Finnish Industry Investment and Etera acquire a holding in 3 Step IT

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Finnish Industry Investment Ltd and Etera Mutual Pension Insurance Company have acquired a total 11% share of 3 Step IT Group Oy’s capital stock. 3 Step IT is an international service company specialising in the management of the acquisition, use and replacement of technology and other fixed assets.

Within a decade 3 Step IT has grown into a global player employing over 170 people and operating in 12 countries in Europe and North America. In 2009 the company generated net sales of over MEUR 220. Wider ownership through this transaction will further strengthen 3 Step IT’s international growth.

“Demand for services is still growing strongly. To strengthen our international expansion, we decided to broaden the company’s ownership with two financially sound shareholders that share our goal of long-term growth,” says Jarkko Veijalainen, Chairman of the Board at 3 Step IT.

“3 Step IT’s innovative service model combined with rapid growth and a strong position in the IT leasing market makes the company an attractive investment target. The company’s operations promote the recycling of IT equipment, because a large proportion of the leasing equipment returned to the company is sold onwards, after data security procedures, to developing economies,” explains Investment Director Antti Kummu from Finnish Industry Investment.

“3 Step IT is an extremely well-run company. It has good management and structured operating procedures. As a pension company, we want to invest in good Finnish growth companies,” points out Elina Lehtonen, Head of Etera’s Private Equity and Debt unit.

For further information, please contact:

Jarkko Veijalainen, Chairman of the Board, 3 Step IT Group Oy
tel. +358 50 543 22 11

Antti Kummu, Investment Director, Finnish Industry Investment Ltd
tel. +358 50 432 4486

Elina Lehtonen, Head of Unit, Etera
tel. +358 44 534 3047

3 Step IT is an international service company specialising in the management of the acquisition, use and replacement of technology and other fixed assets. The company facilitates and improves the efficiency of the management of fixed assets within companies and organisations. 3 Step IT provides a sensible management model, consisting of leasing, an asset register that produces versatile information and reports, and environmentally friendly replacement. Established in Finland in 1997, the company has grown strongly and profitably from the outset. At present 3 Step IT operates in twelve countries.

Finnish Industry Investment Ltd is a government-owned investment company whose mission is to promote and stimulate Finnish business, employment and economic growth through capital investment. Finnish Industry Investment invests in growth companies, directly and through funds, together with private co-investors. Capital investments are needed for financing the growth of investee companies, internationalisation, spin-offs, major industrial investments, and sector and corporate restructurings. The targets are in all sectors. The investments of Finnish Industry Investment amount to some MEUR 660.

Etera Mutual Pension Insurance Company insures employees and entrepreneurs in the private sector. Etera’s primary mission is to provide pension cover and secure well-being at work. In 2010, Etera paid out altogether one billion euros in pensions to some 153,000 people. Etera invests pension funds profitably while also emphasising responsibility. At the end of September Etera held investments amounting to MEUR 5,330 to safeguard pension funds.