DevCo is a Finnish business owner backed by strong anchor investors. The acquisition of Vexve is financed by, among others, Matti Alahuhta, Georg Ehrnrooth, Antti Herlin, Ilkka Paananen, Ilmarinen Mutual Pension Insurance Company, Rettig Group, and Finnish Industry Investment Ltd.

Jarmo Nieminen, the previous principal shareholder and chairman of the board, will continue as a member of the board of Vexve and Sari Baldauf will become the Chairman of Vexve. The Company initiates a search for a new CEO and DevCo founding partner Otto Kukkonen assumes the position of interim CEO.

”Vexve is an exceptional Finnish company with solid values, strong performance culture, and a leading global market position in its niche segments. This is a great opportunity to further develop the Company together with its dedicated employees. Vexve is exactly the type of medium-sized company – supported by strong megatrends – which DevCo has been looking for, and we will do our utmost to sustainably accelerate the growth of Vexve”, says Otto Kukkonen, interim CEO of Vexve and one of DevCo’s three founding partners.

”The Finnish success story of Vexve has been built on hard work by our dedicated and skilful employees together with our customers and other stakeholders. The Company has always been guided by the principle of continuity. It is the right time for Vexve to take the next step and this requires a stronger backing. I am convinced that DevCo is the right partner to take Vexve to the next level. Vexve and its employees deserve a bright future”, says Jarmo Nieminen.

”I am excited about this opportunity to participate in the next development phase of Vexve and to build a larger district heating product and solutions company. Jarmo Nieminen has created an exceptional company with a distinct culture, which provides a strong foundation for the accelerated growth of Vexve. I am very pleased that Jarmo will continue to serve on the board”, says Sari Baldauf, newly appointed Chairman of Vexve and Senior Advisor to DevCo.

More information:

Otto Kukkonen, acting managing director of Vexve Oy and partner in DevCo Partners | +358 50 346 3487 |

DevCo in brief

DevCo is an investment company founded by Otto Kukkonen, Teemu Alahuhta, and Lauri Stadigh, which supports medium-sized Nordic companies to grow. DevCo focuses on individual investments into medium-sized companies, which have considerable growth potential. DevCo offers operational support to initiate and implement well-defined development programs, best-in-class individuals on the Board, and long-term financial resources to support future growth. DevCo is a Finnish limited company, chaired by Matti Alahuhta, and is backed by strong anchor investors.