HLRE Holding Oyj, and its relevant stakeholders, have continued discussions on an ownership change and the terms of the written procedure relating to HLRE Holding Oyj's outstanding senior secured bonds (ISIN SE0015530712) (the "Bond"). As part of such negotiations, HLRE Holding Oyj has been informed that the previously announced conditional share purchase agreement between private equity firm Sentica Partners and a fund managed by Capital Four concerning the entire share capital of HLRE Holding Oyj has been terminated.
HLRE Holding Oyj does not see that the termination of the conditional share purchase agreement will have a negative effect on any of Vesivek's projects, customers, partners or personnel. HLRE Holding Oyj has been informed that Capital Four in its capacity as current majority bondholder and super senior revolving credit facility provider, and minority shareholder and founder Kimmo Riihimäki, remain committed to finding a long-term capital structure for HLRE Holding Oyj that will stabilize HLRE Holding Oyj's financial position and ensure a successful continuation of the Vesivek group's business.
HLRE Holding Oyj expects to be able to launch the written procedure under the Bond to propose the necessary recapitalization measures in due course. The final terms of the proposal are still under consideration based on feedback received from holders of the Bond.
To strengthen the financial position of HLRE Holding Oyj and its subsidiaries, which have continued to suffer from a weak market situation, HLRE Holding Oyj has entered into negotiations with Capital Four to increase its existing EURm 2 super senior revolving facility in order to obtain further liquidity funding.
Further to the above, due to the challenging liquidity position of HLRE Holding Oyj, it expects not to be able to pay its interest falling due under the Bond on 12 February 2026.
About Vesivek
Vesivek is Finland's leading service company specializing in water control and humidity control solutions outside properties. Our services include roof and drainage renovations, as well as the manufacture and installation of roof safety products and rainwater systems. We manufacture roof profiles in Pirkkala, as well as rainwater systems and roof safety products in Orimattila at our own factories. With the help of a locally operating installation network, we serve owners of detached houses, housing companies, construction companies, real estate investment companies and other operators all over Finland. The companies belonging to the Vesivek Group are Vesivek Oy, Vesivek Tuotteet Oy, Vesivek Salaojat Oy, Tuusulan Peltikeskus Oy and Vesivek Sverige Ab. The Group employs approximately 600 people. The Group's net sales were approximately EUR 103 million (financial period 02/2024–1/2025).
Further information:
Kimmo Riihimäki, Group CEO, +358 40 073 0671
Antti Kärkkäinen, interim CFO, +358 40 844 4393