Renowned food company Herkkumaa Oy and Finnish private equity company Korona Invest have agreed on an ownership arrangement where a fund managed by Korona Invest will become the majority owner of Herkkumaa. Family entrepreneurs Atte and Kati Rekola will continue as significant owners and key personnel in the company. With this arrangement, Herkkumaa is in an excellent position to pursue strong growth and establish itself as a comprehensive food house.
Herkkumaa Oy, known for its pickles, has been producing high-quality and delicious food products for Finnish dining tables since 1987. In addition to pickles and other preserved vegetables, Herkkumaa now also manufactures sauces and mayonnaises, jams and marmalades, Tex-Mex products, and smoothies. Herkkumaa sells and manufactures products under its own brands as well as customers’ brands. The company’s products are widely sold to both retails, HoReCa sector, and other players in the food industry.
Herkkumaa’s organic revenue growth has averaged over 10 % per year in recent years. Second-generation family entrepreneurs Atte and Kati Rekola, along with the incoming investor Korona Invest, share the belief in Herkkumaa’s ability to continue growing faster than the market. Over the years, the company has implemented several competitive investments in production automation, efficiency, and customer-oriented product development.
“From the first meeting, we were impressed by Herkkumaa’s ability and willingness to evolve and grow responsibility at a faster pace than the market. The company has made efficiency investments in both production and sustainability, and we believe that this fine, traditional family-owned company is excellently positioned to become an even broader food house together with Korona Invest,” says Matti Kangas, Investment Director at Korona Invest.
Herkkumaa, as a family-owned company, operates based on sustainable development, taking into account the needs of customers and other stakeholders from primary production to end users of food products. As a responsible operator, Herkkumaa has conscientiously invested in the quality of operations and emission-free production. In 2020, the company was awarded the prestigious A-grade BRC certificate for food safety, and this year, Herkkumaa has transitioned to completely emission-free steam production by being the first company in the world to adopt Elstor’s 10MWh energy storage unit.
“Taste matters. Herkkumaa’s unwavering belief in its own and other food enthusiasts’ taste buds, along with strict quality criteria, has created products that have secured their place of Finnish dining tables. We constantly want to offer new products that appeal to and taste good to both Finnish and foreign consumers. With the involvement of Korona Invest, we have even stronger resources to achieve the next growth leap, where Herkkumaa expands into an even more comprehensive food house,” says Atte Rekola, CEO of the company.
Together, the owners believe that growth will bring even more opportunities for Herkkumaa’s employees and customers.
“Herkkumaa has a committed workforce consisting of top professionals in their field, and it’s great to embark on this journey together with them. We aim for growth and development, which will result in new opportunities or the company’s employees, customers, and partners. We have excellent conditions to strengthen the existing and build something new alongside it,” says Reeti Saarinen, Investment Director at Korona Invest.
Additional information:
Herkkumaa
Atte Rekola, CEO
atte.rekola@herkkumaa.fi
tel. +358 400 902 590
Korona Invest
Matti Kangas, Investment Director & Partner
matti.kangas@koronainvest.fi
tel. +358 50 377 3230
Reeti Saarinen, Investment Director
reeti.saarinen@koronainvest.fi
tel. +358 40 561 8761
Herkkumaa
- Finnish food company established in 1987
- Based in Hämeenlinna
- Employs over 30 people
- Revenue of approximately 17 MEur
Korona Invest
- Finnish private equity firm founded in 2006
- Specializes in buyout and growth investments in medium-sized and small companies
- Raised a total capital of 235 million euros across four funds
- Completed 35 initial investment and 26 exits
