Finnish investment company DevCo Partners Oy has acquired ARMATURY Group a.s the Czech industrial valve manufacturer from its founders. DevCo will create a European provider of valve solutions for the energy sector by combining Vexve Oy a DevCo-owned district energy valve solution provider, with ARMATURY Group.
The combination will have a comprehensive valve portfolio for the energy sector, with a combined turnover of over € 100M. Jussi Vanhanen, CEO of Vexve, will become the CEO of the combined entity. Petr Groh will continue as the CEO of ARMATURY, which will continue to have its headquarters and factory in the Czech Republic.
