Information on the Target

Partnera Oyj is undergoing a transformation into a focused industrial operator, particularly through its ownership of the Foamit Group. Over recent years, Partnera has divested from various business sectors and significant ownership stakes, ultimately acquiring full ownership of Foamit Group in the summer of 2025 by buying out minority shareholders. This strategic shift allows Partnera to fully support the growth ambitions of Foamit Group.

The company plans to change its name to Foamit Oyj during an extraordinary general meeting scheduled for October 1, 2025. This name change is intended to clarify the company's operational goals and mission to stakeholders and the market, emphasizing its dedication to glass recycling and foam glass manufacturing.

Industry Overview

Foamit Group operates within the glass recycling and foam glass manufacturing sector, predominantly in Finland, Sweden, and Norway. Since Partnera became the main owner of Foamit Group in 2018, the company's revenue has grown from €14 million to €42 million, driven largely by the consolidation of Nordic foam glass manufacturers. Foamit Group is now positioned as one of the leading manufacturers of foam glass aggregates globally.

In recent years, the glass recycling market has presented numerous growth opportunities, especially within the Nordic region and other parts of Europe. The strong operations of Foamit Group in Northern Europe provide a solid foundation for pursuing future growth initiatives. The company aims to achieve €100 million in revenue with an EBITDA margin exceeding 20% by the end of 2028.

To stimulate growth, Foamit Group is making significant investments in its manufacturing facilities in Finland and Norway, enhancing its expertise and resources. Notably, an investment in the Onsøy factory in Norway has doubled foam glass production capacity, with new production lines commencing operations in late July 2025. In Finland, the Forssa factory is undergoing expansion to double its capacity for small aggregate production, allowing for a broader offering of foam glass solutions for various applications.

The Rationale Behind the Deal

The strategic change to focus solely on industrial operations through Foamit Group aligns with Partnera's long-term vision for sustainable growth. By streamlining its operations and fully acquiring Foamit Group, Partnera can direct all resources toward maximizing growth potential in the glass recycling sector, which continues to show promising prospects. The company's investment in production capacity and technological advancements hints at its commitment to environmental sustainability and efficient manufacturing processes.

Furthermore, the expansion of production capabilities and exploration of new customer segments signify Foamit Group's strategy to diversify its offerings and adapt to market demand. This proactive approach is expected to enhance competitiveness and drive revenue growth in the coming years.

Information About the Investor

Partnera Oyj is an international business consortium that promotes sustainable development through its portfolio companies. Listed on the Nasdaq First North Growth Market in Finland, Partnera has transitioned to primarily focus on industrial stakeholders, particularly through its involvement with Foamit Group. The leadership is poised for a transitional phase, with executive changes aimed at bolstering the company's industrial expertise and international outreach.

Jussi Lappalainen, the current interim CEO, emphasizes this focus, noting the rapid progress made in the company's transformation and the logical progression towards a name change. Upon his successor, Erja Sankari, taking the helm at the start of September 2025, the company is expected to enhance its operational capabilities to achieve strategic objectives.

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The strategic shift undertaken by Partnera to focus on Foamit Group could be viewed as a promising investment move. By consolidating its operations and fully investing in a high-growth sector like glass recycling, Partnera is likely to benefit from increased focus and resource allocation. The sustained revenue growth observed since Partnera's involvement with Foamit indicates the potential for further expansion and profitability.

The ambitious growth targets set by Foamit Group, coupled with significant investments in production capabilities, suggest that the company is well-positioned to capitalize on evolving market trends and consumer demands for sustainable materials. Furthermore, the diversification into new segments, such as construction and wastewater purification, reflects a strategic foresight that could enhance revenue streams.

The potential for nearly emissions-free production in the near future further positions Foamit Group as a leader in eco-friendly manufacturing, appealing to environmentally-conscious consumers and clients alike. As industry pressures for sustainability continue to mount, investments in such processes are likely to yield long-term benefits.

In conclusion, Partnera's transformation into an industrial entity centered on Foamit Group presents a strategically sound investment opportunity, especially in light of the favorable growth dynamics within the glass recycling industry. With robust investment plans and a clear focus on sustainable practices, the company appears well-equipped to achieve its ambitious financial goals.

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