New owner to continue the rescue lift business of Sievi Capital's target company Nordic Rescue Group

Sievi Capital Plc

Press Release 4 April 2023 at 11:00 am EEST

New owner to continue the rescue lift business of Sievi Capital's target company Nordic Rescue Group

Nordic Rescue Group's (“NRG”) subsidiary Vema Lift Oy was declared bankrupt in December 2022, and its business has been sold to a new owner, which will continue the rescue lift business.

“The manufacturing of rescue lifts will continue in Kaarina in the current premises, thus offering continuity to the personnel, subcontractors and other partners in the area. The business will continue through the newly established company which will operate under the name Vema Lift Oy”, says Esa Peltola, CEO of NRG.

NRG's rescue lift business was declared bankrupt in December 2022 after prolonged financial difficulties. NRG is the largest creditor of the bankruptcy estate. Ceasing the manufacture of rescue lifts will not affect the operations of NRG's other subsidiaries, Saurus Oy and Sala Brand AB. Sievi Capital owns 68.1% of Nordic Rescue Group.

SIEVI CAPITAL PLC

FURTHER INFORMATION:

CEO Ville Nikulainen, tel. 3

DISTRIBUTION:

Major media

Sievi Capital is a partner for Finnish entrepreneurs. We are on a transformation journey from a private equity investment company into a multi-sectoral group. Our medium-term objective is to become an industrial group built around the business of our target company KH-Koneet Group. Sievi Capital’s share is listed on Nasdaq Helsinki.