My account
Business Center Vantaa Kaivoksela
Feut AS, a subsidiary of the Norwegian investment company Ferncliff TIH AS, invested EUR 5 million in a directed share issue in Cityvarasto Oyj. As a result of the share issue, Feut AS became the second largest owner of the company with a 12% shareholding.
erncliff TIH AS is an Norwegian investment company , own by Øystein Stray Spetalen. Ferncliff TIH AS was founded in 1995 and has been an active owner of several companies both in the Nordic countries and around the world. Ferncliff TIH AS has a strong track record of developing the ownership value of companies in close cooperation with management.
"Cityvarasto Oyj is one of the most interesting self storage companies in the Nordic countries, and we are looking forward to working together," says Martin Nes, CEO of Ferncliff TIH AS, who brings strong self storage expertise to Cityvarasto. Martin Nes is about to join Cityvarasto's Board of Directors now at the Annual General Meeting in June. For more than 4 years, he has been in the role of Chairman of the Board, creating the success story of Self Storage Group ASA, a self storage company listed on the Norwegian Oslo Stock Exchange.
In 2016, Ferncliff TIH AS invested in the Norwegian self storage company OK Minilager AS, one of the first self storage companies in Norway. In the same year, the operations were expanded by acquiring City Self Storage, which operates in Norway, Sweden and Denmark. In 2017, the Norwegian self storage company Minilageret AS was acquired, the group's name was changed to Self Storage Group ASA and listed on the Oslo Stock Exchange in October, raising EUR 20 million in the offering. The operations were expanded by acquiring the Norwegian self storage companies Minilager Norge Group AS 2018 and Eurobox Minilager AS 2019. In January 2020, Ferncliff TIH AS sold its stake in Self Storage Group ASA to US-based Centerbridge Partners L.P., bringing Self Storage Group ASA's revenue to approximately €24 million. and the company had 113 locations and a market capitalization of approximately EUR 240 million. euros.
"Ferncliff has the strongest track record of Nordic self storage investments, and we believe that the investment, and especially the new shareholder, fits well with Cityvarasto's current growth strategy," says Ville Edvard Stenroos, CEO and main shareholder of Cityvarasto Oyj.