Taaleri Plc has acquired a 25% minority interest of its subsidiary Taaleri Private Equity Funds Ltd at a purchase price of EUR 12 million. The purchase price is based on an external valuation. The Board of Directors of Taaleri Plc obtained a positive fairness opinion (available as attached) from Sisu Partners Oy. Following the transaction, Taaleri Plc owns 100% of Taaleri Private Equity Funds Ltd.
The subsidiary’s minority shareholders have been Taaleri Plc’s CEO Juhani Elomaa and Deputy CEO Karri Haaparinne, each with a 10% holding, as well as other Taaleri key individuals, with a total holding of 5%. Some of the subsidiary’s minority shareholders belong to Taaleri Plc’s related parties under the Finnish Limited Liability Companies Act.
The purchase price will be paid fully in cash. A condition of the transaction is that the sellers of the minority interest undertake to purchase Taaleri Plc’s shares with a 30% share of the purchase price either from Taaleri’s employee shareholders on Wednesday, 30 March 2016 or in a share issue to be arranged through an authorisation of the Board of Directors.
“Taaleri Private Equity Funds Ltd is a strategic priority for the Group. The Board of Directors believes that the importance of the business for the Group will grow. 100% holding in subsidiaries facilitates operational management and planning, and, above all, simplifies investment processes in this important business,” says Peter Fagernäs, Chairman of Taaleri Plc’s Board of Directors.
Taaleri Private Equity Funds Ltd (formerly Taaleritehdas Private Equity Funds Ltd) was founded as part of Taaleri Group (formerly Taaleritehdas Group) in 2009. The purpose of Taaleri’s private equity funds is to offer clients private equity investment opportunities, mainly in renewable energy and forestry as well as in real estate development and the housing market. The private equity funds are included in Taaleri’s Wealth Management segment. The turnover of Taaleri Private Equity Funds Group in 2015 was EUR 13.7 million and the operating profit was EUR 6.7 million. The operating profit margin was 49% and the return on equity was 85%.
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Taaleri in brief
Taaleri is a financial group listed on the First North Finland marketplace, maintained by NASDAQ OMX Helsinki. Taaleri provides wealth management and financing services to institutional investors, companies and private individuals. Taaleri Group consists of the parent company Taaleri Plc and four operational subsidiaries: Taaleri Wealth Management Ltd and its subsidiaries, Taaleri Private Equity Funds Ltd and its subsidiaries, Taaleri Investment Ltd and Garantia Insurance Company Ltd. In addition, Taaleri has an associated company, Fellow Finance Oy, which offers peer-to-peer lending services. The Group has over 180 employees. Its offices are located in Helsinki, Tampere, Turku, Pori, Oulu, Istanbul and Nairobi.
At the end of 2015, Taaleri had assets under management of EUR 3.9 billion and 3,500 wealth management clients. The entire Group’s base of direct and indirect clients totals 30,000 accounts. Taaleri Plc has more than 2,000 shareholders. The operations of Taaleri are supervised by the Finnish Financial Supervisory Authority.
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