CapMan

CapMan is a prominent Nordic private assets management and investment company based in Helsinki, Finland, with over 30 years of experience in enhancing the value of unlisted businesses, real estate, and infrastructure. Founded in 1989, CapMan focuses on a diverse range of sectors, including B2B, B2C, healthcare, energy, and technology, primarily within Northern Europe. The company is committed to building well-managed and financially stable companies, believing that this fosters economic growth, job creation, and innovation, which in turn benefits society. Additionally, CapMan invests in real estate and infrastructure, recognizing the importance of high-quality environments and utilities for thriving communities. The firm serves a broad spectrum of investors in the private assets class, leveraging its Nordic roots and international networks to identify and capitalize on investment opportunities.

Tomi Alén

Investment Manager

Harri Halonen

Partner, Infra

Heikki Juntti

Investment Manager

Laura Karikko

Investment Manager

Antti Karppinen

Partner

Antti Kummu

Managing Partner, CapMan Growth

Ari Kyöstilä

Senior Investment Manager, Special Situations

Mika Matikainen

Managing Partner

Juha Mikkola

Senior Partner

Ville Poukka

Managing Partner

Tuomas Rinne

Partner

Past deals in Nordic Europe

Midstar Hotels

Acquisition in 2025
Midstar AB is an asset management company focused on hotel real estate investments. The company was founded in January 2008 and invests in existing hotels in the Nordic region. The company’s goal is to ”create better hotels” by acquisition, management, active ownership and continued development of the hotel properties through value enhancing activities. The management of Midstar is made up of Peter Tengström, Ola Stendebakken and Marc Henriksen, who combined have more than 70 years of experience in the hotel and real estate industry. Their background covers transactions, financing, project management, business development, hotel management and hotel brand development in companies such as Aareal Bank, Rezidor, ADIA, Pandox, HVS, IHG and Host Hotel Eiendom AS.

Dasos Capital

Acquisition in 2023
Dasos Capital is an independent company that offers natural capital and timberland investment advisory services to institutional investors, foundations, endowments, private banks, family offices and other clients interested in sustainable international timberland investing. Dasos acts as an investment advisor to institutional investors, endowments, private banks, family offices and other clients interested in sustainable international timberland investing. Dasos generates returns in the form of net cash flows from sustainable forest management, forest certification and from utilising identified market and management inefficiencies. In addition, it pursues complementary revenue from environmental services (e.g. carbon sequestration) and sale of higher and better use (HBU) lands. Dasos Capital is a member of the Finnish Venture Capital Association (FVCA) and the American Chamber of Commerce in Finland.

Front AI

Convertible Note in 2023
Front AI, founded in 2019 and based in Helsinki, Finland, specializes in developing advanced customer service chatbots utilizing conversational AI technology. The company focuses on automating customer service interactions across various sectors, including finance, telecommunications, and insurance. Its platform is designed to perform routine tasks autonomously, facilitating seamless communication in multiple languages and dialects. By leveraging this innovative technology, Front AI enables businesses to enhance their customer service capabilities and improve operational efficiency through the implementation of AI-driven service bots.

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 located in Oulu, Finland, specializes in information management, standardization of technical infrastructure, and information security solutions. The company combines extensive global research and technological expertise with a strong emphasis on cybersecurity. Netox is recognized for its award-winning customer service and adheres to industry best practices, providing a comprehensive approach to safeguarding information and enhancing IT infrastructure.

Koiviston Auto

Acquisition in 2021
Koiviston Auto Group is the largest bus operating company in Finland, celebrating its 90th anniversary this year. The Group’s turnover is EUR 169 million, it employs 2100 people and operates with 1000 buses. The bus companies Helsingin Bussiliikenne, Jyväskylän Liikenne, Koiviston Auto, Koskilinjat, Kuopion Liikenne, Porvoon Liikenne and Satakunnan Liikenne operate a nationwide network across Finland from Helsinki to the northern Ivalo and Kilpisjärvi, serving 6.8 million passengers every month. The major part of the Group’s turnover comes from tendered local bus transport contracts.

Pharmia

Acquisition in 2021
Pharmia specializes in the development and manufacturing of nutritional supplements and healthcare supplies, focusing on innovation and product development. The company serves pharmaceutical companies and wholesalers, particularly in Finland and neighboring regions, offering a diverse product portfolio that includes vitamins, minerals, probiotics, and flu treatment products. Pharmia is dedicated to continuous quality improvement and the enhancement of product knowledge, ensuring that its offerings effectively address various health needs. Through its commitment to research and development, Pharmia aims to provide effective solutions in the healthcare sector.

Neural DSP Technologies

Series A in 2020
Neural DSP Technologies Oy, established in 2017 and headquartered in Helsinki, Finland, specializes in sound processing hardware and software for musicians. The company offers a range of products, including the Quad Cortex and various Archetype series plugins, which utilize advanced algorithms and machine learning to enhance sound quality. Neural DSP aims to democratize access to high-quality sound, allowing musicians to capture and share their desired audio experiences easily. Its proprietary technology, known as "Neural Capture," enables users to model and replicate the sound of physical amplifiers and effects, streamlining the process of sound creation for both live performances and studio recordings. By combining intuitive hardware with powerful software solutions, Neural DSP provides musicians with an efficient way to achieve professional-level audio without the extensive time and financial investment typically required.

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 is the leading manufacturer of Atomic Layer Deposition (ALD) reactors for micro- and nanotechnology applications. Picosun provides the customers with versatile, reliable, and user-friendly ALD process tools, which offer world leading process quality and unique scalability from basic research to fully automated high throughput industrial production. Picosun is based in Espoo, Finland, its production facilities are located in Masala (Kirkkonummi), Finland, its US headquarters in Detroit, Michigan, and its Asian headquarters in Singapore. PICOSUN™ ALD process tools have been installed in various prominent industries and high-level reasearch organizations across Europe, USA, Asia and Australia. Picosun has world-wide sales and support network with distributors and representatives in over 30 countries.

Front AI

Seed Round in 2019
Front AI, founded in 2019 and based in Helsinki, Finland, specializes in developing advanced customer service chatbots utilizing conversational AI technology. The company focuses on automating customer service interactions across various sectors, including finance, telecommunications, and insurance. Its platform is designed to perform routine tasks autonomously, facilitating seamless communication in multiple languages and dialects. By leveraging this innovative technology, Front AI enables businesses to enhance their customer service capabilities and improve operational efficiency through the implementation of AI-driven service bots.

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 is a technology company specializing in intelligent automation and Robotic Process Automation (RPA). It offers digital workers as a turnkey service, enabling organizations to automate and maintain their business processes effectively. By implementing cloud-based, pay-per-use solutions, Digital Workforce helps businesses streamline operations, allowing employees to focus on more meaningful tasks. The company operates primarily in Finland, Sweden, Norway, Denmark, and Poland, with a significant portion of its revenue generated from Finland. Digital Workforce positions itself as a trusted advisor in the automation landscape, delivering scalable services that transform enterprises through advanced technology.

KotiSun

Acquisition in 2017
KotiSun offers building technology renovations services for houses. It offers consumers conceptualized service water and heating network renovations as a turnkey service. KotiSun began operation in 2006. It has its headquarters in Jyväskylä in Finland.

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.

YrkesAkademin

Acquisition in 2014
Yrkesakademin is a vocational education company and private provider of labor market training in Sweden. The company offers vocational educations in several fields, professional drivers, machine operators, industrial engineering, Yh, warehouse logistics, study abroad, and service. The Company focuses on capital intensive and more complex educations relative its Swedish peers.

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 Oy is a Finnish company specializing in the manufacturing of sauna heaters and related products, catering to both private and public sauna and spa environments. With a well-known brand and a comprehensive product range, Harvia aims to meet the diverse needs of the international sauna and spa market for both professionals and consumers. The company employs over 800 professionals across various countries, including Finland, China, Hong Kong, Romania, Austria, the United States, Germany, Estonia, and Russia. Its largest production facility for saunas and sauna components is situated in Muurame, adjacent to the company's headquarters. Through its offerings, Harvia promotes relaxation and natural well-being for its customers.

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.

The North Alliance

Private Equity Round in 2014
The North Alliance AS, through its subsidiaries, provides marketing communication, design, and technology services in Norway, Sweden, Denmark, Poland, and the United States. It offers services in the areas of design and technology, communication, action marketing and CRM, and digital strategy and innovation. The company also provides digital advertising agency services. The North Alliance AS is based in Oslo, Norway.

Aste Helsinki

Private Equity Round in 2013
Aste Helsinki Oy is a company based in Helsinki, Finland, specializing in digital and print communications and marketing solutions for various organizations, publishers, and brands. Founded in 2008, Aste Helsinki offers a comprehensive range of services that include visual identity and graphic design, as well as content and service design aimed at enhancing usability and functionality. The company provides both print and digital communication solutions, encompassing publication systems, web design, and image processing. Additionally, Aste Helsinki supports marketing and advertising efforts through various mediums such as HTML5 banners, newsletters, outdoor advertising, and promotional materials. Their portfolio also includes development and support services that cover online store management, data analytics, and optimization solutions. As a creative partner, Aste Helsinki integrates design, production, and technology to deliver effective communication strategies.

Acona

Acquisition in 2012
Acona AS provides services and resources covering the life cycle and phases of a petroleum asset primarily focusing on upstream activities. It offers drilling and well technology, E&P technology, flow technology, field development, and environmental services. Additionally, the company provides consultancy and integrated project management services. It serves the oil and gas industry.

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 is a Finnish company that specializes in providing residential care services for elderly individuals and those with special needs, including patients with mental health challenges and substance abuse issues. The organization offers a range of housing solutions designed to cater to the diverse needs of its residents, ensuring a safe and supportive environment. Services include assisted living, response alarm systems, safety measures, and home care support, all aimed at promoting independence and enhancing the quality of life for residents. By focusing on individualized care, Esperi Care strives to help its clients live fulfilling lives according to their own preferences.

Evitec

Venture Round in 2009
Profit Software Ltd provides software solutions to financial and insurance industry in Finland, the Baltic states and Scandinavia. The company provides policy management software that incorporates insurance policy lifecycle from sales through underwriting, invoicing, servicing, and changes, to claims and exit processing; and insurance software package that manages the process chain of the property and casualty insurance industry. The company was founded in 1992.

Cederroth Intressenter AB

Acquisition in 2008
Cederroth is a manufacturer and distributor of products in the personal care, healthcare, wound care, household and first aid sectors. In each product category, the company has a number of successful brands with strong positions in highly competitive markets. Several of our products are manufactured at our own plants in Sweden, Denmark, Poland and Spain.

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.

Curato

Private Equity Round in 2007
Curato AS specializes in radiology and medical imaging services, offering a range of procedures including mammography, x-ray, and magnetic resonance imaging. Based in Norway, Curato not only provides these diagnostic services but also features a comparison service that enables clients to locate nearby clinics for x-ray services. This dual approach allows patients to access necessary medical imaging while facilitating informed decisions about their healthcare options.

Proxima Intressenter

Acquisition in 2007
Proxima Intressenter is offers healthcare services in Sweden. The company offers primary care, diagnostics, specialist care, occupational care, and rehabilitation services.

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.

Ascade

Venture Round in 2006
Ascade AB, a telecom software company, provides business operations systems for managing and optimizing business decisions and operations. Its products include Carrier Cockpit Suite, a modular Web-based solution that provides end-to-end process support for the supply chain of trading and exchanging voice traffic between telecom operators; and Mobile Cockpit, a solution that provides mobile operators with routing, inter-operator billing, and settlement and operational control over the quality of the offered traffic routes. The company's Carrier Cockpit Suite includes Carrier Cockpit Billing, which produces incoming and outgoing statements on aggregated or individual CDR levels, as well as reconciles received invoices and statements; Carrier Cockpit Routing, which allows for various combinations of automation and manual control in the routing process; and Carrier Cockpit Trading that provides information on true cost and margin to the carriers. Its Carrier Cockpit Suite also comprises Carrier Cockpit Interconnect solutions, including Carrier Cockpit Agreement, Carrier Cockpit Business Control, Carrier Cockpit Connector, Carrier Cockpit Business Planning, and Carrier Cockpit Platform. The company also offers Carrier Cockpit implementation, upgrading, training, maintenance and support, and calling line identification verification services. It serves wireline and wireless telecom operators, mobile operators, and alternative carriers. The company was founded in 1997 and is based in Stockholm, Sweden with an additional office in Singapore. It has support teams in Europe, Asia, and the Americas.

MQ Retail

Acquisition in 2006
MQ Retail is a prominent fashion retailer based in Gothenburg, Sweden, specializing in a curated selection of both proprietary and external brands. The company offers a diverse range of men’s and women’s clothing and accessories, including scarves, bags, belts, jewelry, jackets, jeans, pants, dresses, shirts, and underwear. With a total of 122 stores, MQ Retail aims to establish itself as the leading retailer of fashion brands in the Nordic region. In addition to its physical outlets, the company also operates an online shop, serving customers in both Sweden and Norway. MQ Retail markets its products under several brands, including Zoul, 365 Sunshine, Stockhlm, Bondelid, and Dobber, focusing on high fashion content in attractive retail environments.

Inflight Service Group

Acquisition in 2005
Inflight Service Group provides a range of services to airlines, ferries and cruise ship lines, and airport retailers in Nordic and Baltic countries. It offers services in the areas of purchasing and logistics, distribution, market intelligence, marketing, and information technology aspects. The company provides alcoholic beverages (wines and spirits), perfumes and cosmetics, confectionary products, accessories, and tobacco goods. It also owns and operates airport shops.

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 specializes in the design and manufacture of gearboxes for wind turbines, focusing on both onshore and offshore applications. The company produces a range of products, including power line platforms for wind turbine generators, lightweight gear and generator combinations, and solutions for tidal and wave turbines in industrial and marine contexts. With state-of-the-art manufacturing facilities in Finland and advanced research and development capabilities, Moventas is committed to enhancing the competitiveness of wind power. The company also boasts a global service network, ensuring reliable support for its products and clients in the wind energy sector.

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 is a retail chain with more than 160 stores in Finland that offer an extensive range of quality products at affordable prices. The company manages its warehouse in the logistics centre.

Lumene

Acquisition in 2003
Lumene is a Finnish cosmetics manufacturer based in Espoo, established in 1970. The company specializes in skincare and makeup products that harness the unique properties of wild arctic ingredients, using advanced extraction techniques to enhance natural beauty. With a commitment to quality, Lumene aims to provide consumers worldwide with effective and innovative beauty solutions. The company employs over 500 individuals across various functions, including research and development, marketing, manufacturing, sales, and finance, reflecting its comprehensive approach to the beauty 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 offers employment search and recruitment services in Finland. It helps employ 15, 000 experts each year in different industries. StaffPoint was founded in 1970 with offices in 14 localities in Finland and in one locality in Estonia and Spain.
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