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Feut AS, a subsidiary of the Norwegian investment company Ferncliff TIH AS, has invested EUR 7.3 million in a directed share issue in Cityvarasto Oyj. Feut AS is the second largest owner of Cityvarasto Oyj, which after this share issue owns 25% of the shares.
Ferncliff TIH AS is an investment company founded in 1995 by the Norwegian Øystein Stray Spetalen. Ferncliff TIH AS is an active owner of companies in the Nordic countries and other parts of the world and Øystein Stray Spetalen has a very strong track record of developing the ownership value of companies in close co-operation with management
"We are pleased with the development of Cityvarasto and our cooperation, which started a year ago. Cityvarasto Oyj is one of the most interesting self storage companies in the Nordic countries. The company is growing strongly and we are looking forward to deepening our cooperation," says Martin Nes, CEO of Ferncliff TIH AS. For more than 5 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. Martin Nes has served on the Board of Cityvarasto since the summer of 2020, bringing with him strong expertise in self storage business.
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, Ferncliff TIH AS acquired the Norwegian selfstorage company Minilageret AS and the group's name was changed to Self Storage Group ASA. In October 2017, the company was listed on the Oslo Stock Exchange, 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 sites. At that time, the company's market capitalisation was approximately EUR 240 million. euros.
"Ferncliff has brought new perspectives to our operations. The company has the strongest track record of Nordic self storage investments, and the new investment will increase our cooperation and support Cityvarasto's current growth strategy well," says Ville Edvard Stenroos, CEO and main shareholder of Cityvarasto Oyj.
Cityvarasto Oyj is Finland's largest nationwide self storage company. The company has 51 offices in the largest cities around Finland: Helsinki, Espoo, Vantaa, Oulu, Jyväskylä, Kotka, Kouvola, Kuopio, Lahti, Naantali, Järvenpää, Kerava, Turku, Tampere, Seinäjoki, Pori, Hämeenlinna, Rovaniemi, Porvoo, Ylöjärvi, Vaasa, Lappeenranta, Joensuu and Hyvinkää. Through its subsidiary PakuOvelle.com, the company also offers its customers the rental of vans and moving boxes, more information about the services www.pakuovelle.com and www.cityvarasto.fi.