Finnish private equity company Sentica Partners is the new majority owner of Citec
The engineering and information management consultancy Citec heralds a new growth phase aiming to double its turnover by 2015. The number of employees is expected to grow to over 1500 persons.
As of June 1, 2011 the both companies – Citec Engineering Oy Ab and Citec Information Oy Ab – are consolidated into one group; Citec Group. A fund managed by Sentica Partners enters as the new majority shareholder with 67 percent share. Citec’s previous majority owner, Rune Westergård, will henceforth hold 20 percent of the shares of Citec Group, while key people within Citec will hold the remaining 13 percent.
The restructuring facilitates the growth with Citec’s current customers. Company acquisitions are possible where needed to complete the competence and service offering. Citec also aims to give its customers even better and more comprehensive services, a wider product range and aims to ease the purchasing process from one joint Citec.
Within Citec Group, Engineering’s business will continue to be led by Martin Strand. Martin Strand has also been appointed CEO of Citec Group. Kai Dahl continues to head Information’s business operations. Eero Leskinen, Investment Director of Sentica Partners, has been appointed chairman of the board of Citec Group. Rune Westergård continues as advisor and member of the board.
“The transaction has three objectives,” says Rune Westergård, Citec founder and board member. “First we want to implement a generational change, and secondly Citec has entered a new phase of its successful journey. A private equity company like Sentica Partners will help us grow faster both organically as well as through acquisitions. The third purpose is that the two Citec divisions now will be linked into one Citec Group. Completely new forms of services will be developed by better combining the two companies’ existing knowledge,” says Westergård.
“The management and key personnel remain, which is important for business continuity. Sentica has concluded that Citec is a highly interesting company in our industry. Sentica believes in us – so I am personally convinced that Sentica is the right majority owner for Citec, our employees and our customers, “Westergård concludes.
“The ownership arrangement together with the new group organization give excellent opportunities to lead Citec Group into future growth and success in cooperation with our skilled personnel”, says Martin Strand, the new Group CEO.
“Citec companies’ success is based on strong technical expertise and close cooperation with customers creating a very good basis for international growth. Thanks to the Indian entity, Citec is already today strongly established in the emerging markets. We believe that Citec will at least double its turnover within a few years – a growth that is generated both organically and through acquisitions. It is very important to deliver the growth with sustained profitability, “said Eero Leskinen, chairman of the board.
For more information, please contact:
Rune Westergård
Founder and member of the board, Citec Group
Phone: +358 500 568 382, e-mail: rune.westergard(at)citec.com
Martin Strand
CEO, Citec Group & Citec Engineering
Phone: +358 40 571 4463, e-mail: martin.strand(at)citec.com
Michael Smirnoff
Director, Marketing & Communications, Citec Group
Phone: +358 50 464 0656, e-mail: michael.smirnoff(at)citec.com
About Citec
Citec provides multi-discipline engineering and consulting services for the Power, Civil, Rail Vehicles and Process industries. Citec also offers a wide range of product information management services. Citec was founded in 1984. The number of employees of the Citec companies currently amounts to about 1000 and the turnover for 2010 was approximately EUR 55 million. Citec is headquartered in Vaasa, Finland, and has offices in Finland, Sweden, Norway, the UK, France, Russia and India.
About Sentica
Sentica is an independent private equity company focusing on acquiring and developing Finnish small and mid-sized companies. The funds under Sentica’s management amount to some EUR 180 million with fund investors consisting of Finnish institutional investors and high quality European fund of funds.
