Aino Järnroos

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.

4.9.2026

HANZA – Divestment of its Nivala and Sievi operations

We advised HANZA on the divestment of its Nivala and Sievi operations. The transaction was part of HANZA’s larger strategic reorganisation, where the company optimised its Finnish manufacturing cluster. Founded in 2008, HANZA is a Swedish mechanical engineering and electronics contract manufacturing company listed on the Nasdaq Stockholm main list. HANZA has approximately 5,000 employees and annual sales of SEK 10 billion.

3.9.2026

Gasum – Acquisition of NSR Biogas AB and Liquidgas Biofuels Genesis AB

We advised Gasum when it acquired 100% of the shares in NSR Biogas AB and the remaining 1/3 of the shares in Liquidgas Biofuels Genesis AB. Gasum has already been the majority owner of Liquidgas Biofuels Genesis AB since 2023 and is now acquiring full ownership. Gasum is a Nordic gas sector and energy market expert. Gasum offers cleaner energy and energy market expert services for industry and for combined heat and power production as well as cleaner fuel solutions for road and maritime transport. The company helps its customers to reduce their own carbon footprint as well as that of their customers.

5.6.2025

Hanza AB – Acquisition of Leden Group

We acted as Finnish advisor to Hanza AB relating to its acquisition of all the shares in Leden Group Oy. Hanza AB is a Swedish mechanical engineering and electronics contract manufacturing company listed on the Stockholm Stock Exchange. Founded in 2008, the company has six manufacturing clusters in Sweden, Finland, Germany, Baltics, Central Europe and China and an annual turnover of approximately SEK 4.6 billion. Leden Group is a leading Finnish contract manufacturer specialising in sheet metal, machining and complex assembly. Leden Group has four production sites in Finland and one in Estonia and an annual turnover of approximately SEK 1.1 billion.

13.12.2024

WithSecure – Sale of open source data collection product and business

We advised WithSecure Oyj in the sale of its open source data collection product and business to Patria Oyj. The divested business combining software and services falls outside WithSecure’s current strategy. Through the sale, WithSecure sharpens its focus on the Elements portfolio. WithSecure is a global cyber security company (listed on NASDAQ OMX Helsinki) with more than 35 years of industry experience. WithSecure offers partners flexible commercial models, ensuring mutual success across the dynamic cyber security landscape. Patria is an international company in the defence and security industry offering defence, security and aviation life cycle support services and technology solutions. As a result of the transaction, Patria will open a new office in Oulu and 10 WithSecure experts currently working in the business area will join Patria.

30.9.2024

Fortum – Sale of recycling and waste business

We acted as the lead counsel to Fortum in a cross-border transaction in which Fortum sold its recycling and waste business. The business was sold to thematic impact investing firm Summa Equity through its portfolio company NG Group. The debt-free purchase price is approximately EUR 800 million. Fortum’s recycling and waste business to be sold comprises municipal and industrial waste management and end-to-end plastics, metals, ash, slag and hazardous waste treatment and recycling services. These businesses are located in Finland, Sweden, Denmark and Norway and currently employ approximately 900 employees.

18.7.2024

Prevas Aktiebolag – Acquisition of majority of NMAC Group shares

We are acting as Finnish legal advisor to Prevas Aktiebolag in its acquisition of approximately 92 percent of the shares in NMAC Group Oy (‘Enmac’). This acquisition marks Prevas’ entry into the Finnish market and is aligned with its growth strategy, enabling future market synergies. Swedish Advokatfirman Lindahl KB is acting as lead legal counsel to Prevas Aktiebolag in this deal. Enmac was founded in 1983 and is a prominent player in the Finnish market offering advanced services in production process development, including advanced technical calculations, industrial automation, product development, as well as process and piping design. With approximately 200 employees and 8 locations in Finland, Enmac achieved a turnover of MEUR 23 in 2023. The transaction is subject to approval from the Finnish Ministry of Economic Affairs and Employment.

23.5.2024

A. Ahlström – Acquisition of majority of Metsäkonepalvelu

We advised A. Ahlström Corporation in its acquisition of the majority of Metsäkonepalvelu Oy. This acquisition further strengthens A. Ahlström’s strategic core sector built around forest and fibre companies. A. Ahlström is a family-owned investment company with core investments in the forest and fibre segment. Metsäkonepalvelu offers mechanical timber harvesting services in Finland and Sweden and is a Nordic market leader. The Company’s customers include large companies in the forestry industry, large private forest owners and the public sector.

20.12.2023

Kiwa Inspecta – Sale of real estate laboratory business

We advised Kiwa Inspecta (Inspecta Oy) in the sale of its real estate laboratory business to Eurofins bestLab Oy. This business was divested due to the Kiwa Group’s strategy and growth objectives that are at the core of its testing, inspection and certification (TIC) business. Kiwa is one of the world’s leading testing, inspection and certification companies with operations in over 35 countries. The Group offers inspection, testing and auditing services supplemented by training and technical consultancy services as well as digital solutions. Eurofins is one of the leading operators of commercial testing and laboratory services in the world.

4.7.2023

Kiwa Inspecta – Sale of inspection and consulting services for real estate and construction

We advised Kiwa Inspecta (Inspecta Oy) in the sale of its business of real estate and structure inspection and consultancy to Caverion Suomi Oy. This business was divested due to the Kiwa Group’s strategy and growth objectives that are at the core of its testing, inspection and certification (TIC) business. Kiwa is one of the world’s leading testing, inspection and certification companies with operations in over 35 countries. Kiwa offers inspection, testing and auditing services supplemented by training and technical consultancy services as well as digital solutions. Caverion is an expert for smart and sustainable built environments. Caverion’s shares are listed on Nasdaq Helsinki.

4.7.2023

Impinj – Acquisition of Voyantic

We advised Impinj, Inc. (NASDAQ: PI) in its acquisition of Voyantic Oy, a global provider of RFID (primarily RAIN and NFC) inlay and label design, manufacturing and test systems. Impinj designs and sells a platform based on RAIN RFID technology that enables wireless item-to-cloud connectivity and with which it and its partners innovate Internet of Things solutions globally. Impinj is headquartered in Seattle, Washington, USA.

27.4.2023

Triton-backed Geia Food – Acquisition of Topfoods companies

We acted as the Finnish legal advisor for Geia Food, a portfolio company of Triton Smaller Mid-Cap Fund II, in its acquisition of Topfoods Finland Oy and TFR Topfoods Retailing Oy. With this acquisition , Geia Food is expanding its footprint in the Nordics and expands on the Finnish foodservice and industrial product market. Geia Food is the leading supplier of food concepts in Scandinavia with approximately 120 employees and has offices in Denmark, Sweden, Norway and Finland. Since its establishment in 1997, Triton has sponsored ten funds, focusing on businesses in the industrial tech, services, consumer , and healthcare sectors. The companies currently in Triton’s portfolio have combined sales of around EUR 18 billion and employ around 105,000 employees. Triton Smaller Mid-Cap Fund II applies Triton’s proven investment strategy to lower mid-market companies in the same core sectors of Services, Healthcare, Industrial Tech and Consumer, using Triton’s in-house operational capabilities and resources to help management teams to sustainably expand their companies’ market position and to implement their growth strategies. Topfoods companies have an annual turnover of approximately 30 million EUR and employ a total of 15 employees.

26.4.2023

Triton – Platform investment and formation of Habeo Group

We advised Triton Smaller Mid-Cap Fund II in a new platform investment, the formation of Habeo Group, through its acquisition and financing of eight Finnish companies. After the acquisition, Habeo Group has approximately MEUR 120 in net sales with over 600 experts providing a variety of technical building services, such as heating, plumbing and sewerage, ventilation and air conditioning, electrical works, cooling and refrigeration, fire safety and automation. In line with Habeo Group’s strategy, it has acquired successful, locally operating Finnish group companies and is now Finland’s fifth largest player in the industry. Habeo Group continues to implement its strategy through acquisitions that suit its service portfolio in Finland. The eight Habeo Group companies are the following: Afire Oy – A company that provides its clients with the best fire suppression solutions for different purposes in the market. ESP Group – A group of companies specialised in new building and repair construction, offering all HVAC, electricity and automation services reliably and skilfully. HSK Sähkö Oy – A versatile and flexible full-service electrical contractor operating in all of Finland. Neloset Group – A full-service technical building service and construction company providing housing cooperatives with construction and renovation services from a one-stop shop. Respect Group – A group that serves its clients seamlessly in all their repair construction needs. SFT Finntekniikka Oy – A refrigeration expert that provides comprehensive, high-quality service in refrigeration equipment and cooling systems. Sähkö Oy Turku and Helsinki – A group of electrical engineering companies with a large range of services including design, installation, on-site project supervision and subcontracting. Vaasan Kylmäkone Oy – A company that plans, sells, installs and maintains refrigeration equipment and systems for professional use. Since its establishment in 1997, Triton has sponsored ten funds, focusing on businesses in the industrial tech, services, consumer and healthcare sectors. The companies currently in Triton’s portfolio have combined sales of around EUR 18 billion and employ around 105,000 employees. Triton Smaller Mid-Cap Fund II applies Triton’s proven investment strategy to lower mid-market companies in the same core sectors of Services, Healthcare, Industrial Tech and Consumer, using Triton’s in-house operational capabilities and resources to help management teams to sustainably expand their companies’ market position and to implement their growth strategies.

21.4.2023

Lantmännen Agro – Acquisitions of JS Perttula Oy and Ismo Lindell Oy

We advised Lantmännen Agro Oy in its acquisitions of the entire share capitals of JS Perttula Oy and Ismo Lindell Oy. JS-Perttula Oy operates the Lantmännen Agro stores in Riihimäki, Hämeenlinna and Nurmijärvi. Ismo Lindell Oy operates the stores in Kouvola and Lappeenranta. Lantmännen Agro Oy is a Finnish agricultural company and part of the Lantmännen ek för corporation. Lantmännen is an agricultural cooperative and a leading player in the agricultural, machinery, bioenergy and food sectors in the Nordic countries.

4.8.2022

Korg USA – Acquisition of Darkglass Electronics

We acted as Finnish counsel to Korg USA in the acquisition of a controlling stake in the Finnish bass gear company Darkglass Electronics from the original founder Douglas Castro and other minority shareholders. Darkglass Electronics was founded in 2009 and it specialises in producing bass effect pedals, preamps, amplifies and cabinets. Korg USA was established in 1963 and its primary business is manufacturing and sale of electronic musical instruments. ‘This acquisition is aligned with our strategy to position Korg USA as a leader in the bass gear category’, says Joe Castronovo, President of Korg USA.

13.6.2022

Gasum – Sale of the Risavika LNG Production Plant to North Sea Midstream Partners

We acted as the legal advisor to Gasum in the divestment of the Risavika LNG production plant in Norway to North Sea Midstream Partners (NSMP). Gasum will remain a major off-taker of the liquified natural gas (LNG) and liquified biogas (LBG) produced at Risavika plant under a long-term agreement as part of the transaction. The transaction is in line with Gasum’s growth strategy and the evolving LNG market. Gasum is a leading supplier of biogas and processer of biodegradable waste fractions in the Nordic countries. Gasum promotes the circular economy by processing waste and producing biogas and recycled nutrients in Finland and Sweden, and is the biggest distributor of liquefied natural gas (LNG) in the Nordic countries. Gasum is a fully state-owned company. NSMP is a leading independent midstream business with large-scale gas infrastructure assets serving the North Sea. NSMP provides essential services to over 35 fields owned by energy majors, utilities and independent producers, through a combined gas pipeline length of nearly 600km making NSMP’s infrastructure the largest and most diversified gas transportation and processing system in the UK.

3.11.2021

RCL Holding – Acquisition of Helsingin Pantti-Osakeyhtiö and Sefina Svensk Pantbelåning Aktiebolag

We acted as Finnish counsel to RCL Holding AB in its acquisition of Helsingin Pantti-Osakeyhtiö and Sefina Svensk Pantbelåning Aktiebolag from Aurajoki Nordic Group Oy. The acquisition was carried out by RCL Holding AB’s fully owned subsidiary. Morris Law (Sweden) acted as lead counsel for RCL Holding AB. Helsingin Pantti was founded in 1882 and is specialised in pawnbroking, auctioning and sale of second-hand jewellery. Helsingin Pantti is the largest pawnshop in Finland, being active in seven cities and having 12 pawn shops around Finland. In 2020, Helsingin Pantti employed 50 employees and had a turnover of 15.7 million euros. Sefina Svensk Pantbelåning Aktiebolag was established around 1884 and is the largest pawnshop in the Nordics, having approximately 95 employees and 20 pawn shops around Sweden.

2.11.2021

Kansallisholding and Redeve – Sale of Shares in Rakennuttajatoimisto HTJ to Sievi Capital

We assisted Kansallisholding Oy and Redeve Oy, the shareholders of Rakennuttajatoimisto HTJ Oy, in the sale of their shares in Rakennuttajatoimisto HTJ. The purchaser is Sievi Capital Plc, which is a private equity investment company listed on the official list of the Helsinki Stock Exchange. The transaction will be carried out by a new company. After the completion of the transaction, Sievi Capital’s holding in the company will be 92.4%. The other owners of the company will include HTJ’s executives and members of the board of directors. The debt-free purchase price of the transaction is EUR 13.75 million. HTJ is a construction management company founded in 1999 that offers its customers a wide range of expert services in construction management, site supervision, energy and environmental consulting, and project management. The company employs approximately 150 experts. Headquartered in Vantaa, the company also has offices in Tampere, Turku and Hämeenlinna. In 2020, HTJ’s net sales were EUR 18.5 million. Sievi Capital is a private equity investment company that invests in small and medium-sized Finnish companies. Sievi Capital is a long-term and committed partner with management and co-owners in target companies and actively supports growth, performance and value creation.

6.10.2021

ALS Finland – Acquisition of AHA-LAB

We assisted ALS Finland Oy in its acquisition of the entire share capital of asbestos and harmful substance laboratory AHA-LAB Oy. The acquisition strengthens multinational ALS Laboratory Group’s position as a provider of analytics services in Finland. AHA-LAB was founded in 2014 in Espoo, Finland. The company specialises in laboratory analytics for the construction, housing health and environmental fields, and the company has developed from a small start-up to a respected expert organisation in its field. ALS Finland Oy is part of the international ALS Laboratory Group, which has locations on six continents and employs over 15,000 people. In Finland, ALS’ business has to date primarily focused on the analytics for the extractive industry and environmental field. Through acquisitions, ALS is strengthening its analytics services for the built environment. This acquisition expands both ALS’ and AHA-LAB’s analytics portfolio significantly and enables improved and more efficient customer service with a wider service offering.

3.9.2021

OP Financial Group – Sale of Pohjola Hospital to Pihlajalinna

We assisted OP Financial Group in the sale of Pohjola Hospital Ltd, which is owned by Pohjola Insurance Ltd, to Pihlajalinna Terveys Ltd, which is part of Pihlajalinna Group. As part of the deal, Pohjola Insurance and Pihlajalinna will sign a long-term cooperation agreement on the provision of health services for cus-tomers of Pohjola Insurance. Pohjola Hospital is a hospital chain that specialises in orthopaedic care and the sports clinic services and offers treatment for accidents, musculoskeletal conditions and injuries. Pohjola Hospital operates in five cities in Finland and is one of Finland’s largest operators in orthopaedic day surgery. OP Financial Group is Finland’s largest financial services group, with two million owner-customers and over 12,000 employees. OP Financial Group consists of approximately 137 OP cooperative banks, their central cooperative OP Cooperative, and the latter’s subsidiaries and affiliates. Pihlajalinna is one of Finland’s leading providers of social and healthcare services. The company’s customers include private individuals, businesses, companies and public sector entities, such as municipalities and joint municipal authorities. Pihlajalinna offers high quality social, health and wellbeing services at private clinics, hospitals, dental clinics, fitness centres and housing services across Finland. The transaction requires the approval of the Finnish Competition and Consumer Authority. Our team included legal experts from our following services: Mergers & Acquisitions, Capital Markets & Financial Regulation, Tax & Structuring, and Competition & Procurement.

6.7.2021

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