Wärtsilä divests Euroatlas to Mimir 

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BREMEN, GERMANY (30 May 2021)

Mimir Group today announces its acquisition of Wärtsilä Euroatlas GmbH from Wärtsilä Corporation (HEX:WRT1V).

Wärtsilä Euroatlas, based in Bremen (Germany) is providing its global customer base tailormade solutions for high performance power conversion in naval, aviation and mobile land-based applications requiring highest reliability and power density and leading-edge energy efficiency under harsh environmental conditions.

Products and services include original design, retrofits, upgrades, maintenance, spare parts and education.

Tamara de Gruyter, President, Wärtsilä Marine Systems and Head of Portfolio Business said: ”We are very pleased to have come to an agreement to sell Wärtsilä’s Euroatlas business to Mimir. As the business has limited synergistic links with Wärtsilä, we believe that under new ownership the company gets an opportunity to further drive their business success independently”.

Dr. Jeff Bork, Managing Partner Operations of Mimir, said: “The Wärtsilä Euroatlas business offers compelling growth potential. We will focus on scaling Euroatlas serving existing and new customers with our strong portfolio of competences and knowhow".

Sven Soetebier, Managing Director, Euroatlas GmbH. said: “Mimir is specialised in acquiring non-core business units of larger corporations. Their long-term focus on operational value creation provides a solid framework to actively support sustainable and profitable growth. Mimir will provide strategic, financial and operational support, enabling us to pursue growth and expansion. We look forward to being an independent company and working with Mimir to further develop the Euroatlas business”.

Subject to approvals, closing of the transaction is expected in the third quarter of 2021.

About Mimir:

Mimir is a global investment firm acquiring non-core business units of large corporations and private companies that need operationally oriented ownership. The Mimir group has operations in 20 countries across the world and 1,000 employees.

About Wärtsilä:

Wärtsilä Corporation is a global leader in smart technologies and complete lifecycle solutions for the marine and energy markets. By emphasising sustainable innovation, total efficiency and data analytics, Wärtsilä maximises the environmental and economic performance of the vessels and power plants of its customers. In 2020, Wärtsilä's net sales totalled EUR 4.6 billion with approximately 18,000 employees. The company has operations in over 200 locations in more than 70 countries around the world. Wärtsilä is listed on Nasdaq Helsinki.

For any inquiries about the transaction or Mimir, please contact:

Joakim Notö, Group Chairman & Managing Partner, joakim.noto{a}mimirinvest.com, +46 739 86 36 37