DevCo Partners Oy (DevCo) has signed an agreement to acquire ARMATURY Group a.s., the Czech industrial valve manufacturer from its founders. ARMATURY is a modern, rapidly growing valve manufacturer, serving, in particular, the gas pipeline, power, and metallurgical sectors. The Company is headquartered in Dolní Benešov, Czech Republic, where it employs around 550 people in its modern and well invested, ca. 75 000 m² company area.
ARMATURY generates revenue of ca. € 60M. Around 80% of ARMATURY’s products are exported to over 60 countries. The transaction is subject to customary approvals and expected to close in the coming weeks.
DevCo will create a European provider of valve solutions for the wider energy sector by combining Vexve Oy (Vexve), 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.