Armada Mezzanine Fund III has provided mezzanine financing to support Ovenia Group’s acquisition of Arenna. Ovenia Group is owned by private equity funds managed by Vaaka Partners and the company management.
Ovenia Oy is Finland’s leading provider of property management services. The company is independent of facility service providers, and has under management a property portfolio amounting to approximately six million square meters in different parts of Finland.
Arenna Oy is one of the largest providers of real estate management, property management and rental services in Finland. It manages over four million square meters of residential and commercial space in Finland.
The combination of property management expert Ovenia and real estate management specialist Arenna creates the market leader in property and real estate management services in Finland. The estimated total turnover of the two companies for 2011 is EUR 35 million. The combined entity manages over ten million square meters of commercial and office properties and real estate, as well as over 70,000 apartments, and has approximately 400 employees.
“We are excited to support Vaaka Partners in their portfolio company Ovenia Group’s synergetic acquisition of Arenna. We share their and management’s view that the merger enables property owners to operate efficiently with just one high-quality service provider that has a comprehensive service portfolio and nationwide coverage. With its size and competitive service offering, we believe Ovenia-Arenna is extremely well positioned to retain and attract customers and skillful professionals going forward.”, says Ilkka Santti, Partner of Armada Mezzanine.
For more information, please contact:
Ilkka Santti tel. +358 20 775 6582 or +358 40 700 2876 at Armada Mezzanine Capital Oy, Helsinki