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Custom furniture producer Sarkop raised equity, targets Swedish and Norwegian markets
Sarkop AS2012-06-13 12:18 EEST
In connection with expanding to the Swedish and Norwegian markets, Estonian custom furniture producer Sarkop (www.sarkop.com) has engaged private investors among its owners, led by Toivo Annus, one of the owners of venture capital fund Ambient Sound Investments (www.asi.ee), and the Tammo family.
Wooden furniture design, production and installation company Sarkop was founded in 1992 and has by today gained the leading position in the Finnish market. The company is mainly specialised in producing hotel furniture (e.g. Radisson Blu, Scandic and Park Inn hotels), but has under special projects also furnished many other rooms and premises, including Burger King restaurants, the world’s largest cruise ship Allure of The Seas, the Finnish National Theatre, Swedbank’s offices etc.
“At the beginning of the economic crisis we were forced to shift our focus from the Estonian market to export, the proportion of which has been approximately 90% in recent years. After achieving the leading position in the Finnish market the further expansion to Sweden and Norway is a very logical step,” said Priit Kerma, who continues to run the everyday activities of the company together with Ermet Tari as majority shareholders.
According to Jako Kruuse, a partner at the financial advisory company Nordic CF Advisory (www.nordicadvisory.com), which prepared the transaction, the company’s expansion required the reinforcement of capital and the involvement of a long-term investor of solid background. “I believe that after the transaction, Sarkop is in a good position to expanding its business in Scandinavia both organically and by takeovers,” noted Jako Kruuse.
“Sarkop has very strong regular clients and good references, which it can successfully use upon expanding both in Scandinavia and beyond. We see strong growth potential in Sarkop,” added Herty Tammo, who is one of the investors.
Nordic CF Advisory is an independent Estonian corporate finance boutique focusing on M&A transactions, business valuations and capital raisings for mostly Estonian midmarket companies.
Scanarius, a joint venture of Toivo Annus, Jaak Annus and the Tammo family, is an investment firm, the portfolio of which also includes Vinnal Production (www.vinnal.ee), a producer of custom solid wood doors, stairways and furniture.
Priit Kerma, Sarkopi CEO
Jako Kruuse, Nordic CF Advisory partner
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