Hydroline Oy, a Vuorela, Finland-based market leader in the field of hydraulic cylinders manufacturing, raised growth funding from Juuri Partners Oy.
After the investment, Hydroline will remain as a family company. The amount of the deal was not disclosed but represents a major portion of a €20m financing arrangement it was looking for.
The company intends to use the funds to expand its volume production efforts and grow internationally.
Led by Mikko Laakkonen, CEO, Hydroline operates in the field of hydraulic cylinders and also offers innovative solutions. The company, which employs approximately 250 employees in Finland and in a new factory in Stargard, Poland (which employees about 20 people), had a €36.6m turnover in 2016. It is expected to grow approximately 20% in 2017.