Verso Food receives a significant investment from LocalTapiola
Verso Food, known for its HÄRKIS® branded plant-based products, receives an investment from LocalTapiola for growth and international expansion. LocalTapiola invests 3 million euros in the company and becomes an owner of Verso Food together with the current owners of Finnish family businesses and other private investors.
Verso Food continues to grow and will be taking big steps forward on the path of going global. The company’s Finnish Fava bean based products are already marketed in Finland, Sweden and the Netherlands. LocalTapiola General Mutual Insurance Company and LocalTapiola Mutual Life Insurance Company now join in supporting the growth objectives of Verso Food, and invest a total of approx. three million euros in the company on 29th June 2018. More than half of the investment is new funding for Verso Food.
LocalTapiola’s investment enables Verso Food to further strengthen its growth plans. The funding supports strengthening the organisation, commercialisation of new products and categories, as well as expansion to new markets.
Verso Food’s Chief Executive Officer, Tomi Järvenpää, warmly welcomes the new investor. “We have strong growth plans, and with this funding we are able to speed up Verso Food’s growth into a truly international company. We appreciate that Finnish LocalTapiola wants to support us in building our local food innovation into a global success story.”
“As an investment, Verso Food’s return potential is supported by the market of vegetarian foods, which is in strong global growth. Verso Food’s products are also environmentally friendly and healthy. LocalTapiola aims to be involved in funding the operations of such Finnish companies”, LocalTapiola’s Chief Investment Officer, Juha Malm, continues.
Verso Food processes Finnish Fava beans into vegetarian food products. The company’s most well-known brand in Finland is HÄRKIS®, and internationally the company uses the brand Fava Mill. The growth of Verso Food has been strong. Verso Food’s turnover tripled to 6.0 million euros in 2017, compared to 2.1 million euros in 2016.
Verso Food: Chief Executive Officer Tomi Järvenpää, tel. 040 547 6020
LocalTapiola: Chief Investment Officer Juha Malm, tel. 050 594 3473 and Portfolio Manager Antti Leppinen, tel. 050 575 3080
Verso Food Oy’s HÄRKIS® products are produced from Finnish Fava beans, which are farmed in Western Finland. Fava beans have become a significant field crop in Finland; its farming area increasing by 34 per cent last year. Fava beans are now farmed on approximately 22,000 hectares, which is equivalent to the area used for farming potatoes in Finland. The harvest for last year was approximately 34 million kilograms, securing the supply of raw material for Verso Food, which currently uses approximately 1 per cent of this crop.
LocalTapiola aims to safeguard the life and success of its customers. Our vision is to offer Finns a safer and healthier life. For our customers, lifelong wellbeing and protection refers to a comprehensive and pro-active service.
LocalTapiola is a mutual company group owned by its customers, and it serves individual, farm, entrepreneur and corporate customers. For more information on LocalTapiola, please visit https://www.lahitapiola.fi/en/information-on-localtapiola