Inwido grows with a new acquisition in Finland

Press release Hyvinkään Puuseppien

With the acquisition of Hyvinkään Puuseppien Oy in Finland, specializing in solid wood doors and made to measure windows, Inwido adds yet another successful business to Business Area Eastern Europe. Hyvinkään Puuseppien Oy has 16 employees and a production facility in Ridasjärvi in Hyvinkää. In the last financial year, the company reported sales of approximately SEK 40 million.

Hyvinkään Puuseppien Oy was founded in 1958 by the father of today´s CEO and owner Ilkka Turpiainen. He is now selling the company to Inwido to ensure continued good development and growth of the business. Hyvinkään Puuseppien will in connection with the deal be an independent business unit within Inwido while at the same time benefitting from synergies with Inwido's central purchasing organization.

Hyvinkään Puuseppien sells their products primarily to housing unions and real estate companies, construction companies and building contractors. The doors and windows are made to measure and available in several different types of wood. The company is also offering renovation and repairing of doors and windows both on site and in its own workshop.

"The acquisition of Hyvinkään Puuseppien Oy strengthens our position in made to measure solutions for windows and doors made with the highest wood craftsmanship. The company's renovation business also resonates very well with Inwido's sustainability motto of giving more than we take. We acquire a successful business with a product offering, which will create good opportunities for strong organic growth" says Antti Vuonokari, EVP Eastern Europe at Inwido.

"Together with Inwido I see great opportunities to accelerate our business in Finland. I’m looking forward to developing our business while maintaining our unique offering”, says Ilkka Turpiainen, CEO of Hyvinkään Puuseppien Oy.

The acquisition Hyvinkään Puuseppien Oy is financed through available cash and will have a marginally positive impact on Inwido's earnings per share during 2022. The purchase price is in line with Inwido's usual multiples. The owners retain 35 percent of the shares for a period of at least two years. The purchase price for the remaining shares will be based on the future financial performance of Hyvinkään Puuseppien Oy. 

Hyvinkään Puuseppien is Inwido's second acquisition in 2022. In March, Business Area Western Europe expanded when acquiring Dekko Window Systems in Manchester with sales of SEK 280 million.

For more information, please contact:
Antti Vuonokari, Executive Vice President Inwido Eastern Europe
Tel: +358 40 903 0751, antti.vuonokari@pihla.fi

Tobias Rydergren, Head of PR & Communication
Tel: 46 (0)70-255 23 61,
tobias.rydergren@inwido.com