturers of  heating systems. With the acquisition of Norpe, the strategy of the Group is to utilise its technology and expertise in heat and cold generation and expand its operations to new countries where heating  plays a minor role due to weather conditions. The company, founded in 1917, has 10,600 employees and a turnover of EUR 1,890 million. Viessmann has 27 manufacturing facilities in 11 countries, distributors and agents in 74 countries, and altogether 120 sales offices worldwide. In 2012, Viessmann already expanded its operations to cooling and refrigeration sector.  Its product portfolio includes temperature-controlled rooms, powerful refrigeration cells and units as well as accessories and services.

 “Under MB Funds’ ownership, Norpe has strengthened its position as the market leader in the commercial refrigeration market in the Nordic countries. Thanks to its new strategy, competent management and skilled personnel, Norpe is currently expanding its operations in Europe strongly with the aim of providing services to a significant portion of the continent’s 50 largest chains of food retailers.  We are happy that in Viessmann, Norpe now has a new owner with long-term perspectives and strong resources. As part of Viessmann, Norpe has the opportunity to expand its product portfolio in its current main markets and to strengthen its position in new markets, especially in Germany and other Central European countries, with the aid of Viessmann’s global network. I believe the arrangement is in the best interests of Norpe’s current and future customers”, comments Eero Niiva, Partner at MB Funds.

The parties to the transaction have agreed not to publish the purchase price.

HLP Corporate Finance, Avance Attorneys and Ernst&Young acted as advisors of the sellers.

For more information, please contact:

Eero Niiva
Partner, MB Funds
+358 40 556 4660.