Taaleri Plc has acquired a 25 per cent minority interest of its subsidiary Taaleri Private Equity Funds Ltd at a purchase price of EUR12 million. The purchase price is based on an external valuation.
The Board of Directors of Taaleri Plc obtained a positive fairness opinion (available as attached) from Sisu Partners Oy. Following the transaction, Taaleri Plc owns 100 per cent of Taaleri Private Equity Funds Ltd.
The subsidiary’s minority shareholders have been Taaleri Plc’s CEO Juhani Elomaa and Deputy CEO Karri Haaparinne, each with a 10 per cent holding, as well as other Taaleri key individuals, with a total holding of 5 per cent. Some of the subsidiary’s minority shareholders belong to Taaleri Plc’s related parties under the Finnish Limited Liability Companies Act.
The purchase price will be paid fully in cash. A condition of the transaction is that the sellers of the minority interest undertake to purchase Taaleri Plc’s shares with a 30 per cent share of the purchase price either from Taaleri’s employee shareholders on Wednesday, 30 March 2016 or in a share issue to be arranged through an authorisation of the Board of Directors.
“Taaleri Private Equity Funds Ltd is a strategic priority for the Group. The Board of Directors believes that the importance of the business for the Group will grow. 100 per cent holding in subsidiaries facilitates operational management and planning, and, above all, simplifies investment processes in this important business,” says Peter Fagernäs, Chairman of Taaleri Plc’s Board of Directors.
Taaleri Private Equity Funds Ltd (formerly Taaleritehdas Private Equity Funds Ltd) was founded as part of Taaleri Group (formerly Taaleritehdas Group) in 2009. The purpose of Taaleri’s private equity funds is to offer clients private equity investment opportunities, mainly in renewable energy and forestry as well as in real estate development and the housing market. The private equity funds are included in Taaleri’s Wealth Management segment. The turnover of Taaleri Private Equity Funds Group in 2015 was EUR13.7 million and the operating profit was EUR6.7 million. The operating profit margin was 49 per cent and the return on equity was 85 per cent.
