Private equity firm Vaaka Partners has acquired a majority stake in Framery, a Finnish company which makes soundproof office booths.
Framery was established in 2010 after its founders looked for a way to solve the problem of noise in their workplace. It now manufactures soundproof phone booths and meeting pods for large international companies such as Puma, Vodafone, Microsoft and Uber.
The business employs 180 people and more than 90% of its turnover comes from exports to North America, Europe and Asia.
In 2017 Framery more than doubled its turnover to €40 million (£35.7 million) compared to the previous year.
Vaaka Partners will support Framery in developing its products and accelerating the growth of its international sales. As part of the deal several Finnish business leaders and industry experts will join the Framery Board.
Ville Koskenvuo, a Partner at Vaaka Partners, said: “First and foremost, we were impressed by Framery’s superior technological know-how, its continuous innovation and its dynamic, positive working culture. The success of Vaaka Partners’ portfolio companies is based on creating a strong growth strategy, as well as additional resources, know-how and systematic modes of operation.”
Samu Hällfors, CEO and founder of Framery, added: “Having Vaaka as our partner is a significant leap forward for Framery in terms of implementing our growth strategy. Framery’s management, Vaaka and Vaaka’s industrial advisers have worked together to update our growth strategy, which should enable further acceleration of our rapid growth. As Framery grows into a new size category, we will be able to utilize the numerous experiences Vaaka and their industrial advisers have had of corresponding situations in various growth companies.”