The top-level management of Econet Oy has bought the company’s entire share capital from Econet Group Oy.
After the deal concluded on 12 August 2021, the Econet Oy share capital transferred to Econet Engineering Oy, the owners of which include Heikki Viitanen, Taina Dammert and Mika Kärkkäinen. Econet Oy will remain the company’s name even after the transfer.
Econet Oy is a Finnish company that implements construction and renovation of water and wastewater plants for municipal and industrial customers.
“Econet has long experience in the operations of an international project management company for hydraulic engineering. The purpose of the deal is to strengthen the company’s global growth,” say Viitanen, Dammert and Kärkkäinen.
“I considered the sale for a long time, and I deem the top-level management to be the best buyers since they know the company and have been committed to it for a long time. I thank them for their good cooperation throughout the years and extend my congratulations on the deal. I trust them to guide Econet successfully in the future,” says Matti Leppäniemi, Econet Group principal owner and Chair of the Board of Directors.
“The water sector is socially significant, and it is important to ensure that Finnish-owned companies in the sector function well and grow; as the partner of municipal water plants, they maintain crucial infrastructure. In Sweden, the companies of this sector develop and actively make acquisitions, and I would like to see the same trend in Finland. The strengthening of Finnish companies also improves the attractiveness of the sector,” Matti Leppäniemi emphasises.
Econet’s strengths include competence in water treatment processes and project management, familiarity with and good references in the Russian business environment, and equipment solutions suitable for heavy use and the cold conditions of the North.
“Global megatrends, such as scarcity of clean water, varying availability, tightening environmental norms, and increasing amounts of wastewater, support the demand for Econet’s services and create the opportunity to seek global growth with the help of international customers,” Heikki Viitanen explains.