Development company Devco has made its third investment. The company will become a co-owner of Bluefors.
Finn development company Devco Partners has acquired a minority stake in technology company Bluefors, which manufactures coolers that cool near near zero. Bluefors, for example, has developed Finland’s first cooling refrigeration components required for a quantum computer.
According to Devco, this is a long-term partnership and partial ownership is “significant”. Founded by Bluefors in 2008 Rob Blaauwgeers and Pieter Vorselman will continue to be involved as co-owners. Devco does not disclose its holdings, but none of the three owners alone controls more than half of the company.
“It’s a genuine partnership with three major co-owners. Our time horizon is always a very long period, more than ten years, ”said Devco Lauri Stadigh says.
According to Stadigh, the ten-year time span describes the development company’s long-term commitment to its investments.
Devco is a development company founded in 2014, whose shareholders now include Stadigh Teemu Alahuhta, Otto Kukkonen, Juhani Laakso and Teemu’s father, Kone’s former CEO Matti Alahuhta. Lauri, on the other hand, is Sampo’s President and CEO Kari Stadighin son. Kukkonen is their fellow student.
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According to Lauri Stadigh, Devco’s role is to be Bluefors’ development partner. Devco’s goal is to provide Bluefors with strategic support for the company’s medium-term development and to bring in new international know-how.
In addition to the investment, the co-operation between Devco and Bluefors includes the appointment of Bluefors as Chairman of the Board Kimmo Alkio, as a member Juha Räisänen and as strategic advisor to the founder of Supercell Ilkka Paananen.
Blueforsin The head office is located in Helsinki and its coolers are used not only for the development of quantum computers but also for basic research in universities, research centers and companies. According to Devco, Bluefors’ turnover last year was EUR 82 million. In 2019, the company made a profit of more than EUR 13 million with a turnover of almost EUR 60 million. Bluefors employs about 250 people in Finland, the United States and Germany.
Devco does not say how large the amount involved in buying a minority stake is. Stadigh says Devco raised about 180 million euros in funding about 1.5 years ago, a significant portion of which is now invested in Bluefors.
“As a company, Bluefors is the type we dreamed of when we founded Devco seven years ago. We see that over a ten-year period, there will be an increasing demand for Bluefors technologies. ”
Bluefors is Devco’s third investment, the previous ones being valves for district heating and cooling equipment manufacturing Vexve and Medix Biochemica, a manufacturer of raw materials for the diagnostic industry.
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