26 April 2024

Funds managed by affiliates of Apollo and Rettig form a consortium for the purposes of the offer for all the issued and outstanding shares in Purmo Group Plc.

Apollo, a global alternative-asset manager has made an offer to acquire a majority stake in Purmo Group, with Rettig as a minority owner. If successful, Purmo Group would delist from the Helsinki Stock Exchange and become privately owned in Q3 2024.

The announcement is regarded as good news for Purmo Group. Apollo has 30+ years of investment experience and specialises in climate financing, energy transition and infrastructure solutions. Its ownership, in consortium with Rettig, would strongly assist Purmo Group in executing its strategy, becoming the leader in sustainable indoor-climate solutions, and retaining a top market position in radiators.

Waleed Elgohary, Partner at Apollo commented: “The team at Purmo Group has built an impressive business that we believe can play an important role in the clean transition and reach its full potential under a period of private ownership and strategic sponsorship. Apollo, together with Rettig, believes Purmo Group can become one of Europe’s leading providers of sustainable indoor climate solutions.”

Purmo Group’s CEO, John Peter Leesi, added: “The team of Purmo Group has done an excellent job in building a strong foundation for growth through significant improvements in our performance during the past few years. Our next phase is about to start: the focus towards generating growth."

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