Devco

DevCo (DevCo Partners) is a Helsinki-based long-term oriented active owner and development partner for medium-sized companies, with revenues at entry typically between €50m and €500m. It focuses on a deliberately limited number of companies in selected niche markets, combining hands-on operational involvement and strategic support with tailored ownership solutions and significant capital for growth. The firm was founded in 2014.

DevCo holds majority/significant ownership positions in three companies it describes as global niche leaders: Vexve (valve solutions for energy infrastructure and industrial applications), Medix Biochemica (critical components for diagnostic tests) and Bluefors (low-temperature/cryogenic systems). Capital is raised into long-term single-asset vehicles dedicated to individual platform companies, rather than into a conventional diversified fund structure. Vexve, acquired in 2016, has been developed both organically and through add-on acquisitions, including the 2019 combination with ARMATURY Group of the Czech Republic, the 2020 addition of Germany-based ZMK Technologies, and the acquisition of Danish valve manufacturer Frese A/S announced in December 2024.

The organisation is built around a core team of investment professionals and partners supported by a network of senior advisors. Matti Alahuhta serves as Chair and Partner; partners include Lauri Stadigh, Otto Kukkonen, Teemu Alahuhta, Juhani Laakso, Matias Karioja and CFO Heli Leskinen, with senior advisors including Sari Baldauf, Klaus Cawén, Juha Hulkko, Timo Ihamuotila, Kari Stadigh and Kerttu Tuomas.

Business model

DevCo takes significant or majority ownership positions in a small number of medium-sized platform companies and develops them over a long holding period, supplying full-time hands-on operational resources, strategic support, tailored ownership solutions and growth capital. Capital is raised from institutional and private investors into long-term, single-asset vehicles earmarked for a specific platform company and its follow-on investments, including continuation vehicles for existing holdings.

Investment management: DevCo raises long-term commitments into single-asset vehicles from institutional and private investors and generates returns through the long-term ownership and development of its platform companies.

Traction

Under DevCo ownership Vexve's revenues have grown fivefold, supported by four completed add-on acquisitions, reaching €286m pro forma revenue for 2025 with approximately 1,460 pro forma employees and exports exceeding 90% of revenue. As of December 2021, the aggregated sales of Vexve Armatury Group and Medix Biochemica, owned since 2016 and 2018 respectively, had nearly tripled during DevCo's ownership, driven by organic performance and six international add-on acquisitions.

Latest developments

In June 2025 DevCo closed a €521 million single-asset continuation vehicle for Vexve, led by Pantheon with participation from North American and European institutions and family offices; existing investors, including the Herlin and Ehrnrooth families, Ilmarinen and Tesi, provided roughly half of commitments. Vexve appointed Tuure Stenberg to its Board of Directors as a Non-Executive Director in June 2025, and in December 2025 news was published on Vexve and BROEN joining forces. Later company news items report Dieseko, Movax and Watson & Hillhouse joining forces under DevCo ownership and the closing of a further long-term single-asset fund at a €300 million hard cap.