Thursday, 2 March 2017

Tesi had record-high investment volumes in 2016!

Well, well ... / And, uh, a good operational result. 'Nice!'

Right, my mate Anna has sent me this PR email about Tesi. 'Who?!' Tesi. I think it might be a Finnish firm. 'Oh, of course.' What do we know, Voice? 'Have a look at this, boss -'

Tesi (Finnish Industry Investment Ltd) is a venture capital and private equity investment company that accelerates companies' success stories by investing both in funds and directly in companies. We operate as an active minority owner that possesses business expertise and international networks enabling a company to pursue its growth strategy. Our assets under management amount to €1.1 billion and we have a total of 723 portfolio companies.

That's great, man! 'Success stories!' Yeah. Where did you find it? 'Er ... at the bottom of the email.' Oh. 'It's all there if you look for it.' Well, thank God I've got you, eh? 'Really?' Well ... / Anyway ...

Financial year 2016 was extremely brisk in terms of Tesi's new investments, the activity level of Tesi's international co-investors in Finland as well as in terms of portfolio companies' growth figures. Tesi made new investments amounting to €165m. In addition, Tesi's international partners invested almost €160m in Finnish companies. Direct portfolio companies continued to grow strongly, increasing their net sales by 17% on average. Profit for the financial year was €45m, boosted by favourable market conditions, active portfolio management and numerous exits.

Great ... but we don't live in Finland, do we? 'Some people do, boss. Finnish people. Do you have any readers in Finland?' I don't know. 'Maybe Anna's your reader.' Who?! 'Anna! The bird who sent you the email.' Oh, her. / Let's get on with it. 'Ha!' I'm just wondering what Martin Backman has got to say about all this. 'Wonder no more! -'

President & CEO Martin Backman: "Tesi made investments amounting to €165m during the year. In fund investments, our focus was on international venture capital funds, through which we attract international capital and business management expertise into Finnish companies. We also made a number of commitments to Finnish later-stage growth funds, such as Folmer's and Intera's new funds. We made direct investments in, for instance, Midaxo, Vexve and Touhula. Finnish companies raised a record amount of large international venture capital rounds, which Tesi also participated in. Overall, Tesi's international partners invested almost €160m in Finnish companies in 2016."

Well, they're obviously very proud of the amount they invested. 'They can't stop talking about it!' Yeah. But I can.

There's a lot more, dear reader(s). I'll just finish with the prospects for the firm.

In 2017 Tesi will give high priority in its investment activities to active ownership, internationalization and responsible investment. Fund investments will focus on Finnish venture capital funds and, as in 2016, on Finnish later growth funds. KRR II is expected to be fully invested during 2017. The focus for direct investments will be on the Industrial Renewal and International Co-investors investment programmes. Tesi will continue its cooperation with the EIB and the EIF. This will include channelling financing from the European Fund for Strategic Investments (EFSI) into Finland. Jan Sasse starts as Tesi's President & CEO with effect from 6 March 2017. Good retained earnings from previous financial years give Tesi strong resources for long-term investment operations that promote the growth of Finnish companies.

Okay. Okay. That's enough. I'm just not in the mood. 'What's wrong, Mikey?' I've got things on my mind, man. 'Will there be a conceptual later?' Yes. No. 493. The last post of the week.