DevCo to support Bluefors’ next growth phase
Announcements
21.4.2021
- Bluefors' founders – Rob Blaauwgeers and Pieter Vorselman – and DevCo form a long-term partnership in which DevCo becomes a co-owner of Bluefors.
- Bluefors is the leading manufacturer of cryogenic measurement systems which are used, for example, in the development of quantum computers. Bluefors will benefit from DevCo’s complementary know-how related to building world leading companies.
- Rob Blaauwgeers and Pieter Vorselman continue as significant co-owners and in their current operational roles also in the next growth phase of Bluefors.
- Kimmo Alkio (CEO of TietoEVRY) and Juha Räisänen will join the board of Bluefors (Alkio as Chairman). Further, Ilkka Paananen will become a strategic advisor to Bluefors' board.
The founders of Bluefors Oy (“Bluefors”) – Rob Blaauwgeers and Pieter Vorselman – and DevCo Partners Oy (“DevCo”) form a long-term partnership in which DevCo becomes a significant co-owner of Bluefors. Blaauwgeers and Vorselman continue as significant co-owners and in their current operational and board roles. DevCo, Blaauwgeers and Vorselman have also agreed to nominate Kimmo Alkio as Chairman, Juha Räisänen as board member, and Ilkka Paananen as strategic advisor to Bluefors’ board.
Bluefors was founded in 2008 and is headquartered in Helsinki, Finland. Bluefors manufactures cryogen-free ultra-low temperature systems which are used, for example, in the development of quantum computers and fundamental research. Already today, Bluefors is the preferred choice for ultra-low temperature requirements at universities, research institutes, and corporations globally. Based on preliminary 2020 figures Bluefors had revenue of EUR 82 million with exports accounting for over 90% of revenue. Bluefors has c. 250 employees in Finland, USA, and Germany.
The long-term partnership creates a solid foundation enabling Bluefors to focus on continuing to push the technology boundaries, innovate new products, and develop services to improve customer experience in a rapidly developing market with changing customer needs. Furthermore, Bluefors will have access to complementary know-how and resources enabling significant growth and development investments over the long-term and benefiting Bluefors’ employees, customers, other stakeholders as well as the broader global community.
“Bluefors was not looking for a partner, but when I met Lauri in early 2019, I got intrigued by DevCo’s model. Over the past two years we stayed in touch and I got to know their approach and broader team even better. It became apparent that by joining forces we would have the best of both worlds – DevCo’s experience from building global businesses and Bluefors as a leader in technology. I'm excited to announce our partnership and thrilled to start the next chapter of the Bluefors story”, says Rob Blaauwgeers, CEO and founder of Bluefors.
“We have been very impressed by what Rob and Pieter and the entire Bluefors team have accomplished since Bluefors’ founding. Bluefors is already today the global leader in its field and there are significant growth opportunities ahead. We are excited about the opportunity to become a co-owner in Bluefors and to work together with the Bluefors team and will do our utmost to support Bluefors’ development over the long-term”, says Lauri Stadigh, Partner at DevCo Partners.
Contact DevCo Partners
Lauri Stadigh
Partner
Phone: +358 50 524 2800
Email: lauri.stadigh@devco.fi
About DevCo Partners
DevCo is a long-term oriented active owner and development partner dedicated to building world-leading companies in selected niche markets. DevCo provides its companies with strategic support, hands-on resources, and significant financial resources to support step changes in their performance. DevCo is currently the owner of two global niche leaders, Vexve Armatury Group and Medix Biochemica. DevCo is based in Helsinki, Finland.