Tana says fund backing can lead to growth

Finland-based shredding and materials processing equipment maker Tana Oy has attracted an investment of an undisclosed amount from the CapMan Growth Equity III fund, part of the CapMan group of funds that has offices in several locations in Europe.

This is the first investment CapMan Growth has made in an environmental technology company. The investment has been made along with Finland-based mining and tunneling equipment provider Normet Group and its principal owner Aaro Cantell and the Finland-based Elo Mutual Pension Insurance Co.

“Simultaneously [Tana’s] executive management also invests significantly in the company,” CapMan Growth says, adding that Tana’s longtime owner Kari Kangas and his family will continue as the company's largest owner.

The investors describe Tana Oy as an environmental technology company that promotes sustainable development by offering smart equipment and solutions for processing solid waste.

Tana's product line that includes shredders, screens, landfill compactors and remote monitoring systems. The company exported its machinery to more than 50 countries through a global distribution network that includes more than 30 authorized Tana dealers.

“Tana has been my passion for almost 30 years and has rewarded me in many ways,” Kangas says. “With my children's passions elsewhere and our strong growth strategy requiring even more experience and capital, partnering with CapMan Growth was a perfect fit for my plans. It will be very interesting to continue to be part of the growth story in an industry that has huge growth potential and where our work is truly meaningful.”

“This investment will enable Tana to grow even faster than before,” Tana CEO Kalle Saarimaa says. “It is great to have such experienced investors and even more industrial expertise to support our growth story.”

“The recycling and reuse of materials is a rapidly growing industry globally, and during its long history the company has demonstrated its ability to innovate and grow profitably despite the recent turbulent operating environment,” adds Tomi Alén, a partner at CapMan Growth in charge of the Tana investment.

The investors describe Tana in its present state as growing strongly and maintaining an annual sales growth rate of around 20 percent for several years while maintaining an "excellent level of profitability.”

“I have been following Tana’s impressive development for a long time, and I see there much of the same potential as I saw in Normet back in the day,” says Aaro Cantell, a CapMan Growth advisor who the firm credits for helping Normet grow more than tenfold in the past 15 or so years.

For the financial year that ended in March, Tana’s global sales are expected to exceed $70 million and the parties to the agreement have agreed to invest in strong growth in the future as well.