Kamux

Growth story

Kamux – a pioneer in the used car retail industry grew into an international billion-euro listed company

Kamux, a retail chain specializing in used cars, started its operations in Hämeenlinna, Finland in 2003. When Intera invested in the company in 2011, Kamux’s founder Juha Kalliokoski had already built a retail concept that had grown at an annual rate of 40 percent in the used car market. Kalliokoski saw opportunities to grow the company even further, also internationally. This was a turning point where Intera joined in to support the company’s growth.

Kamux isn’t just a car retailer. Its expertise includes various services, such as financing, insurance, and an additional liability commitment in case the car breaks down. The company’s success is powered by the combination of showrooms and online presence, professional sourcing and sales of used cars, low fixed costs, fast inventory turnover, and sale of integrated services. The company has reinvented the way to sell used cars in the traditional car retail sector.

The company took concrete and decisive steps in implementing its growth strategy right from the beginning of Intera’s ownership: Kamux opened 22 new stores in Finland in 2012–2017 and expanded several existing locations. The company also began international expansion by opening its first store in Sweden in December 2012. At the end of 2015, Kamux expanded further to Germany, Europe’s largest market for used cars. In addition, Kamux’s brand was strengthened and its concept was developed with new supplementary services and digital channels.

During Intera’s ownership, Kamux’s revenue increased tenfold from approximately EUR 70 million to over EUR 700 million. The significant increase in revenue was almost entirely organic. Central to the success of value creation was the recruitment and development of an extensive professional management team and a strong Board of Directors, which in turn enabled continued international growth.

“Intera’s investment was a significant turning point in our success. With their help, we were able to map especially the Swedish and German markets in more detail, and open the first stores in these countries. At the same time, we built a professional Board to support the company. For me as an entrepreneur, this meant that I got skilled people around me who provided insights from different perspectives,” says Kamux’s Founder and Board member Juha Kalliokoski, who served as Kamux’s CEO during Intera’s ownership.

Growth story led to the stock exchange

Kamux was listed on the main list of the Helsinki Stock Exchange in spring 2017. In the IPO, both Finnish and international investors showed strong demand, and the initial public offering was oversubscribed. Intera remained a significant shareholder in Kamux after the listing until September 2020. After Intera exited the investment in 2020, Kamux had a total of 78 showrooms, of which 50 were located in Finland, 20 in Sweden, and 8 in Germany. Kamux’s revenue increased to over EUR 700 million in 2020, of which approximately 30 percent came outside Finland.

“It is important to me that Kamux is a good employer for our people and also a trendsetter that dares to break boundaries and act differently while keeping customers at the centre of operations. I strongly believe that Kamux will grow into Europe’s number one in the used car market. In the future, we want to offer car owners ease and safety even more comprehensively throughout the life cycle of a car,” says Juha Kalliokoski.

“Kamux’s growth story is unparalleled. Together, we developed a completely new approach and operating model in a traditional industry. The innovative model led the company to tremendous growth and drove the industry forward. We shared a strong mutual trust and a culture of working together helped us to build an excellent team and develop a winning concept for the international market. We are proud to have been able to share this journey with the company,” says Jokke Paananen, Co-founder of Intera.

Facts:

Industry: Used car retail
Established: 2003
Investment year: 2011
Exit year: 2020

Key figures at the time of investment:

Turnover: EUR 72 million
Number of employees: approx. 50
Locations: 16 showrooms

Key figures at the time of exit:

Turnover: EUR 724 million
Number of employees: 713 (average in 2020)
Locations: 78 showrooms