Making our first acquisition

January 2024

We’re excited to announce that Anchor Ventures has made its first acquisition: Elektromaster! The company was bought by our wholly-owned subsidiary Vestor Oy in the middle of 2023, with our partner Frank Enqvist stepping in as interim CEO.

Background

Our goal at Anchor Ventures is to invest in small manufacturing companies with deep technical competence, solid financials, and significant growth potential. Elektromaster meets all of these criteria.

The company was founded in 1989 by engineers Jarmo Palomäki ja Bengt Guldbrand. Elektromaster manufactures electrical cabinets and other components mainly for the industrial energy sector. With a commitment to exceptional service and quality, Elektromaster has built deep and longstanding relationships with key industrial companies in the Vaasa region.

As the founders were nearing retirement, they were looking for a long-term owner who they could trust to take care of the employees and further develop the company they’d built over decades.

The first 6 months

Our primary goal for the first few months was to thoroughly understand the business. Jarmo and Bengt have played a key role in this process, as they’re both still working in the company during the transition period.

Growth has been another strong focus, and we’ve had a chance to meet most customers. Their confidence in Elektromaster has been encouraging, as shown in the significantly increased revenue pipeline.

Getting to know the team has been another rewarding experience. We have implemented some operational changes, and we look forward to continue making improvements together.

Looking forward

Now that the transition is successfully underway, we’re excited about the opportunities ahead. The electric power industry is experiencing rapid growth, in part due to the massive “electrification” of infrastructure that is taking place.

2024 started well, with the renewal of both ISO 9001 and 14001 standards. We’re aiming for strong and profitable growth, by continuing to deliver the highest possible quality and service to our customers.

P.S. We’re looking to hire an electrical engineer for a key role in the company. Contact frank.enqvist@anchor-ventures.com for more information.