Start Wax emerges from bankruptcy
Thu, Jun 19, 2025 - By Start Skiwax Oy
FinnishStartex Oy, the manufacturer of Start ski waxes has returned from bankruptcy thanks to a group of ten Finnish stakeholders, some former employees and others new to the company. The new company, Start Skiwax Oy, has restarted operations for the continued development and production of the traditional Start brand. The company has acquired all rights, including production equipment, formulas, and other immaterial rights, to ensure the continuity and quality of Start products.
"We wanted to preserve Start's valuable position as a well-known brand. We've brought together a team that offers a wide range of skills and experience," says Frese Gustafson, Chairman of the Board at Start Skiwax Oy.
Start has been part of Finnish skiing tradition for decades—over 40 years. The production of Start ski waxes began in 1981, and the brand is well known among both recreational skiers and top athletes. Start Skiwax Oy aims to ensure that the quality, innovation, and reliability of Start products remain intact, so they continue to meet the demands of winter sports.
"We want to bring Start ski waxes back to the top of the world by strengthening the position among elite athletes, national teams, and the skiing community. We will make significant investments in product development and testing to ensure that Start products meet even the highest user expectations," says Esko Sirparanta, Head of Production.
"We want to preserve and develop this valuable brand. Start belongs on the winter trail, and its future is a matter of honor for us," says Anton Kortman, CEO.
Production will continue in Finland, and the company also aims to develop new products as well as more environmentally friendly wax solutions to meet the needs of all skiers. Start wax will continue to be distributed in America by EnjoyWinter.
FinnishStartex Oy submitted its bankruptcy application to the Päijät-Häme District Court on Friday, September 6, 2024. According to the application, Startex’s estimated debts exceeded €2.1 million, with the largest creditors being Nordea Bank, Finnvera, and Rapala VMC Corporation. Its assets were estimated to be around €1.2 million.
In an interview with Kauppalehti, the company’s CEO, Hanna Salmi, stated that the company had negative equity for a long time, and the mild winters in Europe negatively impacted the market. In recent years, Startex’s revenue had been in the couple of million euros range, but last year it reported financial losses.
Startex has been the main collaboration partner for ski waxing for the Finnish national cross-country skiing team for several years. In addition to ski wax, the company from Hollola also sold products such as poles and roller skis, produced through subcontracting.