Neova Oy and Dutch company Nielson Belegging en Beheer B.V. have agreed on 19 February 2022 that Neova will acquire a 30% minority stake in Kekkilä-BVB Oy from Nielson Belegging en Beheer B.V. Kekkilä-BVB Oy was formed at the beginning of 2019, when the Finnish company Kekkilä Oy and the Dutch company BVB Substrates B.V. merged their businesses into Kekkilä-BVB Oy. Neova Oy owned 70 percent of the company and the Dutch van Buuren family company Nielson Belegging en Beheer B.V. 30 percent. The parties have agreed that the purchase price will not be disclosed.
Juha Mäkinen has, in the role of CEO, successfully lead Kekkilä through transformation during the past 5 years, of which past 3 years integration and growth as Kekkilä-BVB joint venture. At the time of establishment, the companies pro-forma net sales were approximately EUR 240 million. In three years, Kekkilä-BVB has increased its turnover by approximately EUR 100 million. Company has become the largest growing media provider in Europe. Now when the integration of the two companies and changes in ownership structure have been finished, as well as acquisition of Brill companies, Mr Mäkinen has decided to leave his position and pursue his career outside of Neova Group.
With the announced changes, Vesa Tempakka, will assume the role of CEO of Kekkilä-BVB while also continuing as CEO of Neova Oy. Vesa Tempakka has chaired Kekkilä-BVB Board of Directors meeting, which will cease to exist after Neova Group assumes full ownership of Kekkilä-BVB, which at present already accounts for more than two-thirds of the Neova Group’s turnover. At the same time Peter Jan Kuiper, COO of Kekkilä-BVB, will join Neova Group Management Team to bring his extensive experience of growing media business to the team. Changes of the roles are effective as of 21.2.2022.
“I would like to thank Juha Mäkinen for the work he has done first as the Managing Director of Kekkilä Oy and during the last three years as the CEO of Kekkilä-BVB. Under his leadership, Kekkilä-BVB has grown into a leading player in its field in Europe in terms of customer base, turnover and sustainable operations. I wish Juha the best of luck in the new challenges, ”says Vesa Tempakka.
We continue having our focus on customer success and or deliveries will continue uninterrupted.
The transaction requires the approval of the competition authorities.
Read more on the Neova Press release