Nordic Capital has signed an agreement with Goran Sundholm, the founder of Marioff Corporation, to acquire 50 per cent of the fire extinguishing solutions company.
This acquisition will be financed by a FIM100 million investment from Nordic Capital. This will be done through a combination of purchase shares and a subscription of new shares. Founder and owner of Marioff, Goran Sundholm, will retain the other 50 per cent share.
Felix Bjorklund said: “Marioff is already now a profitable fast growing company. With Nordic Capital as partner additional capital will be available for further growth and global expansion. We look forward to developing the company jointly with its management.”
Goran Sundholm, managing director of Marioff Corporation, said the aim of the business is to significantly increase sales through organic growth and geographic expansion.
Marioff develops fire-extinguishing solutions based on high pressure water mist technology called HI-FOG. The technology is a registered brand with more than 700 world patents. The technology has an approximate world market share of 90 per cent of installations in cruise and passenger vessels.
The company has a turnover of FIM292 million (euro49.1 million), and employs 222 people. Based in Vantaa, Finland, the company has subsidiaries throughout the Nordic countries and the rest of Europe. It also produces land-based systems for underground trains and stations.
Felix Bjoklund, partner at Nordic Capital led the investment.