Nordic Waterproofing Group has today signed an agreement to acquire a further 31 percent of the shares in Playgreen Finland Oy (Playgreen), a Finnish company mainly active in the field of offering design, sales and installations of solar energy solutions. In 2020 Nordic Waterproofing acquired 33 percent of Playgreen and now holds in total 64 percent of the shares in the company with options to acquire the remaining 36 percent.
Playgreen Finland Oy was founded in 2010 in Porvoo, Finland, and has since supported their customers to design, select and install solar PV powerplants. The company offers environmentally friendly tailor-made renewable energy solutions to their customers to be installed on public buildings, industries, farms or private houses. Customers throughout Finland are provided with a range of high-quality solar panel solutions tailored for their specific needs. Playgreen Finland Oy also has the capacity to design and install charging stations for electric cars. The company does not have its own production, the headquarter is located in Vantaa.
“Nordic Waterproofing is very pleased to get the opportunity to increase our shareholding in Playgreen. Playgreen has a very interesting position in the rapidly growing solar panel market and we have already realised good synergies with our existing businesses in Finland”, says Esa Mäki, Head of Nordic Waterproofing Finland.
"Playgreen Finland Oy has for several years grown rapidly with Nordic Waterproofing as a minority shareholder", says Jouni Penttinen, CEO of Playgreen Finland Oy. "We are pleased to get a strong majority owner with a long-term focus and good understanding of our business, and we see continued great potential for synergies, primarily in marketing and market expansion but also in installation services and solution development", Jouni continues.
“Through this additional investment in Playgreen Finland Oy, Nordic Waterproofing demonstrates and enhances its commitment towards sustainable and environmentally efficient solutions for the building industry”, says Martin Ellis, CEO of Nordic Waterproofing group.
Nordic Waterproofing Holding AB’s Finnish subsidiary, Nordic Waterproofing Oy, has signed an agreement to acquire a further 31 percent of the shares in Playgreen Finland Oy and now holds 64 percent of the company. The acquisition will be financed within Nordic Waterproofing’s current credit facilities. Furthermore, Nordic Waterproofing has an option to acquire the remaining 36 percent of the shares in the company before 28 February 2025. Playgreen will be consolidated in the Installation Service segment from 1 January 2023.