The holding companies of Jaan Puusaag and Jaanus Paeväli have acquired a 100% share in Krimelte OÜ, which forms part of the Wolf Group. As a result of the transaction, the two now hold an equal share (50%) in the group, which unites the production units, sales companies and product brands of Krimelte around the world.
The transaction was financed by Estonia’s own LHV Pank, with legal advice from PwC Legal. Wolf Group | Krimelte management board member Jaan Puusaag says that the steps they have taken will boost Estonian-owned industry. “We’ve made a bold, some might even say crazy decision in this complex post-COVID period,” he admitted, describing the sale of the shares in Krimelte’s 26th year of operations. “We’d been preparing for the buy-out for a long time, agreeing on the basics back in autumn last year. We signed the sale and purchase agreement in early February, and after that we just had to wait for the green light from the Competition Board. The uncertainty that the crisis brought with it put everything on hold, but our sales volumes bounced back by June and that gave us the encouragement we needed to see the thing through to its conclusion.”
In order to foster its business, Wolf Group | Krimelte has undertaken a series of consolidations in recent years with the aim of strengthening the group’s companies, reinforcing its global expert status in regard to PU foams, hermetic joint seals, glues and coatings and offering a transparent client experience. As a result of this transaction, Penosil Eesti OÜ – which has sales companies in Estonia, Latvia and Lithuania – will be consolidated with the group. Last April, Wolf Group | Krimelte acquired a 100% share in the Spanish construction chemicals company Olivé Química S.A so as to gain a stronger foothold on the Spanish, Portuguese, French, British and other Western-European markets.
Wolf Group | Krimelte management board member Jaanus Paeväli says that the company has grown rapidly as a result of the mergers and takeovers. “The change in ownership of Krimelte is a key strategic step in cementing its international development,” he explained. “Fewer shareholders means quicker decision-making.”
Peeter Tohver, the chairman of the management board of Wolf Group | Krimelte, says that the management of the group will be clearer and simpler since everyone now has the same vision of its future. “A sound decision like this is reflective of the company’s strength and the clear wish of its management and owners to see it go forward,” he said of the transaction. “And to our clients, partners and employees it signals our stability and reliability.”
Wolf Group | Krimelte is dedicated to improving people’s quality of life via efficient, energy-saving construction solutions that have a low environmental impact. The group’s production units are based in Estonia, Spain and Russia, while it has sales units throughout the Baltic Sea region as well as in Russia, Ukraine, Romania, Spain, France, Portugal and the United Kingdom. The Wolf Group’s export network comprises more than 70 countries.