22.11.2021
Media Release 22.11.2021: POK Group Oy has bought the entire capital stock of E Avenue Oy
Media release: Publishable on November 22, 2021 at 3.00 p.m.
POK Group Oy has bought the entire
capital stock of E Avenue Oy.
POK Group, a family company from Kuopio that manufactures electricity distribution systems, has bought the entire capital stock of E Avenue Oy. As a result of the arrangements, POK Group will double its revenue and become one of the largest Nordic players in its industry. At the same time, the company is expanding its operations into new business areas.
The aim of the major acquisition is to strengthen POK Group's future competitiveness and position in the electricity distribution equipment market. The merger of the two competing companies, which has been considered for a long time and is in line with POK Group's strategy, seeks synergies that will enable us to offer more comprehensive solutions to customers. With the increase in the number of employees, the company will be able to meet the shortage of experts in the sector and strengthen its expertise capital. The investment will also increase generation capacity to meet the ever-increasing demand and future evolving electricity distribution market.
"Climate and environmental issues alone are at the heart of an unprecedented debate and need for change. The acquisition is therefore a natural part of our strategy. We do not see the transaction as important only from the perspective of increasing the size of the Company, rather as a much more strategic acquisition. E Avenue's expertise and products help us deliver more comprehensive deliveries to our electronic environments in a changing and more demanding world. " says Timo Lappi, Chairman of the Board of POK Group Oy.
"For us as a family business, this is a very big growth effort. We want to offer our customers the most superior service concept on the market. This arrangement will significantly improve the conditions as our products and operations complement each other perfectly. I am very excited that we are just getting the experts on E Avenue into our team! Now the real work is just beginning. " Teemu Vepsäläinen, CEO of POK Group Oy, rejoices.
In addition to the company to be acquired, POK Group owns Telemerkki Oy in Jokela. In the future, the companies will form the POK Group konsern. The combined turnover of POK Group and Telemerkki Oy in 2020 was EUR 21 million and the number of employees was 170. With the acquisition, the future konsern’s net sales and number of employees will double. In addition to the offices in Kuopio and Jokela, E Avenue Oy's factories in five different locations will be taken over by POK Group.
"We want to be involved in creating a significant business entity. E Avenue and POK Group complement each other with their own expertise and together they are better able to meet the needs of their customers " says Seppo Vähimaa as the sales representative.
As a result of the acquisition, the entire share capital of E Avenue Oy will be transferred to the ownership of POK Group Oy as of November 19, 2021. Following the acquisition, E Avenue Oy's operations will continue as part of the POK Group Oy Group. The arrangements do not affect the companies existing agreements or customer relationships or POK Group Oy's ownership.
More information:
Timo Lappi, Chairman of the Board, POK Group Oy, +358 44 552 3807, timo.lappi@pok.fi
Teemu Vepsäläinen, CEO, POK Group Oy, +358 50 378 4741, teemu.vepsalainen@pok.fi
POK Group Oy is a family business founded by Tapani Vepsäläinen in 1979, with its roots in Juuka, where the company's operations were located until the 21st century. In 2005, the company acquired Mega-Kojeisto Oy in Kuopio, launching a generational change. The company concentrated its operations in Särkiniemi, Kuopio, in 2012. In 2017, the company acquired Telemerkki Oy in Jokela. Today, the company operates in five different business areas which are Buildings, Hospital, Energy, Industry and Marine. The latest of these is Energy, which has grown into a significant part of the company's operations since its launch in 2019. The combined turnover of POK Group and Telemerkki Oy in 2020 was EUR 21 million and the number of employees was 170.
E Avenue Oy’s operations began almost 30 years ago. Ikaalinen Central Power and Kuopio Switchgear was established in the early 1990s, and E Avenue Oy was formed by the merger of two central manufacturers in 2004. The Kerava and Iisalmi offices specialize in the manufacture of automation, machine and equipment centers. Real estate centers are being manufactured at the Ikaalinen and Seinäjoki offices. The Kuopio office manufactures electrical switchboards for the needs of industry and network companies. Kuopio also has automated production of sheet metal parts and enclosures. In the 2010s, E Avenue Oy expanded through acquisitions by acquiring the businesses of Maans sähkö Oy and SK-Kojeistot Oy. E Avenue employs 200 people and had a turnover of EUR 22.3 million in 2020.
Kuopio, 22.11.2021
Teemu Vepsäläinen
CEO, POK Group Oy