Anu Aaltonen

Counsel, Member of the Finnish Bar

Services

  1. Competition & Procurement

Contact details

I specialise in competition law, state aid and dispute resolution.

Prior to joining Castrén & Snellman in 2021, I worked as counsel for another law firm for over a decade. I’ve also gained experience at the European Commission.

During the years I have gained extensive experience in antitrust proceedings before the competition authorities and courts and I have been representing clients in many domestic landmark anti-trust cases. My experience covers the whole range of competition law advice, including cartel investigations, dominance matters, internal audits and other competition law compliance issues as well as state aid matters. I also have proficiency in representing clients in follow-on damages proceedings as well as in advising companies in commercial disputes. I have been working with various business sectors, such as the forest, construction and pharmaceutical industry, to name a few.

I always try to understand the client’s business and goal in a particular assignment in order to come up with the best possible solution. I keep myself updated in the rapidly changing regulatory field by continuously attending various seminars and lectures.

Latest references

Evli – Strategic partnership with Bregal Milestone to accelerate growth in Allshares
We advise Evli, a leading Nordic investment and wealth management company, in a strategic partnership with Bregal Milestone. The objective of the strategic partnership is to grow the business of Evli Alexander Incentives Oy. In connection with the strategic partnership and to reflect its new vision and strategy, Evli Alexander Incentives Oy will be rebranded to Allshares Oy. As part of the partnership arrangement Bregal Milestone has agreed to invest over EUR 65 million in Allshares to acquire shares owned by certain minority shareholders and to fund future organic and inorganic growth in the company. Following completion of the arrangement, Bregal Milestone will own 55 percent of the shares and votes in Allshares, Evli Plc will own 42 percent, and Allshares’ management will own the remaining 3 percent. The arrangement will mark a significant strategic and financial partnership for Evli Plc and is expected to increase the value of Evli Plc’s ownership in Allshares over a longer period. ‘We are very excited to partner with Bregal Milestone, who shares our vision of becoming the leading provider of share-based incentive and compensation plan management and design in Europe and beyond. With their support, we will be able to accelerate our growth, invest in our platform, and enter new markets. We believe that this partnership will create significant value for our clients, employees, and shareholders,’ Maunu Lehtimäki, CEO of Evli comments. Bregal Milestone is a leading European growth private equity firm and enjoys a strong track record in scaling Nordic champions across Europe via organic and inorganic growth. Bregal Milestone will bring strategic guidance, operational support, financial resources, and access to its deep network of partners and contacts to accelerate organic and inorganic growth of Allshares.
Case published 7.3.2024
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.
Case published 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.
Case published 21.4.2023
Bewi – Acquisition of Jackon Holding
Together with Cirio, Thommessen, Pinsent Masons and RBB Economics, we advised Norwegian BEWI ASA in an arrangement where it acquired the entire share capital of Jackon Holding AS. BEWI ASA is a Norwegian industrial group operating internationally that manufactures and sells insulation, packaging and component products mainly from EPS, XPS and EPP materials. Jackon offers a wide variety of EPS, XPS, EPP and EPE products, e.g. insulation, elements, wet room boards, other construction systems, packaging products and technical components for industrial purposes. The merger of the companies expands the product range and brings significant synergistic benefits. The competition authorities in Finland, Sweden, Norway and Germany were notified of the transaction. We assisted BEWI ASA in reporting the acquisition to the Finnish Competition and Consumer Authority.
Case published 30.11.2022
CapMan Growth – Investment in Fennoa
We advised CapMan Growth in its investment in financial management software company Fennoa Oy. Fennoa Oy is a rapidly growing software company that develops and offers cloud-based financial administration solutions. The company’s turnover and profitability have increased tenfold over the past few years. Fennoa Oy was founded in 2014, and it employs 32 people and serves approximately 500 accounting firms, as well as tens of thousands of their client companies. CapMan Growth is a leading Finnish growth investor that makes significant minority investments in companies aiming for strong growth and internationalisation. CapMan Growth is part of CapMan, which is a leading Nordic capital investor engaged in active value creation. CapMan has been listed on the Helsinki Stock Exchange since 2001.
Case published 21.10.2022
Nevel – Acquisition of Veitsiluoto’s Energy Infrastructure, and Utility Supply for Infinited Fiber Company
We are advising Nevel Oy in the implementation of energy infrastructure services in Veitsiluoto in Kemi, northern Finland. Nevel will purchase the area’s district heating business from Stora Enso. The acquisition will ensure the continuity of the service for the local households and real estate. Nevel has signed a contract to supply the energy to the Stora Enso Veitsiluoto sawmill and plans to invest in a new 11 MW biofuel boiler plant and flue gas condenser at the Veitsiluoto sawmill, which will reduce emissions from heat production. Nevel has also agreed to supply renewable textile and fashion technology company Infinited Fiber Company with energy and water utilities for their new processing plant at the Veitsiluoto site. Infinited Fiber Company is planning to convert a paper factory previously operated by Stora Enso on the site into a textile fiber production plant. This will be the company’s first commercial-scale plant. The fiber production processes require steam energy and water purification. Among other services, Nevel is set to supply Infinited Fiber Company with energy and water utilities. Energy provided will be renewable, reducing emissions from heat production. Nevel is a utility infrastructure company offering advanced industrial and municipal infrastructure solutions that are fit-for-purpose and future-proof. Nevel operates more than 130 energy production sites and manages over 40 district heating networks. The company has an annual turnover of EUR 100 M, and employs 150 experts in Finland, Sweden, and Estonia. Infinited Fiber Company is a fashion and textile technology company. Its breakthrough innovation turns cellulose-rich materials – like worn-out clothes – into InfinnaTM, a premium textile fiber.
Case published 23.6.2022
eQ Community Properties Fund – Sale of two healthcare properties
We assisted eQ Community Properties Fund in the sale of two healthcare properties to a fund managed by Northern Horizon. The properties have a total floor area of approximately 3,500 square meters. The two properties are located in Espoo and Lahti. The Espoo asset was completed in 2018 and the Lahti asset was completed in 2023. Both assets are operated by Attendo, the leading care provider in the Nordic region.
Case published 9.5.2025
BMW AG – Enforcement of BMW’s trademark and design rights
We successfully represented BMW in an exceptionally long dispute over whether the spare rims sold by the defendant and the hub caps included in them infringed BMW’s trademark and design rights. The Market Court found that the sign used by the defendant caused a likelihood of confusion with BMW’s trademarks. The defendant had used the sign on the hub caps and in the marketing of the hub caps and rims, leading the Market Court to find that the defendant had infringed BMW’s trademark rights. The defendant admitted to infringing BMW’s Community design but denied the related injunction claim. However, the Market Court found that there was no particular reason to refrain from issuing an injunction. The Market Court prohibited the defendant from continuing to infringe BMW’s trademarks and Community design and ordered the defendant to alter or destroy the products and marketing materials that infringed BMW’s rights. Furthermore, the Market Court ordered the defendant to pay BMW EUR 70,000 in reasonable compensation and EUR 80,000 in damages for the trademark infringements, as well as EUR 7,000 in reasonable compensation and EUR 8,000 in damages for the design right infringement. The amounts can be considered exceptionally high in Finland. Additionally, the Market Court ordered the defendant to pay a significant portion of BMW’s legal costs with interest on late payment. In its decision of 11 March 2025, the Supreme Court of Finland did not grant the defendant leave to appeal, and also decided that there was no need to seek a preliminary ruling from the Court of Justice of the European Union. Thus, the Market Court’s judgements (MAO:494/18 ja 517/2023) are final. In addition to the main dispute, BMW demanded in a separate proceeding that one of the defendant’s trademark registrations be revoked. A total of three separate legal proceedings were conducted in the Market Court regarding the revocation. The defendant’s trademark registration was ultimately revoked.
Case published 9.5.2025

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