Business Acquisition: Wetteri Buys E. Hartikainen’s automotive business
The entrepreneur-led growth company Wetteri buys E. Hartikainen’s automotive business, which operates as Autotalo Hartikainen. In the business transaction, the car dealership business as well as the maintenance and repair business of passenger cars and the maintenance business of heavy equipment, inventory, machinery, and equipment will be transferred to the buyer. The total purchase price is approximately EUR 34.4 million. The deal is subject to the approval of the Finnish Competition Authority (KKV). The goal is to implement the transaction by February 15, 2023.
Autotalo Hartikainen operates in Joensuu, Kuopio, Iisalmi and Kajaani. The company is one of the leading automotive operators in its area, with annual car sales of approximately 5,500 cars. Autotalo Hartikainen’s turnover in 2021 was 119 million euros and operating profit was 4.8 million euros. Autotalo Hartikainen employs 268 people.
Autotalo Hartikainen’s sales and service dealership brands include Mercedes-Benz, Peugeot, Citroën, Ford, Mitsubishi, Hyundai, Kia Suzuki, Isuzu and Volvo, service dealerships Polestar and DS Automobiles. Service repair shops for trucks and trailers operate in Joensuu, Kajaani and Iisalmi, heavy traffic service dealership include Mercedes-Benz, Mitsubishi Fuso, Scania, Sisu and MAN.
With the deal, Wetteri’s geographical operating area will expand significantly, and Wetteri’s multi-brand selection will increase by six car brands.
Wetter CEO Aarne Simula:
”The automotive industry is undergoing a major transition. The industry is shifting towards larger and more profitable units and this transition forms a basis for our growth strategy. This deal with Autotalo Hartikainen is our first in a series to come, our goal is to further expand our presence through acquisitions. Autotalo Hartikainen is a well-managed operator in the automotive industry, which is a perfect fit to be part of Wetteri. With the deal, our brand dealerships will expand both on the passenger and commercial vehicle side as well as on the heavy traffic side, which will also strengthen our elements of organic growth. In terms of passenger and commercial vehicles, our brand dealerships will expand to 19 brands, which is the largest brand selection in Finland. Wetteri’s annual sales is expected to exceed 15,500 cars”
Arto Hartikainen, CEO of E. Hartikainen Oy:
”We are happy that Wetteri will continue E. Hartikainen’s 38-year journey in the car dealership. The business models of Wetteri and Hartikainen can be easily integrated together. Together, these companies form a large and strong business entity, which can operate even more efficiently, considering the rapidly changing business environment of the automotive industry. Wetteri’s and Hartikainen’s entrepreneurial culture and strong know-how throughout the organization guarantee the best continuity from the perspective of personnel, customers and partners.”