HR House Group Oy broadens its ownership

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Government-owned investment company Finnish Industry Investment Ltd and Etera Mutual Pension Insurance Company have acquired a 40% holding in HR House Group Oy. HR House is a temporary staffing and recruitment service as well as an HRM software expert. The company serves a wide spectrum of Finland’s public- and private-sector industries and organisations. In conjunction with the current transaction Canelco exited from the company completely.

HR House operates in the growing temporary staffing and recruitment sector. Labour markets are radically changing, traditional employments are becoming increasingly rare while people’s careers become more diverse. Employers focus on flexibility and efficiency whereas employees value change and a work profile based on multiple talents. The sector has grown by some 20% a year, generating net sales in Finland of some €1.5 billion in 2011.

“The temporary staffing and recruitment sector is growing strongly in Finland. It’s still quite fragmented, though, and in future customers will need larger-scale service solutions. I believe we’ll see consolidation of the sector through acquisitions and mergers, and I envisage HR House being very active in this,” says HR House Group’s Board Chairman Martti Kiuru.

“Temporary staffing and recruitment services form a socially important sector, and its role will gain importance in today’s challenging economic environment. These services both lower the recruitment threshold and accelerate employment, helping in particular SMEs to react to rapidly changing workforce needs. HR House is a nimble player that can meet these challenges,” explains Heikki Vesterinen, Investment Director at Finnish Industry Investment.

“Thanks to our new owners, we can now create a more competitive company and pursue growth more systematically,” says HR House Group’s Managing Director Marjo Kaipainen.

“HR House will continue along its strong development path with its new investors. I’m pleased to have taken part in building a major player in Finland’s temporary staffing and recruitment sector,” comments Pekka Hietala, Investment Director at Canelco Capital Oy

HR House generated net sales of €28 million in 2011. The company employs 50 people directly as well as 2,200 temporary staff. HR House’s temporary staffing enables almost 200,000 shifts a year to be worked. HR House operates throughout Finland and has offices in Oulu, Jyväskylä, Mikkeli, Kotka, Tampere and Helsinki. The company also has operations in Estonia.

Further information:

Martti Kiuru, Board Chairman, HR House Group Oy
e-mail:, tel. +358 40 5811 545

Marjo Kaipainen, Managing Director, HR House Group Oy
e-mail:, tel. +358 400 568 425

Heikki Vesterinen, Investment Director, Finnish Industry Investment Ltd
e-mail:, tel. +358 40 5088 558

Elina Tourunen, Head of Private Equity and Debt, Etera Mutual Pension Insurance Company
e-mail:, tel. +358 44 5343047

HR House Group Ltd is a temporary staffing and recruitment service as well as HRM software expert. We provide our clients with a customised, unique and innovative HR service package that can include individual service products or become a strategic partnership solution. We operate throughout Finland, and in 2011 we generated net sales of €28 million. Our Head Office is located in the Kamppi district of central Helsinki. and

Finnish Industry Investment Ltd is a government-owned investment company that promotes Finnish business, employment and economic growth through venture capital and private equity investments. Finnish Industry Investment invests in funds and directly in growth companies in all sectors. The investment focus is on growth, internationalisation, spin-offs, major industrial investments, and sectoral and corporate restructurings. The company co-invests with private investors, limiting its investment to at most one-half of the ownership and amount invested. The investments of Finnish Industry Investment amount to €700 million.

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 2011, Etera paid out altogether one billion euros in pensions to some 150,000 people. Etera holds investments amounting to €5.5 billion to safeguard pension funds.

Canelco Capital is a venture capital firm that specialises in company acquisitions and other ownership arrangements of small and medium-sized companies. Canelco’s investment operations are based on enhancing the growth of the companies through cooperation between the investor, the new management of the company, and an active and experienced group of external investors. Canelco manages a capital of about €45 million and employs 6 venture capital specialists in Helsinki, Tampere and Kuopio.