Middle-market private equity firm Vaaka Partners Oy acquired a majority stake in Foreship Oy.
Headquartered in Helsinki, Foreship specializes in cruise ship design and engineering.
The transaction will increase Foreship's global market share and support its position in the cruise ship refurbishment and upgrade sector, according to a release.
Juha Heikinheimo became the new chairman of the board of directors of Foreship, with Jukka Laiterä and Mikael Frisk as board members. Ilkka Pentikäinen and Petrus Blomqvist will be the representatives of Vaaka on the board.
Markus Aarnio, senior vice president of ship technology; Marcus Höglund, senior vice president of engineering services; and Mattias Jörgensen, vice president of business development, will retain their positions in Foreship after the transaction.
Foreship will keep its existing identity and plans to explore new international office locations. The company offers engineering solutions that include project coordination and management, classification design and engineering, and drydock and ships-in-operation services.