Typical applications include propellers, turbines, foundry products, and welded and machined structures. Flexmill offers programming and tooling solutions for surface finishing of even complex workpieces, even in small series production. Flexmill is excited about the new competence we have in Mirka and we welcome Flexmill into the Mirka GroupMirka Group. Flexmill's specialized knowledge in robotics and automation and Mirka's expertise in surface finishing and global market reach opens so many new opportunities. Stefan Sjberg, Mirka's Chief Executive Officer, said.
Automation and robotization of labor intensive and repetitive work steps in the manufacturing industry, such as sanding, polishing and surface finishing, is a natural development and a strong trend. Automating hand craft and complex processes is a challenge, because the work needs to be checked and verified during the working process with measurement systems, effectively replacing operator eyes, controls, and judgement.
Mirka has just launched a whole family of electric sanding tools for robotic sanding applications, and can now offer complete solutions and integration services for automated and robotic surface finishing. In 2017, Flexmill was founded by JOT Automation with Finnish Private Equity company Verso Capital as the investor and main shareholder. A solid foundation for rapid growth was laid by investing heavily in product development and building up the new spin-off Verso Capital.
For Verso Capital it was important to find a strategic buyer who could take the unique and world-leading robotics competence to the next level. We are happy that we can play our part in excelling robotics for the Finnish industry in Mirka, because we see a perfect match. Marko J rvinen is a partner in Verso Capital.
Mirka Ltd is a world leader in surface finishing technology and offers a wide range of ground-breaking solutions for the surface finishing and precision industry. A Mirka solution delivers real benefits to customers in terms of speed, efficiency, surface finish quality, and cost-effectiveness, thanks to high-quality sanding and polishing products, innovative tools and connectivity. The turnover was 354 MEUR with approximately 1500 employees in the year 2021. Mirka has eighteen subsidiaries in Europe, the Middle East, North and South America, as well as Asia. The headquarters are in Finland, the production is in Finland, Belgium, and Italy.
Mirka was advised by Carner and EY in the transaction.
Flexmill is a specialist in automated and robotic surface finishing applications, with a staff of around twenty robotics engineers and software programmers. Flexmill has delivered hundreds of systems to more than seventy customers in twenty countries. The robotics business was founded in 1994 and was spun-off from JOT automation in 2017 to become Flexmill. Typical robotics applications are in the fields of aerospace, automotive, marine, and energy industries.
Verso Capital is a growth stage buyout investor that specialises in carve-out situations and complex business situations. They invest in European B2B companies and businesses that have good growth potential and revenues up to €50 m, but are currently suffering from growth bottlenecks. Verso Capitals team has experience from over 100 carve-out and M&A transactions. Verso is a majority investor and spends a lot of time working together with the management to solve growth and profitability bottlenecks. They have offices in Helsinki, Stockholm, and Munich and they manage three funds with over 160 M of capital.
Aalto Capital and Avance attorneys advised on the transaction.