Vexve was acquired by DevCo Partners

Vexve, a Sastamala, Finland-based supplier of valves for district heating applications, announced getting into an investment agreement for being acquired by DevCo Partners.

The deal, which has the financial details undisclosed, was made with existing owner Partnos Oy which is 100%-owned by Jarmo Nieminen.

Jarmo Nieminen will continue as a board member and investor in Vexve. Sari Baldauf will become the Chairman of Vexve and DevCo founding partner Otto Kukkonen will assume the position of interim CEO.

Vexve, founded in 1960, is one of the world’s leading manufacturers of high quality valves specifically developed for the most demanding district heating and district cooling applications. The company's products, manufactured in Sastamala and Laitila, are exported annually to over 30 countries. 

In 2015, Vexve had revenue of EUR 46 million and had c. 160 employees.