During the past year there has been uncertainty in the market, and in the last few weeks the challenges of the banking sector have reached Europe as well. Private equity investors have, however, remained active. Investors have particularly favoured the energy and financial sectors – as well as listed companies and large deals. In addition, international real-time economy has formed an exception in the otherwise uncertain market: even though Europe is in the middle of a crisis, small technology companies with wide international networks have managed to raise financing as the market has been more stable outside Europe.
19.4.2023
Certainty is now an asset in the investment market
Jarno Tanhuanpää, Janne Lauha & Karlo Siirala
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Listing projects have also been on hold in many companies, waiting for steadier times. The economic uncertainty has reduced valuations and made pricing difficult, which has caused companies to postpone their listings. In order for the number of listings to start increasing again, companies need a solid basis for the market forecast: companies have to be able to trust that the valuation stays stable and that buyer candidates can commit to the tenders they submit.
There is, however, a positive trend in the listing market. If inflation and interest rates settle down and valuations stay reasonable, it is possible that listing activity starts to increase again during the second half of the year, which also makes it easier for private equity investors to exit.
It seems that after the winter the market continues to develop in the same direction as now: The financing and energy sectors remain attractive, and there may be a positive trend in the technology sector as well. Private equity investors focusing on buyouts will likely continue to be interested in large deals and shift more and more towards platform and add-on arrangements where the investor buys several small objects to build a larger and more efficient unit out of them.
For technology investors, the market can offer profitable investments in promising growth companies with well-reasoned valuations and more time with the management. For listing candidates, now is the time to build their capacity and prepare for when the market picks up again. There is never any extra time for it during a listing process.
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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
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
Korona Invest – Sale of Innoflame
We advise Korona Invest and the other shareholders of Innoflame Oy on the sale of Innoflame to Sponsor Capital. The transaction makes Sponsor Capital the new majority owner of Innoflame. Korona Invest has been a shareholder of Innoflame since 2021 and, together with the other selling shareholders, has over the past five years supported the company’s growth, development and several strategically significant corporate transactions, through which Innoflame has strengthened its position as Finland’s leading product media company. The ownership change is intended to support Innoflame’s next phase of growth, including its ambition to build a significant European product media company with the capability to expand rapidly into new markets. The transaction is conditional to the customary closing conditions such as authority approvals. Innoflame is one of Finland’s leading product media specialists, helping its clients build a unified brand experience by offering the design, sourcing and management of product media as a single integrated service. Korona Invest is a Finnish private equity firm founded in 2006, specialising in buyout and growth investments in domestic small and medium-sized enterprises. It makes both majority and minority investments, structuring each project to suit the company’s growth strategy.
Case published 27.8.2026
Ugly Duckling Ventures – EUR 6.5 million funding round of Skyfora
We advised lead investor Ugly Duckling Ventures on the EUR 6.5 million funding round of Skyfora. The round also included Eviny Ventures, LUMO Labs and EIC Fund, alongside non-dilutive funding from Business Finland. The investment will support the commercial scale-up of Skyfora’s weather intelligence solutions, the expansion of partnerships with telecom operators, forecasting providers and meteorological institutions, and the continued growth of the team. Skyfora is a Finnish company developing high-resolution weather data solutions using patented technology that extracts atmospheric data from GNSS receivers embedded in existing infrastructure, such as telecom networks. By unlocking previously untapped data sources, Skyfora enables the next generation of AI-driven weather forecasting and supports improved decision-making across weather-sensitive industries. Ugly Duckling Ventures is a Copenhagen-based venture capital firm focused on early-stage Nordic B2B technology companies, with an emphasis on medtech, resilience tech and business services.
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