Here is the next expanding discounter in Finnish retail. Private equity investor Adelis will make over the majority stake in Puuilo.
”Our goal is to double the number of stores in the coming years”, says Markku Tuomaala, CEO of Puuilo.
At the same time, Tomas Franzen, the former CEO of Biltema and ÖoB, will invest and take a position in the Board.
Puuilo is a family business founded in 1982 as a carpenter’s workshop in Kainuu in Finland. The company is a discount retailer operating a countrywide network of 15 stores and a web-shop. Puuilo’s product offering comprises of renovation related products, tools, car accessories, garden supplies, pet food and supplies as well as household goods.
It is already one of the leading discount retailers in Finland. The company has a turnover of approximately 75 million EUR and employs 240 people.
Adelis Equity Partners Fund I has agreed to acquire a majority stake in Puuilo Oy from a fund managed by Sentica Partners and the company’s management team. The management team will retain their current roles and continue as significant minority owners in the company.
Puuilo is primarily focused on DIY customers and is known for its wide assortment and everyday low prices.
“We have experienced significant growth in recent years and expanded from being a local player to a company with nationwide presence. The cooperation with Adelis is a natural next step in the development of the company. Our goal is to double the number of stores in the coming years. The next store is going to be opened already in March in Oulu”, says Markku Tuomaala, CEO of Puuilo.
“We are very impressed with Puuilo’s development and the achievements of the management team. Our plan is to give all Finnish people access to this unique concept in the coming years. The company fits our investment criteria well and we look forward to developing the company together with management”, says Rasmus Molander of Adelis.
As part of the transaction, Tomas Franzén will invest in the company and take on roles as a Board member and advisor to the management team. Franzén has held various leadership positions at IKEA and is the former CEO of Biltema and ÖoB.