On February 10, 2021, a new parent company of Citec Group, Sentiec Oy, issued a senior secured bond amounting to approximately 29 million euro to finance the profitable growth of Citec for the coming years. Citec aims for profitable growth with medium-term target of 100 million euro in revenue.
“I am happy to inform that the financing for our growth is confirmed, and now it is up to us to gear up and secure the continued success of Citec. The current majority owner Sentica, as well as Citec’s founder Rune Westergård, continue as major shareholders ensuring a solid ownership base for Citec”, says CEO Johan Westermarck
“We are very committed to continue our strong track-record of partnering with our key customers in the energy and process industry, as well as other industries. Together we have an exciting journey ahead and we will continue our profitable growth exploring new markets according to the Citec strategy. Our new organisation is well prepared and we will jointly, with our talented teams across the world, develop offerings and competences to ensure continuous customer successes, and thereby a strong competitive position for Citec for the years to come”, says Johan.
Sentica has been working with Citec since 2011, when Citec was formed by combining Citec Engineering and Citec Information. Citec has developed well under the new management and we foresee a lot of interesting opportunities for the company in the coming years.
Johan Wentzel, Partner at Sentica and Chairman of the Board of Citec.
For more information, please contact:
Johan Westermarck, CEO, Citec Group Oy Ab
+358 50 339 7972, firstname.lastname@example.org
Johan Wentzel, Chairman of the Board, Citec Group Oy Ab
+358 40 733 9925, email@example.com
Sentica is an independent private equity company focusing on acquiring and developing Finnish mid-sized and small companies. The funds under Sentica’s management amount to some EUR 500 million with fund investors consisting of Finnish institutional investors and high quality European fund of funds. www.sentica.fi