11 October 2019 – Private equity investor Vaaka Partners has become the majority shareholder of Foreship LTD, a Finnish company specializing in ship design and engineering. With headquarters in Helsinki, Finland and more than 100 naval architects and marine engineering experts on board, Foreship is a market leader in cruise ship design, refits and ship life-cycle projects. The company offers a comprehensive range of engineering solutions that include project coordination and management, classification design and engineering, as well as drydock and ships-in-operation services.
“Foreship has achieved exceptional results in establishing itself as the leading ship design and engineering company in the cruise ship and marine market and beyond. The company’s reputation as a value-adding service provider and attractive employer has also played a key role in our investment decision,” says Ilkka Pentikäinen of Vaaka Partners.
“Foreship has a good global footprint and excellent references from some of the biggest players in the cruise line and newbuilding businesses,” says Lauri Haavisto, Foreship CEO.
“The new ownership arrangement with Vaaka Partners is therefore an excellent opportunity to maintain Foreship as Foreship, while benefiting from the skills and resources of an established private equity investor. We will be better able to expand our market share globally, serve all our customers more effectively and strengthen our position in the rapidly growing cruise ship refurbishment and upgrade sector. The best way to move forward is to work with people who know how to navigate the international waters of business.”
Foreship’s new Board of Directors includes Chairman of the Board Juha Heikinheimo, a highly respected advisor to the cruise shipbuilding and marine IT industries; Jukka Laiterä, one of the founders and former CEO of Deltamarin Group; and Mikael Frisk, former SVP HR at Fortum. Vaaka Partners’ representatives on the board will be Ilkka Pentikäinen and Petrus Blomqvist.
Markus Aarnio, Marcus Höglund and Mattias Jörgensen will retain their positions in Foreship after the transaction, and employee share ownership of Foreship will stay at 40%. There will also be no changes to the company name or contact details, and discussions are already underway for Foreship to add new international locations to the company’s current offices in Finland (4), Estonia and the USA (2).
Vaaka Partners’ involvement allows Foreship to draw on an array of financial, business intelligence and industrial advisory expertise from a company portfolio consisting of 4,000 employees and a fund capital base approaching €500 million.
Vaaka Partners is dedicated to building business champions by leveraging its strategic and operational insights to support companies whose success relies on trust-driven collaboration and global growth.
For more information, please contact:
Lauri Haavisto
CEO, Foreship Ltd.
+358 400 560 318
lauri.haavisto@foreship.com
Ilkka Pentikäinen
Partner, Vaaka Partners Ltd.
+358 400 217 671
ilkka.pentikainen@vaakapartners.fi
About Foreship:
Foreship is an independent company specializing in ship design and engineering. Employing more than 100 naval architects, marine & structural engineers, interior & HVAC designers and electrical engineers, Foreship provides a complete range of naval architecture and marine engineering solutions. Customers include the world’s largest cruise lines as well as passenger, cargo and offshore shipowners, leading shipyards and maritime suppliers.
About Vaaka Partners:
Vaaka Partners is an ambitious private equity firm that helps medium-sized Finnish companies become business champions. Companies owned by Vaaka include Framery, Tietokeskus, Evolta and Enerkey, with the firm managing funds of approximately 0.5 billion euros. The Vaaka approach combines strategic and operational insight with trust-driven collaboration and new growth opportunities. Leading European pension funds are the principal investor in Vaaka funds.
