Onvest Group and Are – Acquisition of Lemminkäinen’s Technical Building Services

We advise the Onvest Group and its group company Are Oy in the acquisition by Are of all shares in Lemminkäinen Talotekniikka Oy. The transaction is subject to approval by the Finnish Competition and Consumer Authority, which is expected to be obtained by the end of June.

Are operates in Finland and Russia. It offers contracting and maintenance services for office and commercial premises and residential properties. Are’s staff more than doubles following the acquisition, and its revenue will increase from EUR 165 million to EUR 387 million based on 2013 figures. In 2013, the revenue of the Onvest Group was EUR 1.7 billion, and it had 4,200 employees in eight countries.