CapMan

CapMan is a Nordic private assets management and investment company with three decades of experience building value in unlisted businesses, real estate and infrastructure. Based in Helsinki, Finland, CapMan operates primarily in private equity and real estate, supported by an international network that extends its Nordic roots. The firm pursues active ownership and value creation to improve the governance, operations and financial stability of portfolio companies, contributing to job creation and innovation. CapMan also invests in high-quality real estate and infrastructure assets that underpin functional economies. The company serves a global investor base in the private assets class and uses specialized local teams to access unlisted opportunities across the Nordic region and beyond.

Harri Halonen

Partner, Infra

Heikki Juntti

Partner, Growth

Laura Karikko

Sustainability Value Creation Director

Karri Keistinen

Investment Associate, Special Situations

Antti Kummu

Managing Partner, CapMan Growth

Ari Kyöstilä

Senior Investment Manager

Juha Mikkola

Senior Partner, Growth

Past deals in Finland

Dasos Capital

Acquisition in 2023
Dasos Capital Oy is a private equity firm based in Helsinki, Finland, founded in 2005. The firm specializes in investments focused on timberland and farmland, emphasizing sustainable practices in forest management, marketing, and natural capital. Dasos Capital primarily targets majority stakes in investments located in Europe and emerging markets. The firm's clientele includes institutional investors, foundations, endowments, private banks, and family offices that are interested in sustainable international timberland investing. Dasos generates returns through net cash flows derived from sustainable forest management and certification, while also capitalizing on market inefficiencies. Additionally, it explores complementary revenue streams from environmental services, such as carbon sequestration, and the sale of higher and better use lands. Dasos Capital is recognized as a member of the Finnish Venture Capital Association and the American Chamber of Commerce in Finland.

Front AI

Convertible Note in 2023
Founded in 2019, Front AI specializes in developing customer service chatbots for finance, telecommunications, and insurance sectors. Based in Helsinki, Finland, the company uses advanced AI technology to automate customer service interactions.

Niemi Palvelut Oy

Private Equity Round in 2022
Niemi Palvelut Oy is Finland's leading moving and logistics service provider. specialize in a wide range of other logistics services, such as event management, delivery and assembly logistics, and expertise expo services, in addition to corporate, private, and international removals. Every year conduct over 29 000 removals and 53 000 other service projects. We employ approximately 1300 highly trained service specialists.

Netox Oy

Acquisition in 2022
Netox Oy, founded in 1988 and headquartered in Oulu, Finland, specializes in information management, technical infrastructure standardization, and information security solutions. The company combines extensive cybersecurity expertise with innovative information technology, leveraging global research and technological advancements. Netox is recognized for its award-winning customer service and adherence to industry best practices, emphasizing the importance of cybersecurity in its offerings.

Koiviston Auto

Acquisition in 2021
Koiviston Auto Group is the largest bus operating company in Finland, marking its 90th anniversary this year. The Group generates a turnover of EUR 169 million and employs approximately 2,100 people, operating a fleet of 1,000 buses. It encompasses several bus companies, including Helsingin Bussiliikenne, Jyväskylän Liikenne, Koskilinjat, Kuopion Liikenne, Porvoon Liikenne, and Satakunnan Liikenne, which together maintain a comprehensive nationwide network. This network extends from Helsinki to the northern regions of Ivalo and Kilpisjärvi, effectively serving around 6.8 million passengers each month. A significant portion of the Group's revenue is derived from tendered local bus transport contracts, highlighting its integral role in public transportation across Finland.

Pharmia

Acquisition in 2021
Pharmia is a contract manufacturer and developer of nutritional supplements and healthcare products. The company specializes in product development, continuously innovating formulations, flavors, and applications, while maintaining a strong focus on quality, know-how, and service. It serves main food-supplement brands in Finland and neighboring markets, delivering manufacturing and development capabilities to pharmaceutical companies and healthcare wholesalers. In addition to food supplements, its portfolio includes vitamins and minerals, probiotics, and flu treatment products, as well as CE-marked medical devices. Through its development and manufacturing capabilities, Pharmia supports access to medications and wellness solutions for its customers, combining scientific expertise with a service concept aimed at reliable delivery and product quality.

Neural DSP Technologies

Series A in 2020
Neural DSP Technologies Oy, founded in 2017 and based in Helsinki, Finland, specializes in developing sound processing hardware and software for the music industry. The company's flagship product, the Quad Cortex, represents an innovative software-hardware ecosystem that allows musicians to capture, create, and share high-quality sounds. Utilizing proprietary technology known as Neural Capture, Neural DSP enables users to replicate the tonal characteristics of various amplifiers and effects with remarkable accuracy. This technology leverages advanced algorithms and machine learning, streamlining the sound design process and reducing the time and costs typically associated with achieving desired audio results. Neural DSP offers a range of products, including various amplification models and plugins, designed to empower musicians at all levels, from professionals performing in large venues to hobbyists experimenting at home.

PDS Vision Group

Acquisition in 2020
PDS VISION Group AB is a provider of IT solutions and services aimed at supporting research and development for small and medium enterprises across Sweden, Norway, Finland, and the United Kingdom. The company specializes in areas such as product lifecycle management, which encompasses the entire process from product conception to disposal, and offers technical documentation solutions to address challenges in product documentation and aftermarket portals. PDS VISION also delivers CAD, CAM, and CAE products that facilitate various stages of product development, along with requirements management solutions that help organizations navigate legal, customer, and internal demands. Additionally, the company provides services related to product data management, the Internet of Things, augmented reality, and aftermarket solutions. Founded in 2004 and headquartered in Askim, Sweden, PDS VISION Group has established subsidiaries in several countries, including Norway, the United Kingdom, Germany, Finland, and the United States.

Picosun

Venture Round in 2019
Picosun Oy, founded in 1997 and headquartered in Espoo, Finland, specializes in atomic layer deposition (ALD) thin film coating equipment and solutions for various industries and research organizations globally. The company offers a range of products, including the PICOSUN P-series for high-volume manufacturing, the R-series for research and development, and PICOPLATFORM vacuum cluster tools for both industrial manufacturing and smaller-scale production. Picosun also provides specialized solutions for printed electronics, medical devices, and plasma-enhanced ALD applications. Its tools enable a variety of applications, such as OLED encapsulation, flexible displays, and thin film batteries. With a strong presence in markets including integrated circuits, optics, and medical equipment, Picosun supports its customers through a global network of sales and service locations across multiple countries. The company operates additional facilities in Masala, Finland, and maintains regional offices in the United States and Singapore.

Front AI

Seed Round in 2019
Founded in 2019, Front AI specializes in developing customer service chatbots for finance, telecommunications, and insurance sectors. Based in Helsinki, Finland, the company uses advanced AI technology to automate customer service interactions.

Avidly

Private Equity Round in 2018
Avidly is an advertising agency based in Helsinki, Finland, specializing in a wide range of marketing and advertising services. The company provides strategic advisory services, encompassing marketing and sales strategy, branding, and sales enablement. Avidly also focuses on revenue operations and customer experience, offering solutions in inbound marketing, SEO, content marketing, public relations, media planning, and pay-per-click advertising. By employing analytics and creative campaigns, Avidly aims to help clients foster strong relationships with their customers and ultimately enhance revenue growth.

Digital Workforce

Venture Round in 2018
Digital Workforce specializes in automating business processes using intelligent automation on an industrial scale. They offer cloud-based, pay-per-use services that transform businesses by freeing up employee time for more strategic tasks.

KotiSun

Acquisition in 2017
KotiSun Oy is a Finnish company specializing in building technology renovation services for residential properties. Established in 2006 and headquartered in Jyväskylä, KotiSun focuses on providing comprehensive solutions for service water and heating network renovations, offering these as turnkey services to consumers. The company aims to enhance the efficiency and functionality of home infrastructure through its specialized renovation offerings.

Norvestia Growth Equity

Acquisition in 2016
Norvestia Oyj is a Finland-based company active within the investment sector. The Company primarily invests in listed Nordic shares, equity funds, hedge funds, bonds, in the money market and in industrial investments. Its strategy is twofold and consists of market and industrial investments, with the emphasis differing according to market circumstances. The Company's portfolio includes listed shares of such companies as Fortum Corporation, Elisa Corporation, Norkia Corporation, Nordea Bank AB, Sampo Plc, and UPM-Kymmene Corporation.

Oral Hammaslaakarit

Acquisition in 2014
Oral Hammaslaakarit is a dental healthcare provider based in Espoo, Finland, operating a chain of clinics that deliver a comprehensive range of services. The company specializes in various aspects of dental care, including routine checkups, tartar removal, children's dental care, and orthodontic treatment. Additionally, it offers more specialized services such as dental implants, aesthetic dental treatments, and oral and maxillofacial surgery. The clinics also cater to emergency dental needs, provide dental care under anesthesia, and perform root canal therapy. Further, Oral Hammaslaakarit addresses oral hygiene through its hygienist services and offers treatment for sensitive teeth, gum diseases, and malocclusion, along with dental X-ray services to support diagnostic procedures.

Harvia

Acquisition in 2014
Harvia is a Finnish company that designs, manufactures, and supplies a wide range of sauna and spa products. Its portfolio includes sauna heaters, complete sauna rooms, infrared and steam saunas, steam showers, spa components, control units, heater stones, accessories, and interior solutions such as benches, audio speakers, and lighting. The company serves both professional and consumer markets worldwide. Production facilities are located in Muurame, where the head office is also situated.

Kämp Collection Hotels

Acquisition in 2014
Kämp Collection Hotels is a prominent operator of luxury and lifestyle hotels in Finland, managing several esteemed properties including Hotel Kämp, Hotel St George, Hotel Klaus K, Hotel Haven, Hotel Fabian, and Hotel Lilla Roberts, along with the GLO Hotels brand. The company provides a comprehensive range of services that include upscale accommodations, dining options, spa facilities, and venues for meetings and events. With a focus on delivering a high-quality experience, Kämp Collection Hotels caters to both leisure and business travelers in the vibrant city of Helsinki.

Aste Helsinki

Private Equity Round in 2013
Aste Helsinki Oy is a Finnish company established in 2008, specializing in digital and print communications and marketing solutions for organizations, publishers, and brands. The company offers a comprehensive range of services, including visual identity and graphic design, content and service design, as well as usability and functionality development. In the realm of communication, Aste Helsinki provides solutions for both print and digital media, encompassing publication systems, web design, and image processing. Their marketing and advertising services cover various formats such as HTML5 banners, newsletters, outdoor advertising, and promotional materials. Additionally, Aste Helsinki supports development and information systems, which include tools for optimization, training, and sales systems. By integrating creative design with multichannel production and technological solutions, Aste Helsinki positions itself as a reliable partner in the marketing and media landscape.

Solera Beverage Group

Acquisition in 2011
Solera Beverage Group is one of the largest beverage companies in the Nordics, focusing on the import and distribution of a wide range of alcoholic and non-alcoholic beverages, including wine, spirits, beer, cider, mineral water, and soft drinks. The company primarily serves the state retail alcohol monopolies in Norway, Sweden, and Finland, while also providing products to the HORECA sector and travel retail in the Nordic and Baltic regions, as well as grocery and convenience chains in Norway. Headquartered in Oslo, Solera employs approximately 140 people and has a long history dating back to 1924 with the establishment of Einar A. Engelstad in Norway. Over the years, Solera has successfully represented numerous major international brand owners, contributing to its significant turnover, which was around €160.1 million in 2013.

Esperi Care

Acquisition in 2010
Esperi Care provides diverse housing solutions and quality care for elderly individuals, those with mental health or substance abuse issues, disabled persons, and other special needs clients across Finland.

Evitec

Venture Round in 2009
Evitec is a software company based in Espoo, Finland, specializing in solutions for the financial and insurance sectors across Finland, the Baltic states, and Scandinavia. Founded in 1992, Evitec offers a range of software modules designed to enhance the efficiency of insurance operations. Its key products include Profit Life&Pension, which provides a service-oriented architecture and web application programming interfaces for seamless integration with other systems, and Profit Property&Casualty, a comprehensive suite for managing various lines of insurance, including private, commercial, personal, and vehicle insurance. The company's services support the entire insurance policy lifecycle, covering areas from sales and underwriting to invoicing, servicing, claims, and exit processing. Additionally, Evitec provides deployment services to ensure effective implementation of its software solutions.

Nice Entertainment Group

Acquisition in 2008
Nice Entertainment Group Oy operates as a creative production company in the Nordic region. Its production portfolio includes various television (TV) shows and formats ranging from large primetime entertainment shows to small Web productions; national and international drama series; feature films; TV-commercials; and third-party formats or line productions. The company’s production portfolio covers various genres and serves major channels and broadcasters in Norway, Denmark, Sweden, and Finland. Nice Entertainment Group Oy was formerly known as Northern Alliance Oy and changed its name to Nice Entertainment Group Oy in October 2011. The company was founded in 1969

Mawell

Venture Round in 2007
Mawell Oy is a Finnish IT company specializing in eHealth solutions for public and private healthcare and welfare organizations. Founded in 2001 and headquartered in Oulu, Finland, Mawell operates offices in several countries, including Sweden and the United Kingdom, and employs around 130 people. The company develops a range of software solutions, including clinical tools for healthcare professionals, personal eHealth applications that empower patients, and comprehensive consulting services in health informatics and IT. Mawell also offers cloud-based services, such as staffing systems, encrypted email communications, and project management tools. With a focus on integrating IT with real healthcare needs, Mawell aims to enhance efficiency and improve care delivery, allowing healthcare professionals to dedicate more time to patient care.

Walki Group

Acquisition in 2007
Walki Group Oy is a manufacturer of technical laminates and protective packaging materials, specializing in fiber-based, intelligent, and multi-layer laminate products. Founded in 2007 and based in Espoo, Finland, the company produces a wide range of items, including flexible circuit boards, paper-based protective materials, and barrier packaging solutions designed to enhance the functionality and sustainability of finished products. Walki Group serves various industries, including construction, steel, paper and forest, and packaging for food, retail, and transport, through its global sales offices. The company operates production facilities in Finland, Germany, the Netherlands, Poland, the United Kingdom, Russia, and China. Walki Group aims to contribute to a zero-waste future by offering energy-efficient and innovative packaging solutions.

InfoCare AS

Acquisition in 2005
InfoCare AS, founded in 1986 and based in Kristiansand, Norway, specializes in providing comprehensive services for IT and electronic equipment to both consumer and professional markets. The company offers a wide range of services, including equipment installation, movement, rollouts, image deployment, and application packaging, along with project management and technical support. InfoCare also manages service desks and call centers, delivers on-site support, and handles incident administration. Additionally, the company provides procurement, warehousing, reverse logistics, and proactive maintenance agreements, ensuring efficient management of hardware and software. Its diverse clientele spans various sectors, including banking, government, education, healthcare, retail, and telecommunications, as well as small and medium-sized businesses. With operations extending to Sweden, Denmark, and Finland, InfoCare AS is positioned as a key player in the IT services industry, catering to a broad spectrum of customer needs.

Moventas

Acquisition in 2005
Moventas is a designer and manufacturer of wind turbine gearboxes, specializing in drive train applications that enhance the competitiveness of wind power. The company provides a variety of products, including gearboxes for both onshore and offshore wind turbine generators, as well as lightweight gear and generator combinations. Additionally, Moventas develops power line platforms and solutions for tidal and wave turbines, catering to industrial and marine gear applications. With state-of-the-art manufacturing facilities located in Finland and a robust global service network, Moventas is committed to advancing wind energy technology through innovative research and development efforts.

On2 Technologies

Series D in 2004
On2 Technologies Finland Oy offers power video codec solutions for wireless IC designs. It develops technology for enabling multimedia in battery operated mobile handsets. The company's portfolio includes hardware and software video codecs, and audio and still image codecs; and mobile TV, camcorder, and player/streamer application solutions. It offers professional services, such as architecture consulting, customization services, integration services, on-site and telephone support, and maintenance and upgrade services. The company serves semiconductor and device manufacturers in the North American, EMEA, and APAC markets. It has strategic partnerships with Access, ARM, Coding Technologies, EXPWAY, Freescale Semiconductor, Inc., OCP, RealNetworks, Silicon & Software Systems, Symbian, Texas Instruments, and Thomson. The company was founded as Hantro Products Oy in 1985 and changed its name to On2 Technologies Finland Oy in November 2007 following the acquisition by On2 Technologies Inc. The company is based in Oulu, Finland with additional offices in Espoo, Finland; Munich, Germany; Tokyo, Japan; Taipei, Taiwan; Kyunggido, Korea; and San Jose, California. As of November 1, 2007, On2 Technologies Finland Oy operates as a subsidiary of On2 Technologies Inc.

Tokmanni Group

Acquisition in 2004
The Tokmanni Group operates as a leading discount retailer in Finland with over 160 stores nationwide and an online platform. It offers a vast selection of quality products at affordable prices, spanning home renovation, cleaning, fashion, leisure, interior decoration, gardening, and more. The group's portfolio includes brands like Tokmanni, DollarStore, Bigdollar, Miny, Click Shoes, and Shoe House.

Lumene

Acquisition in 2003
Lumene is a Finnish cosmetics manufacturer based in Espoo, founded in 1970. The company specializes in skincare and makeup products that harness the benefits of wild arctic ingredients, using advanced extraction techniques to enhance the natural beauty of its consumers. With a commitment to quality, Lumene has developed a strong brand identity that resonates with women globally. The company employs over 500 professionals across various functions, including research and development, marketing, manufacturing, sales, and finance, positioning itself as a leader in the cosmetics and personal care industry.

Synerco

Acquisition in 2003
Synerco is provides facilities management services in Sweden, Finland, Denmark, and Norway. The company offers workplace management, property management, security, cleaning, telephony, and document services. It serves customers in public and the private sector.

StaffPoint

Acquisition in 2002
StaffPoint is a staffing company based in Finland, established in 1970, that specializes in employment search and recruitment services across various industries. Each year, it assists in the employment of approximately 15,000 experts. The company operates offices in 14 locations throughout Finland, as well as in Estonia and Spain. In addition to recruitment services, StaffPoint provides human resource support and training, along with dedicated software solutions designed to enhance business performance and efficiency for its clients.

Finlayson

Private Equity Round in 1999
Finlayson Oy, founded in 1820 and headquartered in Helsinki, Finland, specializes in the manufacture of home textiles, including duvets, quilts, pillows, and mattresses. The company focuses on designing its products locally while ensuring quality and safety through collaborations aimed at creating allergy-free options. Finlayson Oy operates as a subsidiary of Finlayson & Co Oy, having previously been a subsidiary of Winder AS.
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