Norvestia's portfolio company sells rapidly growing Touhula Varhaiskasvatus to EQT

10/03/2016
Coronaria Hoitoketju, the majority shareholder of Touhula Varhaiskasvatus, has agreed on a transaction that upon closing will make EQT Mid Market fund the majority shareholder of Touhula. Coronaria Hoitoketju is part of Norvestia’s Growth Equity portfolio, and it has been an excellent investment for Norvestia. Norvestia’s initial investment in the company was about EUR 3 million. With the transaction Coronaria Hoitoketju’s Amended Net Asset Value for Norvestia will grow from EUR 17.6 million to about EUR 23 million.

After the sale of Touhula, Coronaria will continue developing its core businesses in the areas of specialty health care and elderly care. The transaction is subject to approval by competition regulators. The closing of the transaction is expected to occur during April.

Norvestia’s close and active cooperation with Coronaria Hoitoketju’s Oulu-based main owner Cor Group as well as the other owners of Touhula Varhaiskasvatus has brought significant new business to Finland. Within approximately five years, Touhula has developed into a leader in the private day care business. Norvestia will continue as a minority investor in Touhula together with Cor Group and Finnish Industry Investment as well as key persons of Touhula.

”We have had the honor of being involved in building the growth story of Touhula Varhaiskasvatus Oy right from the beginning. The entrance of EQT will make long-term expansion and development of the business possible. We are happy to continue working together,” says Juha Mikkola, Chairman of the Board of Coronaria Hoitoketju Oy and Head of Growth Equity of Norvestia Oyj.

TOUHULA IS ONE OF THE FASTEST GROWING DOMESTIC SERVICE BUSINESSES

Finnish Touhula Varhaiskasvatus, which began its business in 2011, is one of the country’s fastest growing service businesses. Touhula has over 80 day care centers with over 1,100 employees. In the year 2015 alone 700 new employees were hired. During 2015, Touhula Varhaiskasvatus opened 24 new day care centers around Finland. Behind this growth is Touhula’s unique service concept, the development of which has been backed by domestic investors.

”The operations model of Touhula Varhaiskasvatus, the new facilities, and high quality early childhood education services have received a very enthusiastic welcome in over 30 locations already. The satisfied customers and the entrance of EQT as a responsible and solid owner will enable both the expansion of the business to new locations as well as offering new services in the future to families as well as municipalities,” says CEO Jari Mäki-Runsas from Touhula Varhaiskasvatus.

The customer and working relationships of Touhula Varhaiskasvatus Oy will continue as before. The resources of Touhula Varhaiskasvatus to develop quality early childhood education and offer attractive employment to professionals in the field will further strengthen with the expansion of the ownership base.

Touhula complements the day care services provided by municipalities and increases the freedom of choice for families. The majority of the business of Touhula Varhaiskasvatus is based on the service voucher model, which makes private day care equally accessible with municipal day care to all families.



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