14 May 2021
Following the sale agreement announced in February, Terra Firma is delighted to announce the completion of the sale of Parmaco, a leading provider of high quality, flexible modular education buildings in the Nordics, to leading global private markets firm, Partners Group.
Under Terra Firma’s ownership, Parmaco benefitted from over €200 million of invested capital and saw its portfolio grow by c. 50% to over 280k sqm of rentable space, providing educational space to 35,000 children in over 80 municipalities across Finland and Sweden.
Guy Hands, Chief Investment Officer of Terra Firma, says: ‘Parmaco has been – and will continue to be – an innovator in providing smart modular learning spaces. Modular solutions will become increasingly more appealing as they are energy efficient and provide more flexibility as an alternative to fixed spaces. Parmaco is well positioned to have a positive impact in ESG areas and I will continue to watch with interest how the business will benefit from additional investment to accelerate its growth.’
The sale closely follows the agreement reached last month for Terra Firma to acquire Kier Living, the UK housebuilder, whose principal focus is providing well-priced, low-rise, mixed-tenure suburban family homes.
Following last week’s Kier Group plc General Meeting, where shareholders voted overwhelmingly in favour of the sale to Terra Firma, the acquisition of Kier Living is now clear to complete in the coming weeks.
Terra Firma acts as advisor to the Hands Family Office, and has a 26-year track record investing in transformational private equity, operational real estate and infrastructure plus. The firm and the family’s investment strategy is centred on the belief that businesses which promote sustainability, positive social impact and good corporate governance make good economic sense and will unlock the greatest value over the longer term.