Earthworks deals make five company figures millionaires

Business sales involving Finnish earthworks companies brought millions of euros in taxable capital income to five people, Yle reports. The deals helped form Lohkare Infra Group, a group of infrastructure companies.

Santtu Kajahde, technical director of construction company VM Suomalainen, received just over 15 million euros in taxable capital income from a sale last summer. He was ranked 20th on Finland’s income tax list.

Private equity firm Triton initiated the formation of Lohkare Infra Group by acquiring Finnish infrastructure companies. The companies in the group continue to operate under their own brands.

VM Suomalainen owners Harri Kallio, Kari Kivelä and Ville Piiroinen ranked 16th, 18th and 21st on the list. Pekka Vepsä, owner of Lännen Alituspalvelu in Ulvila, received more than 21 million euros in taxable capital income from his company sale and ranked 13th.

VM Suomalainen focuses on street construction and municipal infrastructure in Helsinki and the Uusimaa region. The company is not yet involved in the data centre boom, but is examining the possibility, Kajahde said.

VM Suomalainen had turnover of 105 million euros last year and employs 121 people. Kajahde said the company’s operations were built on long-term work, and praised its staff and customer feedback.

Asked about the tax list, Kajahde said that things had continued as usual. He has three young children and said he might one day tell them that “Dad has worked really hard so they could have a good life.”