We are coming out of the pandemic, but the world is not the same. These exceptional months have permanently altered business. They have accelerated digitalisation and the green transition. They have irreversibly changed human behaviour and the way we work. They have polarised the business world into winners and losers. Global economic stimulus has reached a scale that has never been seen before, and no-one knows where this will ultimately lead.
These are not the only big changes in the air. The crisis of the pandemic highlighted the role of business owners and boards of directors, but that role has been changing for other reasons, too. The way that companies create value is changing rapidly. Steering the value of a company can no longer be successfully done using short-term financial metrics, but requires owners to have more extensive expertise, vision and an understanding of the times. Companies are expected to act sustainably, and success is more and more linked to how well a company pays attention to its stakeholders.
Stakeholder thinking is nothing new, but combined with sustainability, it forms a new kind of attitude to the basic purpose of a company: if society as a whole is considered a stakeholder, this can lead to a sustainable and responsible business. Good profits alone are no longer enough, as investors, customers, legislators and even courts demand that business owners act sustainably. If a company does not act itself in time, it might be forced to act in a way dictated by outside forces.
The market economy is once again shedding its skin and guiding companies towards change. It is important for companies to better understand their internal and external stakeholders and seek to meet their needs. As things stand, few companies are able to identify and anticipate the impacts of sustainability requirements and create added value for new stakeholder groups.
One thing remains unchanged, however. The most important task of business owners is to secure the positive development of company value. When it comes to how that value is created, however, there is no turning back. The future will call for more dialogue, new skills, vision, and above all, courage.
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Latest references
Jolt Capital and Tesi – Investment in VEV
We advised Jolt Capital and Tesi in connection with their investment in VEV, a leading provider of commercial fleet electrification solutions. The investment, led by Jolt Capital with Tesi as co-investor, will support VEV’s next phase of growth and expansion across Europe. As part of the transaction, VEV became an independent company following the acquisition of Vitol’s stake in the business. Founded by Vitol, VEV provides integrated fleet electrification solutions combining fleet strategy, charging infrastructure, energy supply and operational services. Through its VEV IQ platform, the company supports more than 6,000 commercial electric vehicles across Europe and has been deployed across more than 600 sites spanning the transport, logistics and waste sectors. Jolt Capital is a private equity firm focused on growth investments in European deeptech companies. Tesi is a Finnish state-owned investment company that promotes Finnish business and economic growth through investments. We advised Jolt Capital and Tesi on the equity financing and structuring aspects of the transaction. International law firm Goodwin advised the investors on the acquisition of VEV.
Case published 10.9.2026
VR Group – Intellectual property matters
VR-Group Plc is a transport and logistics group owned by the Finnish State, operating passenger and freight rail transport in Finland with activities also in the Swedish market. VR Group provides passenger, logistics and maintenance services with over 160 years’ experience in developing responsible transport of the future. We advise VR Group in intellectual property matters as part of the company’s wider brand protection efforts. Our assignments have included advice on copyright, design rights and trademarks, focusing on the protection of the company’s visual identity – including its distinctive green colour – in connection with transport services as part of a comprehensive IP protection strategy. VR Group’s consistent brand building has also received recognition, including the Finland Chamber of Commerce’s Brand of the Year award in 2026. In the competition, brands were viewed comprehensively from various perspectives, including their story, strategic role, brand renewal ability and intellectual property protection. The jury found that VR had understood the importance of the protection of its brand as part of a comprehensive business strategy.
Case published 9.9.2026
NoHo Partners – EUR 50 million secured notes and EUR 97 million senior secured facilities agreement
We advised NoHo Partners Plc on the issuance of EUR 50 million senior secured floating rate notes. The notes have a tenor of four years and mature on 10 September 2030. The notes bear interest at a rate of three-month EURIBOR plus a margin of 4.375 per cent. per annum. The notes were allocated to a mix of domestic and international investors. We also advised NoHo Partners on the negotiation of its new senior facilities agreement. The facilities agreement comprises a EUR 60,000,000 term loan facility, a EUR 10,000,000 capex facility and a EUR 27,000,000 revolving credit facility. “We are delighted by the interest investors have shown in the company’s Notes, which reflects confidence in our strategy. The successful issuance of the Notes, together with the new loan agreement, extends the maturity profile of our financing and enables the company to continue executing its growth strategy going forward. I would like to thank all investors for their participation, as well as our partner bank for the excellent execution of the Notes issuance”, says Jarno Suominen, CEO of NoHo Partners. OP Corporate Bank plc acted as the sole lead manager and bookrunner for the issue of the notes. NoHo Partners Plc is a Finnish group established in 1996, and it specialises in restaurant services being the creative innovator of the Northern European restaurant market. The company was listed in Nasdaq Helsinki in 2013 becoming the first Finnish listed restaurant company, and it has continued to grow strongly throughout its history. NoHo Partners’ vision is to be the leading restaurant operator in Northern Europe.
Case published 4.9.2026
Topfoods – Acquisition of Delice Plus
We advised Topfoods Oy, a Triton-backed Geia Group company, on its acquisition of Oy Delice Plus Ab, a Finnish supplier of cakes and pastries. Through the acquisition, Topfoods strengthens its retail business and further reinforces its position in the cakes and pastries segment. Founded in 2008, Topfoods supplies selected food products to professional kitchens, the retail sector, and the food industry.
Case published 4.9.2026