A-Katsastus Group Oy has signed an agreement on the acquisition of the capital stock of Suomen Vahinkotarkastus SVT Oy from Fennia. Suomen Vahinkotarkastus SVT will continue to operate as an independent subsidiary of A-Katsastus Group as of 1 January 2015.
"I see this deal as a positive one. Suomen Vahinkotarkastus will continue to hold the position of a wellestablished and reliable damage inspector, and from Fennia’s point of view, the trade will strengthen cooperation and expand the service network for customers. We also see possibilities to develop our business together with A-Katsastus", says Mika Aho, Chairman of the Board of Directors of SVT.
The reformed Finnish vehicle inspection legislation entered into force on 1 July 2014, after which the strict requirement for independence was removed from operators in the inspection sector. As a result of the change in legislation, A-Katsastus sees clear potential in the business environment to expand the company’s service portfolio and to create new business opportunities.
"The acquisition of Suomen Vahinkotarkastus SVT Oy is a logical step in our focused strategy to seek growth in areas that are natural to us. SVT is the leading Finnish company in the damage inspection sector, and its products, expertise and network are a great complement to our own business. We see significant synergy benefits with regards to future service development. In the future, A-Katsastus Group will be able to offer both vehicle inspection and damage inspection services nationwide; customer contracts will remain unchanged and the personnel will continue as before", Kari Kivikoski, CEO of A-Katsastus Group, summarises the acquisition.
The parties have agreed that the purchase price will not be disclosed.
For more information, please contact:
Kari Kivikoski, CEO, A-Katsastus Group Oy, contacts through Outi Arola, Head of Communications, tel. +358 45 632 2007.
Mika Aho, Chairman of the Board of Directors, Suomen Vahinkotarkastus SVT Oy, tel. +358 40 722 0200
A-Katsastus Group is one of the leading European companies providing vehicle inspection, trade-in inspection and registration services. The company’s range of services also includes drivers’ examinations and automotive quality services. The Group has 1,300 employees and 270 inspection stations in five EU countries. The company operates in Finland, Estonia, Latvia, Poland and Sweden. The corporate headquarters is located in Helsinki, Finland. www.a-katsastus.com
Suomen Vahinkotarkastus SVT Oy is an expert company which produces damage inspection, expert services and realisation services for damaged vehicles for major insurance and automotive companies throughout Finland. SVT operates in 26 locations and has 64 employees in Finland. The operations of SVT are based on standards defined in the ISO 9001 quality system. www.svt.fi
The Fennia Group consists of Fennia, Fennia Life and Fennia Asset Management Ltd. Together the companies offer their clients competitive, high-quality non-life and life insurance and asset management services. Fennia and our insurance activities date back to the 19th century, giving us a solid professional foundation. The Fennia Group provides various risk management and insurance services for enterprises, their personnel, entrepreneurs and Private households, as well as flexible client financing solutions. www.fennia.fi