Head Invest Ltd to sell its stake in Head Asset Management to Evli Bank
Evli acquires 90 percent stake in Head Asset Management Oy
On September 30, 2015 Head Invest Ltd and Evli Bank Plc signed a contract under which Head Invest Ltd would sell its stake in Head Asset Management Oy, making Evli Bank Plc the owner of an about 90 percent stake in the asset management company. The company’s key employees will continue as minority shareholders.
– Thanks to this transaction, Head Asset Management (HAM) is now free to grow as part of a larger entity. Another reason for our decision to sell was the continuously increasing EU regulation, but we believe that Evli will make it possible for HAM to continue playing a major part in its field, says Arto Ylimartimo, CEO of Head Invest Ltd.
Head Invest Ltd is a technology-focused group founded in 2000 and based in Oulu, Finland. The Group companies include electronics automation company JOT Automation, environmental technology company Proventia, and health technology specialists Mediracer Ltd. The principal owner of Head Invest Ltd is Veikko Lesonen and his family. The Group employs around 350 people, and its projected turnover for 2015 is EUR 58 million.
Founded in 2000, Head Asset Management offers tailored asset management services to private individuals, companies and other organizations. In 2014 the company had revenue of 1.9 million euro and net profit of 0.8 million euro. The acquisition supports the growth strategy of Evli’s wealth management.
– Head Asset Management has an experienced team and a high quality service concept. It is great that the company will be part of Evli, says Maunu Lehtimäki, Evli Bank’s CEO.
– We are pleased that Head Asset Management’s new main owner will be Evli Bank. We have had a good co-operation with Evli for a long time. Due to the changes of the operating environment and increasing regulation it is natural to join forces with a larger organization. The ownership arrangement will produce excellent conditions for further developing our business, says Head Asset Management’s Managing Director, Thomas Procopé.
The closing of the transaction requires the approval of the Financial Supervisory Authority.
The transaction is expected to be completed during the year 2015.
Further information: Arto Ylimartimo, CEO, Head Invest Ltd. Tel. 0400 698 608 / firstname.lastname@example.org