Green Estonia Acquires Majority Stake in Standard, Aims to Renew Business Model
Green Estonia OÜ has acquired a majority stake in the Estonian furniture industry leader Standard AS. With a renewed concept and focus on office furniture, Standard AS will continue production at its Kose production unit.
“Standard is an export-oriented company with a strong brand and a distinguished history, and we are excited to renew its business model,” said Jonatan Karjus, Board Member of Standard AS. “We are building a company that embraces manufacturing automation, collaborates with top designers, and develops services to ensure an excellent customer experience.”
Karjus added, “I’m pleased to see key employees continuing with the company, and new talents joining to help implement our strategy. Despite undergoing restructuring, Standard has fulfilled existing contracts, and we will ramp up furniture production in the summer months.”
The Kose factory, with its production complex of over 10,000 square meters, will receive significant upgrades to increase technological capacity and promote environmentally sustainable production. “Our aim is to become a regional leading furnishing supplier for large-scale projects and a full-service provider of office furniture,” said Karjus. “We also see opportunities for cooperation with other domestic companies to strengthen our position in foreign markets.”
Enn Veskimägi, a member of Standard AS’s supervisory board, expressed his satisfaction with the acquisition, saying, “I am glad that Standard AS, with its 78-year history, will continue to operate and has found a new and strong core shareholder among many interested parties from Europe. The new owner brings experience in building successful businesses and a strong willingness to contribute to the Estonian furniture industry. As a result of the transaction, I will exit the furniture business and focus on real estate development in the future.”
After the completion of the transaction, Jonatan Karjus will assume the management of Standard AS, while Mihkel Martin, the current board member, will continue as the head of production and development. Priit Tamm, who has played a significant role in developing the company’s business, will remain as a shareholder and active member of the supervisory board. Avo Kivimaa, known for building Estonia’s most successful beauty products retail and wholesale business, Tradehouse, will join the supervisory board as a representative of Green Estonia.
Green Estonia OÜ has acquired 90 percent of the shares in AS Standard, while Mööblivara OÜ retains a 10 percent stake.
The financial advisor of AS Standard shareholders was LHV Pank and the legal advisor was TGS Baltic. Green Estonia OÜ’s legal advisor was PwC Legal.
Standard AS, with a history dating back to 1944, is an iconic trademark in the production and sale of furniture. It has become the region’s leading provider of furnishing solutions for offices and hotels, with 70 percent of its sales exported outside of Estonia to the Baltic countries, Scandinavia, Western Europe, and beyond.
For additional information, please contact: Jonatan Karjus firstname.lastname@example.org +372 58192728
From left: Mihkel Martin, Priit Tamm, Jonatan Karjus