Consti successfully enters Helsinki Stock Exchange
In connection to Consti Yhtiöt Oy’s successful initial public offering on the main list of NASDAQ Helsinki Stock Exchange and related share sale on December 11, 2015, Intera Fund I Ky has sold a majority of its ownership in Consti to institutional and retail buyers.
The initial public offering marks an important milestone for rapidly growing Consti, which was established in 2008 by Intera together with the leading entrepreneurs of the industry. Since its founding, Consti has grown to become the one of the leading companies focusing on renovation and technical services in Finland) by implementing a buy & build –acquisition strategy and investing significantly in recruitments and organic growth.
The starting point for Consti was the industrial vision developed by Intera’s senior advisor Erkki Norvio in 2007. During the early planning, the market opportunity in renovation construction was identified, and the initial business plan for Consti was created. The original investment thesis about capturing the fundamental volume growth opportunity by creation of a new multi-disciplined specialist and market leader still holds to date.
The execution of Consti’s buy and build -business plan started by acquiring Koja Tekniikka, the first of the three platform pillars in August 2008. Koja formed the core of Consti’s technical building systems division and the platform creation was continued by acquisitions of Raita and JRH in the following year to add the building facades and general renovation –business units to Consti. These acquisitions were then complemented with 11 add-on acquisitions by early 2011. Vast majority of the entrepreneurs who joined Consti continued in managerial roles in the newly established group.
After the IPO, Intera continues as the single largest shareholder (ca. 12%) for Consti. Erkki Norvio and Janne Näränen will continue in their board member roles in Consti.