Pretax Group expands into Russian financial administration market
The Pretax Group, the leading company providing financial and payroll administration services in Finland, will buy a 49% holding in the Finnish Rödl & Partner Konsu Group, which operates in Russia. The Pretax Group holds the right to purchase the remaining 51% holding until spring 2009. The transaction will accelerate the Pretax Group's aim to become the leading company providing financial and payroll administration services in the Baltic Sea region by 2008.
The Rödl & Partner Konsu Group, which has expanded enormously over the past few years, is a consulting firm that specializes in Russia and provides western companies in St Petersburg and Moscow with services associated with founding a company, financial administration, and tax-related and legal matters. The company has a personnel of 100, about 85% of whom are Russian. The headquarters is in Lappeenranta and the company also has an office in Helsinki.
The Konsu Group was founded in 1982. It was the first western company in its field to start business operations in Russia, in 1992. Its customers in Russia are western companies, most of them coming from Finland, Germany, the Netherlands and the US. A quarter of the Finnish companies operating in Russia are Konsu Group customers. In-depth expertise and the Konsu Group's international businesses were the reasons why the Pretax Group become interested in the company.
"The Konsu Group is particularly well-suited to the Pretax Group's business operations. After the transaction we will be able to provide our present corporate customers with high-quality and compatible financial and payroll administration services in Russia as well. This will make both evaluating and expanding business easier on the Russian market, which has enormous growth potential. The experts at the Konsu Group understand what a western company needs and are familiar with not only international legislation but the local networks, which is extremely important in Russia," says Asko Schrey, CEO of the Pretax Group.
The Rödl & Partner Group, which is a German auditing firm operating in corporate acquisition worldwide, will sell all of its 25% holding in the Konsu Group. Pirjo Karhu, the founder, main owner and Managing Director of the Konsu Group, which was founded in 1982, and her close associates will sell 24% of the company, which will still leave them a 51% holding in the company. The Pretax Group has a right to purchase this remaining 51% holding until spring 2009.
"I am very satisfied with this transaction. I believe that the cooperation with the Pretax Group will give us good opportunities to carry out our growth strategy. The Pretax Group's aim to become more international is fundamentally important to us as well. In order to serve our customers well, we must be able to expand our services into the Nordic and Baltic Countries. Now we are able to provide services for the Konsu Group's 300 corporate customers in the whole Baltic Sea region. The Pretax Group employs almost a thousand experts in financial and payroll administration services, and the company has focused on developing the efficiency of their operations. We are glad to become part of this growing team," says Pirjo Karhu, the Managing Director.
Further information is available from:
Pretax Group
Asko Schrey, CEO
asko.schrey[a]pretax.net
Tel. +358 40 500 1655
Rödl & Partner Konsu Group
Pirjo Karhu, Managing Director
pirjo.karhu[a]roedlkonsu.com
Tel. +358 400 554 596