Festivo buys Porkka

Date: 20 December 2019
Festivo buys Porkka

After acquiring the Porkka Finland business, Festivo will form a strong Scandinavian company specializing in refrigeration equipment. "This acquisition will bring us operational efficiency and sales in the international market," says Lasse Korpela, CEO of Festivo.

Festivo Finland Oy and Huurre Group Oy have completed a deal to transfer Porkka Finland Oy and its subsidiaries to Festivo. The traded companies are Porkka Finland Oy, Porkka Scandinavia AB, Porkka Norge AS and Porkka UK Ltd. In addition to Finland, the new company has offices in Sweden, Norway and the UK.

"This acquisition will allow us to form a strong Finnish manufacturer of refrigeration equipment, competitive in the international market. By combining functions, we can increase sales efficiency in important market segments for us, " says Lasse Korpela, CEO of Festivo Oy.

The total turnover of the companies last year amounted to just over 50 million euros, the company employs about 300 people. Currently, the activities of the traded companies remain unchanged.

The merger will create four clear business lines for Festivo to protect the food refrigeration chain: home cooling, commercial cooling, medical and laboratory cooling, and custom cooling. The company has three highly qualified production facilities.

"We realized that the merger would bring synergistic benefits, which we believe will significantly improve the financial performance and competitiveness of the company," Korpela says.

"This is a great solution for our business. Festivo is a welcome owner and partner. The companies have a common history that supports the decision, " said Ari Anttonen, Chairman of Huurre Group Oy.

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