Partnera and Tesi invest in Uusioaines – the leading glass recycler and foam glass manufacturer in Finland

Partnera, a Finnish investment company located in Oulu, has reached an agreement to acquire Uusioaines Ltd. As a result of the transaction, Partnera becomes the majority owner of Uusioaines with a 58% stake in the company. Other shareholders include Tesi (Finnish Industry Investment Ltd) with 30% ownership, as well as the former sole owner Jarkir Ltd, and Managing Director Jussi Parkkali. The total consideration of the transaction is EUR 19.8 million on a debt and cash free basis.

According to Jari Pirkola, CEO of Partnera, Uusioaines fits well into Partnera’s investment strategy:
- “Uusioaines is a Finnish family business, and glass recycling and manufacturing of foam glass represent circular economy and sustainable development, which are both vital to our society. As the leading player in Finland, Uusioaines has long-standing relationships with recycled glass suppliers and a well-functioning production plant with experienced professionals. Uusioaines is currently performing well and it holds great potential for future growth and development.”

Uusioaines Ltd is the leading glass recycling company in Finland, processing up to 70% of all recycled glass in the country. The company’s manufacturing plant in Forssa, Finland, produces glass cullet and glass powder for various industry use. Furthermore, by-products from the recycling process is used to produce foam glass, an environmentally friendly insulating product and low-capillarity and lightweight fill material. It is remarkably lighter than crushed stone and as such, ideal as an insulating lightweight aggregate material for road construction and infrastructure projects, as well as for providing insulation in a wide range of buildings, foundations, limecrete floors and roofs.

Jari Stenberg, owner of Jarkir Ltd, the former sole owner of Uusioaines, will stay with the company as a minority owner. Stenberg has been part in leading the family business in its journey of moving from stone crushing to glass recycling and now the production of foam glass. He comments:

- “The foam glass product has great growth potential and our new owners will help in with the realisation of that potential. We are happy to join forces with Partnera and Tesi - both being Finnish investors and with the same core values as we have.”

Responsibility is always present in Tesi’s investment activities. Many of its portfolio companies focus on reducing environmental impact and energy consumption.

- “Exporting Finland’s expertise in circular economy is one of the goals of the Finnish government. Due to tightening regulation, glass recycling rate is projected to rise in Europe, creating new opportunities for Uusioaines,” says Tesi’s Investment Manager Samuel Saloheimo.

Partnera Ltd is owned by a large number of private and public entities, while Tesi is owned by the state of Finland. Uusioaines, being a profitable Finnish family business focusing on sustainable development, is a natural investment for both Partnera and Tesi.

- “Like us, Tesi is an investment company that invests with financial goals in mind, but we both see that investments are also worth measuring by their effect on society,” Jari Pirkola points out.

Press release (pdf)