Avesco Group acquires Vatupassi Törmälä Oy

With this acquisition, Avesco expands its international rental operations
and strengthens its Finnish operations. Following approval of the relevant antitrust authority, closing is expected by end of February or beginning of March 2024.

Vatupassi is a specialist for construction site equipment rental & services with a footprint of 5 locations in central Finland. Joining the 3 Avesco Rent operations in capital and south of Finland, the presence and rental offerings will expand. Customers in Finland will benefit from an enlarged product and service offering from the new organization.

In 2023, Avesco Rent opened rental offices in Southern Finland in Tampere, Turku, and
Kerava. The company has 15 employees in Finland. With the acquisition, the number of
personnel will be multiplied, and the area of operations expanded. Vatupassi’s 70 employees will transfer to the new owner as existing employees. Vatupassi has offices in Joensuu, Jyväskylä, Kuopio, Nurmes, and Oulu. The rental offices will continue their operations under the Vatupassi brand.

Avesco Group employs a total of more than 1,100 employees in Switzerland, Austria,
Finland, and the Baltic countries. It is the leading machinery rental company in Switzerland and the official partner of machinery manufacturer Caterpillar in Switzerland, Finland and the Baltic countries. According to Vincent Albasini, the CEO of Avesco Rent Group, the new acquisition will strengthen the company’s development strategy.

“The Vatupassi brand is incomparable in Finland, and the merger of two strong operators is a huge competitive edge for both. Our goal is to together become the strongest and most
significant operator of the industry in all of Finland,” Albasini says.

Vatupassi is a family business awarded at a European level, and it has put significant effort
into personnel satisfaction and sustainability in the machinery rental industry.

“We are pleased to wish Vatupassi and its employees welcome to Avesco Rent Group. Our
products and services complement each other well, and it is a key differentiating factor in the extremely competitive rental market.”

Major shareholder of Vatupasssi Törmälä Oy Milla Törmälä will continue in the new
organizations as Vatupassi’s CEO, Anssi Törmälä will continue as the CFO, and Sampsa
Tanskanen will continue as the COO.

“For several years, we have grown our market position, but on our own it has been slower
than we would have liked to see. Avesco provides such resources for growth that we do not
possess and ideally matches with our values and corporate culture. We’re very excited about the joint new possibilities and will make everything possible to provide an even better service to our customers.” states Milla Törmälä.

Avesco is a sixth-generation family business, a fact which was, according to Törmälä, of
utmost importance to Vatupassi when selecting a partner. According to Törmälä, the most
important thing is to preserve Vatupassi’s high personnel satisfaction level also after the
transformation. It has been regularly monitored with the eNPS index, and last year’s result
was +85 per cent, which is exceptionally high. The company also wants to continue its work
towards sustainability.

“It has been a matter of honour for us to be a fair employer and bear our responsibility not
only for our employees but also for the environment. Our objective is to decrease our relative carbon dioxide emissions to almost half in the next two years. These are the matters which we jointly want to focus on in the future. With these focus areas we believe we can be the best solution provider to our customers” Törmälä explains.