Puuilo, a mid-sized non-food retailer offering small hardware, gardening products, tools, machinery, leisure products, pet products, detergents and seasonal products, has received a majority investment from a fund managed by private equity company Sentica Partners.
Following the investment, the company’s previous owners will remain as significant minority shareholders (25%) and Markku Tuomaala will continue as CEO.
In conjunction with the transaction, key employees become Puuilo’s owners with 20% shareholding while Eero Leskinen, Investment Director at Sentica, will become the new chairman of the board.
Sentica, which has acquired 55% of the share capital, will help the company grow the business and expand operations to new cities by establishing own stores or acquiring smaller companies.
Puulio currently has seven stores (located in Kajaani, Kuopio, Lahti, Oulu, Tuusula, Suomussalmi and Vantaa) and a webstore which especially offer small hardware and construction related tools.
Established in 1982, The family owned company has some 130 employees with a turnover expected to increase to €35m in 2011.