Investments made

A-Katsastus Oy

MB Funds became the main owner of A-Katsastus Ltd. (formerly known as Suomen Autokatsastus, Finnish Vehicle Inspections) in April 2003, when the company, previously state-owned, was sold by competitive tender. The sale was the next logical step for the state, following the company’s transformation, first into a public utility and then into a company, thus freeing competition in the sector. The operative management of A-Katsastus acquired a 10 percent share in the ownership.

Once MB Funds had joined the owners, the company strategy was renewed to aim for the goals of growth and internationalisation. The downward trend of the company’s Finnish market share was reversed by means of the establishment of new inspection stations and the acquisition of existing stations. After the Danish market had been freed for competition, A-Katsastus soon became the second largest operator on the market, with the establishment of more than 20 stations, and was outstripped only by the previous monopoly. The first stations in Russia were also established and the company’s standing in Poland and Latvia was strengthened.

In addition to driving licence and vehicle inspection operations, testing was selected to complement the company’s business operations. To this end, Test World Ltd., a company based in Inari, Lapland, and operating in the field of vehicle and tyre winter testing, was acquired.

During the period under the ownership of MB Funds, which lasted less than three years, the A-Katsastus turnover was increased by more than 50 percent, profits were multiplied and the share of international operations grew significantly. In 2005, A-Katsastus’s turnover totalled approximately €96 million.

At the end of 2005, MB Funds sold its ownership to Bridgepoint, a major European private equity investor, management remained as a minority shareholder in the company.