Inside information: Wetteri Plc sells its work-life training companies in Finland, Management Institute of Finland MIF Oy and Tieturi Oy
Wetteri Plc Inside information 14 February 2024 10.00 EET
Automotive growth-company Wetteri is divesting its work-life training companies in Finland, Tieturi Oy and Management Institute of Finland MIF Oy. The buyer is Professio Finland Oy, which focuses on work-life training.
Purchase price of the acquisition consists of a purchase price of EUR 5.1 million and a purchase price that is based on the net working capital calculation at the time of execution and the adjustments made to it. The buyer will pay 40 percent of the purchase price in cash at the time of execution and 10 percent on 30th June 2024. For 50 percent of the purchase price, Wetteri grants an interest-bearing loan with a loan period of 5 years of which the first two years are instalment-free.
By selling its work-life training companies in Finland, Wetteri clarifies the Group's structure in accordance with the company's strategy. The work-life training business will continue as part of Professio Group, whose core competences are in education business.
The selling of the education business companies has no effect on Wetteri’s financial guidance.
Aarne Simula, CEO and President, Wetteri Plc
“Automotive business is in the core of Wetteri's ambitious growth strategy. As Wetteri's work life education services will be transferred to Professio, whose core business and expertise these specific services are, the education services will continue to be even stronger. I thank the staff of our education business for this journey together!"
Execution of the transaction is conditional on fulfillment of the conditions for execution agreed on by the parties. Implementation, if the conditions are met, is estimated to take place on 2nd April 2024.
Information on income statement and balance sheet of Tieturi Oy and Management Institute of Finland Oy:
| Tieturi Oy (FAS) | 2023 | 2022 | 2021 |
| Income statement, EUR thousand | unaudited | audited | audited |
| Revenue | 4 722 | 3 902 | 4 230 |
| Operating profit (loss) | 417 | 277 | 458 |
| Profit before appropriations and taxes | 312 | 476 | |
| Profit for the period | 248 | 43 | |
| 2022 | 2021 | ||
| Balance sheet, EUR thousand | audited | audited | |
| Non-current assets | 3 878 | 3 709 | |
| Current assets | 1 955 | 1 642 | |
| Total assets | 5 832 | 5 352 | |
| Equity | 2 372 | 2 124 | |
| Non-current liabilities | 0 | 83 | |
| Current liabilities | 3 460 | 3 144 | |
| Total equity and liabilities | 5 832 | 5 352 | |
| Management Institute of Finland MIF Oy (FAS) | 2023 | 2022 | 2021 |
| Income statement, EUR thousand | unaudited | audited | audited |
| Revenue | 4 824 | 4 470 | 4 141 |
| Operating profit (loss) | 129 | 76 | -316 |
| Profit before appropriations and taxes | -25 | -407 | |
| Profit for the period | -115 | -643 | |
| 2022 | 2021 | ||
| Balance sheet, EUR thousand | audited | audited | |
| Non-current assets | 615 | 825 | |
| Current assets | 4 303 | 4 602 | |
| Total assets | 4 918 | 5 427 | |
| Equity | 1 845 | 1 960 | |
| Non-current liabilities | 818 | 1 539 | |
| Current liabilities | 2 254 | 1 928 | |
| Total equity and liabilities | 4 918 | 5 427 |
Additional information:
Aarne Simula, CEO and President, Wetteri Plc
Tel. +358 400 689 613, [email protected]
Wetteri Plc – An Entrepreneur-Driven Automotive Growth Company
Wetteri Plc is an entrepreneur-driven growth company in the automotive sector. The company engages in the retail sales of passenger cars, commercial vehicles, and heavy vehicles, and produces maintenance and repair shop services for vehicles, from passenger cars to heavy vehicles. Headquartered in Oulu, the company has 46 locations in Finland. The company employs around 1000 people, of whom nearly 70% work in maintenance and repair services. Wetteri promotes digitalisation in the automotive sector and is an important player on the common journey towards emission-free motoring. More information: sijoittajat.wetteri.fi/en/