Jenni Korhonen

Tesi – Investment in Sisu Auto

We advised Tesi (Finnish Industry Investment Ltd) in its investment in the heavy duty vehicles company Oy Sisu Auto Ab. With this investment, Tesi became an owner in the company with a share of 24.4 per cent. Sisu Auto is a pioneer in the Nordic market in the development of heavy duty vehicles. Sisu’s core competences are in the product development and production of trucks and military vehicles. Tesi is a state-owned, market-driven investment company that invests in venture capital and private equity funds and directly in Finnish startups and growth companies. The investments managed by Tesi total 2.1 billion euros.

19.8.2024

Oomi – Partial demerger

We advised Oomi Oy in a partial demerger where Oomi’s solar power business for corporate customers demerged and formed a new independent company, Oomi Solar Oy. As part of the partial demerger process, we assisted Oomi in pre-emptive discussions with the tax authorities where the tax treatment of the restructuring was confirmed. Oomi Solar, the demerged company, focuses on implementing solar power plants for real estate properties, ground-level solar power plants and industrial solar power parks and supports companies and entities in their transition towards renewable energy. Oomi Solar started operations on 1 January 2024.

12.2.2024

Voisin Consulting Life Sciences (VCLS) – Acquisition of MedEngine

We advised Voisin Consulting Life Sciences (VCLS) on the acquisition of MedEngine, a leading medical science agency in the Nordics. MedEngine is a digitally minded, premium service provider for the pharmaceutical industry, built upon extensive academic expertise and years of experience in the industry. Founded in 2014, MedEngine has a strong presence across the Nordic countries with offices in Helsinki (Finland), Copenhagen (Denmark), and Stockholm (Sweden). Founded in 1997, VCLS provides end-to-end HealthTech solutions to support biotechnology, pharmaceutical and MedTech manufacturers throughout their product development. With offices in the US, France, UK, Switzerland, Denmark, Madagascar, India, and China, VCLS serves a broad range of developers and investors in HealthTech.

7.11.2023

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

Litorina Capital – Merger of Leo’s Lekland and HopLop

We advised Litorina Capital, a Swedish private equity house, in the merger of two leading indoor playground chains in the Nordics, Leo’s Lekland and HopLop. Litorina IV fund, the main owner of Leo’s Lekland, and CapMan Special Situations I, the main owner of HopLop, agreed on an ownership arrangement that will unite Leo’s Lekland and HopLop into Europe’s leading indoor playground group. Both parties will continue their ownership in the new combined group. The HopLop chain continues to operate in Finland under the HopLop brand. The new group will be Europe’s largest family focused activity and exercise company. It has a total of 68 parks in Finland, Sweden, Norway, Denmark and Germany. Leo’s Lekland is the largest indoor playground chain in the Nordic countries, with a total of 50 parks in Sweden, Norway, Denmark, Finland and Germany. There are 7 parks in Finland. HopLop is the largest children’s adventure and indoor playground chain and the most significant family focused activity and exercise company in Finland. There are 17 HopLop parks in Finland and 1 in Germany. Litorina is a private equity investment firm based in Stockholm, Sweden. It was founded in 1998. It invests in niche market leading companies with headquarters in the Nordics. Currently it has 13 portfolio companies.

2.2.2023

Sibelco – Sale of abrasives activities

We advised SCR-Sibelco N.V. as the Finnish local counsel in the sale of its abrasives activities in Belgium, the Netherlands, Germany and Finland to EP Power Minerals GmbH. Sibelco is a global material solutions company with 5,100 employees operating in 31 countries. Sibelco delivers solutions for society and supports the progress of modern life, from drinking water sanitation to solar technology and from flame retardants to smartphone screens. The shares of SCR-Sibelco N.V. are listed on Euronext Brussels. EP Power Minerals GmbH is engaged in the management of power plant by-products, blasting abrasives and industrial wastes. EP Power Minerals GmbH is headquartered in Dinslaken, Germany and is part of Energetický a průmyslový holding, a Central European energy group.

13.12.2022

Reka Industrial – Sale of Reka Cables to Nexans Group

We are acting as the legal advisor to Reka Industrial Plc in the sale of its wholly owned subsidiary Reka Cables Ltd, which operates the cable business of Reka Industrial. The purchase price of the shares is EUR 53 million and will be paid in cash. According to the Finnish Accounting Standards, the net debt of Reka Cables at the end of September 2022 was EUR 6.5 million. The completion of the transaction, conditional on the approval of the Extraordinary General Meeting of Reka Industrial and approvals by competent regulatory authorities, is expected to take place during the first half of 2023. Reka Oy, representing in aggregate 65.36% of the voting rights in Reka Industrial, has irrevocably undertaken to vote in favour of the transaction at the Extraordinary General Meeting. Reka Cables is the largest Finnish-owned cable manufacturer, which has been at the forefront of the cable industry for more than 60 years. Reka Cables provides durable, high-standard cable solutions for renewable energy production, network construction and industry as well residential and office construction. Reka Cables has approximately 270 employees, and the turnover in 2021 was EUR 134 million.

10.11.2022

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.

23.6.2022

Evli – EAB Group Merger into Evli

We advised Evli in a transaction in which EAB is going to merge into Evli through a statutory absorption merger in accordance with the Finnish Companies Act. The combination agreement and the merger plans relating to the transaction were signed and announced on 31 May 2022, and the transaction is expected to be completed during the second half of 2022. For this transaction, we drafted the first exemption document in the history of Finland in accordance with Commission Delegated Regulation (EU) 2021/528 and regulation (EU) 2017/1129 of the European Parliament and of the Council. Both Evli and the EAB Group offer wide ranging investment services as well as asset and fund management including alternative investment funds (AIFs). The combination of Evli and the EAB Group is the next step for Evli in its strategic path to become a leader in Nordic wealth management services. The Combined Company resulting from the merger will have an especially strong position among others in wealth management for institutions and in the design and management of incentive and rewards systems.

7.6.2022

F-Secure – Proposed separation of F-Secure’s Consumer Security business through a partial demerger

We act as legal advisor to F-Secure Corporation in the proposed separation of F-Secure’s Consumer Security business through a partial demerger. It is planned that the Consumer Security business will be transferred into a new independent company, to be named F-Secure Corporation and established in connection with the demerger, and which will be listed on the official list of Nasdaq Helsinki Ltd. The demerger is expected to become effective as of 30 June 2022. In connection with the demerger, F-Secure Corporation will retain its Corporate Security business, which is planned to be renamed as WithSecure Corporation. F-Secure Corporation (listed on the NASDAQ OMX Helsinki) is a global cyber security and privacy company with over 30 offices around the world and is headquartered in Helsinki, Finland.

17.2.2022

Helen and the Bank of Åland’s Wind Power Fund Non-UCITS – Acquisition and Funding of Kalistanneva Wind Farm

We acted as the legal advisor of the group formed by Helen Ltd and the Bank of Åland’s Wind Power Fund Non-UCITS as it acquired Kalistanneva wind farm from the French VALOREM group. We advised the group both in the business transaction and in the negotiation of the project funding. The investment in renewable energy is a concrete step in Helen’s path towards its aim of being carbon neutral by 2030 and supports its transition to carbon neutral energy production and to diversified energy system. Helen Ltd is one of the largest energy companies in Finland. In addition to heat, cooling and electricity, it offers solutions for regional and renewable energy, smart buildings and electric transport. Ålandsbanken Funds Ltd manages the investment funds of the Bank of Åland, and the Bank of Åland’s Wind Power Fund is the first Non-UCITS fund in Finland investing in wind power. Kalistanneva wind farm is the second investment of the fund. The VALOREM group is an independent French operator in the field of green energy.

7.2.2022

MobilePay – Cross-Border Intra-Group Merger

We advised MobilePay A/S (MobilePay Denmark) and its subsidiary MobilePay Finland Oy in a cross-border absorption merger, which was carried out in accordance with the Finnish and Danish Companies Acts. Following the merger, MobilePay A/S will provide services in Finland through a branch office. The establishment of a branch office was part of the group’s objective to reorganise its group structure internationally. The C&S team in this merger consisted of our experts in corporate governance, capital markets and financial regulation and tax and structuring. MobilePay empowers people across the Nordics to share life through joyful exchanges. In Finland, nearly 2 million customers use the MobilePay app. The value of transactions made using the app amounted to almost EUR 2.4 billion in 2021, more than 80% higher than in 2020.

27.1.2022

9Lives Group – Acquisition of Stella Kotipalvelut

We advised first aid and ambulance service company 9Lives Group Oy when it acquired the entire share capital of Stella Kotipalvelut Oy. The acquisition is at the heart of 9Lives’ strategy and is driven by, among other things, the SOTE reform and the megatrend of population aging. ‘Stella is one of the leading players in home care and personal care in Finland. By combining our strengths and expertise, we will have an even stronger foothold in the market as well as a more comprehensive service network, and we will be able to offer high-quality and versatile care close to the customer competitively. In addition, as a Finnish-owned and entrepreneur-driven operator, we are able to react to market changes quickly, in a customer-oriented and reliable manner’, says Markus Ulfstedt , CEO and owner of 9Lives. 9Lives is Finland’s largest private company providing first aid and ambulance services. The clients of its ambulance services are public actors and medical institutions. The company has also lately become known with COVID-19. The company’s turnover in 2020 was approximately EUR 20 million and it employs 800 people. Stella Kotipalvelut Oy is a company specialising in home care services, with a turnover of EUR 24 million in 2020. The company employs 1,600 people, of whom 520 are permanent employees.

5.1.2022

Tesi and C&S – Together Towards More Sustainable Investing

Tesi expects sustainability from its investment targets. Castrén & Snellman helps Tesi achieve its sustainability goals. It is increasingly important for law firms to be able to support their clients’ sustainability work. One good example is the long-term collaboration between Tesi, or Finnish Industry Investment Ltd, and Castrén & Snellman, in which sustainability has grown in significance year by year. ‘We expect our partners to help us achieve our sustainability goals. To do that, they need expertise in and insight into sustainability issues and the developing regulatory environment’, said Heli Kerminen , a director at Tesi. Kerminen is responsible for developing the sustainability and impact of Tesi’s investment activities. Among other projects, C&S advised Tesi when it participated in Swappie’s 35-million-euro investment round last year. Swappie refurbishes and sells recycled phones. Its goal is to operate in 18 countries by 2023. Investments Totalling 250 Million Euros in 2020 Tesi is a Finnish is a state-owned investment company investing in venture capital and private equity funds and directly in growth companies. In 2020, Tesi invested a total of 250 million euros. Investments into nine private equity funds made up 82 million of that sum, and 39 million euros were invested into 20 growth companies. In addition, Tesi gave a 65-million-euro investment commitment to the KRR IV fund-of-funds, which it manages, and invested a total of 63 million euros into 24 companies through its COVID-19 stabilisation programme and Venture Bridge programme. Tesi was founded in 1995. Kerminen divides the company’s history into three stages: the first stage focused on building the Finnish venture capital and private equity market, the second on internationalisation and the third began in 2019 with a new strategy that shifted the focus onto social impact. ‘Sustainability is one of our key operating principles and an integral part of our investment and decision-making processes. We encourage companies to grow sustainably by sharing information and expertise with them’, Kerminen said. ‘We believe that Finnish companies have a key role to play in finding sustainable solutions to global challenges.’ A Circular Economy Programme to Promote Sustainable Growth Sustainability can be seen in many parts of Tesi’s operations. Based on the work Tesi has done with the Finnish Innovation Fund Sitra, Tesi created a circular economy programme, which is an investment programme focused on responsible and sustainable growth. The goal of the programme is to promote the circular economy, support the growth and internationalisation of target companies and promote impact investing. Tesi has dedicated 75 million euros to the programme. Tesi’s core mission is to support the growth and internationalisation of companies. Tesi’s mission is also to highlight and promote sustainable investing. ‘We look at the impacts that our investments have on the environment and on society. Profit is not enough for Tesi, we expect investment targets to operate sustainably and to have a positive impact on society’, Kerminen said. Tesi also encourages its portfolio companies to develop sustainable products, services and business models. ‘A great example of a sustainable business model that is going global is Swappie. Swappie sells refurbished smartphones. This reduces harmful environmental impacts by extending the lifecycle of smartphones and also provides social benefits by putting affordable phones on the market’, Kerminen said. Tesi’s and C&S’s shared journey promoting sustainable investing 2020 Establishment of Stabilisation Program for Mid-sized Companies Investment in Varjo Technologies Investment in Swappie 2019 Investment in Endev Investment in Oura Health 2018 Sale of IonPhasE to Croda International Investment in Nosto Solutions Investment in Zervant 2017 Investment in BC Platforms AG Group Co-investment in Midaxo 2016 Co-investment in OptoFidelity Co-investment in Verto Analytics 2015 Co-investment in in Rauma Marine Constructions 2014 Acquisition of Meyer Turku (formerly STX Finland)

10.2.2021

Vantaa Energy, Infranode and Keva – Acquisition of District Heating Business

Castrén & Snellman is representing a consortium consisting of Vantaa Energy, Infranode and Keva in their acquisition of Fortum’s district heating business in the Järvenpää-Tuusula region of Finland. Vantaa Energy, Infranode and Keva will together fully own the district heating business in the Järvenpää-Tuusula region. The transaction was completed on 19 August 2020, and the joint venture established in the transaction, Vantaan Energia Keski-uusimaa Oy, has begun operations.

3.7.2020

Peptonic Medical – Acquisition of Majority Stake in Lune Group

We advised Peptonic Medical AB (publ), a Swedish medical development company, in the acquisition of a majority stake in Lune Group Oy Ltd, a Finnish company that sells the Lunette menstrual cup. The acquisition allows Peptonic to grow and expand its product portfolio by enabling the merger of two strong women’s health and selfcare brands with several synergies. In addition, the acquisition gives Peptonic access to a global distribution network that is already up and running, including in the United States. Peptonic is listed on the Spotlight Stock Market in Stockholm, Sweden. Lune Group was founded in 2005 by CEO Heli Kurjanen and has earned its place as a top global menstrual cup company through its continued focus on quality, safety, sustainability and inclusivity. Lune Group Oy Ltd has a subsidiary in North America. The completion of the acquisition is subject to certain customary conditions and is expected to occur during June 2020.

18.5.2020

CRH – Update of EMTN Programme and CRH Finland Services Oyj’s Issue of EUR 500 Million Notes

We advised CRH plc and CRH Finland Services Oyj on the Finnish law aspects of the update of an EMTN programme of EUR 8 billion and of a notes emission of EUR 500 million guaranteed by CRH plc and issued by CRH Finland Services Oyj under the programme. The notes will be admitted to trading on Euronext Dublin. CRH Finland Services Oyj is part of CRH, a global building materials group headquartered in Ireland.

8.5.2020

Siemens Osakeyhtiö – Partial Demerger and Preliminary Tax Discussions

We assisted Siemens Osakeyhtiö in its partial demerger into Siemens Energy Oy as part of a global reorganisation in which the Gas and Power business was carved out from the rest of the Siemens group. As part of the partial demerger process, we assisted Siemens Osakeyhtiö in preliminary tax discussions with the Finnish Tax Administration to ensure the tax treatment of the reorganisation.

6.4.2020

Danske Bank, Nordea and OP Financial Group – Sale of Automatia Pankkiautomaatit Oy

We are advising the banks in the sale of the shares of Automatia Pankkiautomaatit Oy to cash handling company Loomis AB. The banks have committed to new long-term service agreements and will continue to be significant customers of Automatia. As part of the transaction, it has been agreed that Nordea and OP will acquire the Siirto brand, which is currently owned by Automatia. Automatia operates and develops the Otto ATM network in Finland and offers nationwide cash supply services to banks. Loomis AB is a listed company specialising in cash handling, with operations in more than 20 different countries. In Finland, the company has ten offices and approximately 500 employees. The completion of the acquisition is subject to approvals by the relevant authorities, including the Finnish Competition and Consumer Authority.

2.3.2020

Fortum – Divestment of the District Heating Business in Joensuu

We advised Fortum in all legal aspects of the divestment of its district heating business in Joensuu, including the related demerger and legal separation project. The business will be acquired by Savon Voima Oyj, the total consideration on a debt- and cash-free basis being approximately EUR 530 million. Fortum produced approximately 550 GWh of heat and approximately 240 GWh of power in Joensuu in 2018. The business generated an EBITDA of approximately EUR 20 million and is currently employing three Fortum employees as the operation and maintenance services are sourced from an external partner. The business transformation of the Joensuu plant to lower carbon intensity has largely been done and the detailed plans for further decarbonisation have been prepared.

30.12.2019

Sacotec – Acquisition of Johnson Metall

We advised the Sacotec group of companies in a transaction in which Sacotec Invest Oy acquired the entire share capital and real estate property of Johnson Metall Ab. The sellers were the Norwegian private equity company Norvestor AS together with the funds managed by it. Johnson Metall is Finland’s leading manufacturer of bronze-alloy ready-to-install components. It was established in 1944 and operated as a subsidiary of Johnson Metall AB, a Swedish company, from 1975 to 2019. The company’s client base consists of power plants, paper mills, forestry companies and mining companies as well as companies engaged in the processing of metals and in general mechanical engineering. Johnson Metall has an integrated foundry and workshop with a wide range of machinery, which gives it a distinct advantage through a robust production process. Johnson Metall’s production capacity will complement that of Sacotec Components, which is a Finnish family-owned company and part of the Sacotec group of companies. It runs the world’s northernmost precision foundry. Sacotec produces more than three million ready-to-install, precision-cast components every year. One half of its output is exported directly. The company has over sixty years of experience in precision-cast steel parts for Finnish companies and export customers.

4.12.2019

Gasum – Acquisition of Clean Energy and Marine Bunkering Businesses from Linde AG

We advised Gasum in its acquisition of AGA’s Clean Energy business and Nauticor’s Marine Bunkering business from Linde AG. The acquisition is part of Gasum’s strategy execution and further strengthens the company’s capacity to offer gas solutions to various customer segments in multiple locations and will enhance the development of the Nordic gas market. Together, the businesses employ 35 people and generate annual revenues of more than EUR 100 million. Several assets will be transferred to Gasum in the acquisition, including an LNG liquefaction plant, two LNG terminals, two LNG bunkering vessels, and 48 gas filling stations in Sweden and Norway. The deal was signed on 13 November 2019, and the transaction is anticipated to be completed during 2020.

14.11.2019

Futusome and Its Shareholders – Sale of Futusome to Mohawk Analytics AS

We acted as the legal advisor to the sellers and Futusome Oy, a Finnish software company, in its sale process. The company was acquired by Mohawk Analytics AS, a Norway based SaaS company. Futusome is a software company with Big Data and artificial intelligence-based data extraction together with state of the art search engine technology in the core. Mohawk Analytics offers a unique and innovative solution focused on validation, recovery of assets and the exposure of fraud. Mohawk Analytics is an international organisation operating in 30 different countries and customers include insurance companies, loss adjusters, private investigators, financial institutions, law enforcement, attorneys, banks and government institutions. Mohawk is a browser based software service (SaaS) which is delivered to our customers via a subscription based commercial model.

11.11.2019

Avesco – Purchase of Caterpillar and Sitech Businesses

We are the legal advisors to Avesco AG from Switzerland in a business purchase in which Avesco purchases Wihuri Oy’s Finnish importing and retailing businesses of the Caterpillar and Sitech brands. The plan is for the businesses to transfer to Avesco on 1 January 2020. In Finland, Avesco plans to focus on representing the Caterpillar and Sitech brands, and approximately 240 employees will transfer to Avesco as existing employees through the business purchase. Avesco AG is a Swiss company that is part of the family-owned Ammann Group, which was established in 1869 and employs over 3,000 people. Among other things, Avesco sells, leases and services construction and energy production machinery. Avesco purchased Caterpillar’s Baltic operations from Wihuri in 2016, and Avesco also represents the Caterpillar brand in Switzerland. Wihuri is a global Finnish industry and trade conglomerate engaged in packaging, daily goods wholesale, technical trade and aviation. Wihuri Group employs 5,000 people and operates in 30 countries. Caterpillar is part of Wihuri’s Technical Trade division, which operates under Wihuri Oy. Wihuri has operated for over a century and has been Caterpillar’s importer and retailer for over 70 years.

7.11.2019

Vapo Group – Reorganisation of Energy Division

We assisted Vapo Group in the reorganisation of Vapo’s Energy division. Vapo Group’s new company will be responsible for energy production, district heating and customer operations in Finland, Sweden and Estonia. Under the new corporate structure, Vapo will strengthen its position as a supplier of highly developed infrastructure solutions to industry and municipalities and will continued streamlining its renewable energy business.

17.9.2019

AEW – Acquisition of Modern Residential Apartment Blocks in Prime Residential Area

We advised AEW, the German real estate investment manager, together with Yester & Morrow on the purchase of a residential portfolio consisting of 90 fully let apartments in the Helsinki Metropolitan Area. The properties were acquired from the Bank of Åland Residential Property Fund. The transaction was carried out as two share deals via an open-ended AIF, set up by AEW Invest GmbH in 2019. The fund is tailored to the needs of a German institutional supplementary pension fund investing in pan-European assets. To secure delivery in an ambitious timeframe, AEW’s international advisory team ensured the equal tax treatment of the German AIF with Finnish funds via a binding ruling from the tax authorities. Lars-Henning Pylla, Separate Account Fund Manager at AEW, says: ‘Finland is one of the most competitive economies in the world, underpinned by the strength of the Helsinki Metropolitan Area, which is one of the main reasons we took the decision to broaden the mandate’s residential exposure and to invest into this dynamic region.’ AEW is one of the world’s largest real estate asset managers, with EUR 67.6 billion of assets under management as at 31 March 2019. AEW has over 700 employees, with its main offices located in Boston, London, Paris and Hong Kong. It offers a wide range of real estate investment products including commingled funds, separate accounts and securities mandates across the full spectrum of investment strategies. AEW represents the real estate asset management platform of Natixis Investment Managers, one of the largest asset managers in the world. In Europe, AEW manages EUR 31.8 billion of real estate assets on behalf of a number of funds and separate accounts as at 31 March 2019. AEW has 400 employees based in 9 offices across Europe and has a long track record of successfully implementing core, value-add and opportunistic investment strategies on behalf of its clients. In the last five years, AEW has invested and divested a total volume of over EUR 20 billion of real estate across European markets. With offices in Frankfurt and Hamburg, Yester & Morrow completed its market entry in June 2019. The firm aims at offering seamless advice throughout the lifecycle of an investment. Based on traditional values and a high professional standard, the work results are combined with an integrated legal tech approach, providing user-centered, value-added services, in a sustainable and resource-efficient environment.

21.8.2019

Bitbar – Sale of Bitbar Technologies to Francisco Partners backed Smartbear (US)

We acted as the legal advisor to Bitbar Technologies Oy and the sellers, including Inventure, in Bitbar’s sale process. Bitbar Technologies, the leading provider of testing technology for web and mobile applications, was acquired by Francisco Partners backed SmartBear Software Inc, a US software house. Bitbar is a cloud-based testing platform to automate continuous software delivery. Empowering DevOps teams of all sizes – including Mozilla, WeWork, Google, PayPal, Deutsche Telekom, Square, CBS Interactive, and TomTom. Bitbar Device Cloud is also offered through IBM Cloud as part of its Rational Test Workbench. Bitbar solutions help companies to optimise CI/CD workflows, leverage AI to accelerate the software development lifecycle, and accelerate their transformation into a New Software Organisation. SmartBear is behind the software that empowers developers, testers, and operations engineers at over 20,000 of the world’s most innovative organisations, including Adobe, JetBlue, MasterCard, and Microsoft. More than 6 million people use SmartBear tools to build, test, and monitor software. Francisco Partners is a leading global private equity firm which specialises in investments in technology and technology-enabled businesses. With over $14 billion of capital raised to date, Francisco Partners are one of the largest and most active technology-focused private equity firms in the world.

19.8.2019

Roof Productions – Sale of Company to Tapaus

We advised the shareholders of Roof Productions Oy in the sale of Roof Productions Oy to event management firm Tapaus. In connection with the transaction, Finnish private equity investor MB Funds becomes a majority shareholder in Tapaus. Roof Productions is a brand activation agency employing 20 persons in Finland. The transaction is subject to regulatory approval, and the closing is expected to take place during Q3 2019.

13.6.2019

AVARN Security – Combination of AVARN Security and Prevent 360

We acted as the legal advisor to Sector Alarm Group and Avarn Group in the transaction where the Finnish security companies AVARN Security Oy and Prevent 360 Group agreed to combine their businesses. The two companies signed a deal on a business combination on the 22 January 2018. Prevent 360 is owned by Intera Partners and the management team and the owner of AVARN Security is Sector Alarm Group. The arrangement requires an approval from the Finnish Competition and Consumer Authority (FCCA). The businesses included in the combination are security services, alarm center services and security technology. The current owners of the companies remain as shareholders. AVARN Security Finland is a security firm for corporate customers and public sector providing nationwide security services and solutions. AVARN Security Finland employs more than 2.800 security professionals. AVARN Security is part of the Norwegian Sector Alarm Group . Prevent 360 (formerly ISS Security) provides its customers with comprehensive security solutions. Prevent 360 combines professional guard services with the newest digital applications. Prevent 360 is a prominent industry actor that employs 1400 security professionals.

4.6.2018

AEW Europe Retail Fund – Acquisition of the Kirjatalo Property from Stockmann

We assisted AEW Europe Retail Fund as its tax and structuring advisor in the acquisition of the Kirjatalo property from Stockmann plc. With a purchase price of EUR 108.6 million, the acquisition was our client’s first investment in Finland since the inception of the global financial crisis. The property was designed by Finnish architect Alvar Aalto and is located in the centre of Helsinki. It is called Kirjatalo or ‘house of books’ after its best-known occupant, the Akateeminen kirjakauppa bookstore, which has held house in the same place for more than 50 years. The bookstore is currently owned by Bonnier Books. The other main tenants are the Stockmann Herkku grocery store, Isku Invest and Technopolis. The total leasable area of the property is 8,861 square metres. AEW is one of the world’s largest property investors. It manages a real estate investment portfolio of over EUR 60 billion in Europe, Asia and North America.

28.5.2018

Real Estate Fund Finland III – Marimekko Corporation Sale and Lease Back

We advised Real Estate Fund Finland III Ky in a sale and lease back arrangement in which it acquired the corporate headquarters of Marimekko Corporation, a publicly listed company. The building with total lettable area of approximately 11,000 square metres houses Marimekko’s head office, textile printing factory, and retail space of two stores.

11.4.2018

Kito Corporation – Acquisition of Erikkila Oy

We advised Kito Corporation in its acquisition of Erikkila Oy through its wholly-owned subsidiary Kito Europe GmbH. Erikkila Oy is a manufacturer of light cranes, lifting equipment, bridge cranes and robotic cranes based in Kirkkonummi, Finland. Erikkila Oy has subsidiaries in Estonia, Russia and Germany and it is represented through an extensive distributor sales network across Europe. Kito Corporation is a Japanese manufacturer of cranes and hoists.

15.2.2018

Finnish Industry Investment and NFT Ventures – Investment in Zervant

We advised Industry Investment (Tesi) and NFT Ventures in their co-investment in fintech company Zervant Oy. The funding round totalled EUR 6 million and was also participated in by Northzone and Conor Venture Partners. Zervant provides simple online invoicing for small businesses, freelancers and entrepreneurs. To date, Zervant’s software has over 100,000 business users. Its core markets are Sweden, Finland, France, Germany and the UK. The investment will be used to further boost the international expansion of Zervant’s invoicing services.

14.2.2018

CapMan – Investment in KotiSun Group

We acted as the legal advisor to CapMan Buyout X fund in its investment in KotiSun Group. The seller in the transaction was Panostaja Plc. As a result of the transaction, CapMan became the majority owner of KotiSun Group Oy, together with Finnish Industry Investment Ltd and Varma Mutual Pension Insurance Company. The management of KotiSun Group will own 30% of the company. Founded in 2006, KotiSun Group is a nationwide company specialising in high-quality renovations of service water, heating and drainage systems. The company is the market leader in Finland with a turnover of EUR 42.5 million, which has been growing at an average annual rate of 30% during the last five years. The company employs about 400 people throughout Finland and has this year successfully begun its expansion into Sweden. CapMan is a leading Nordic investment and specialised asset management company. Today, CapMan employs 110 private equity professionals and manages EUR 2.7 billion in assets.

18.1.2018

Auratum Group, Finnish Industry Investment and other sellers – Sale of IonPhasE to Croda International Plc

We acted as the legal advisor to Auratum Group, Finnish Industry Investment and all the other shareholders and option holders of IonPhasE in the sale of all the shares and option rights in IonPhasE to Croda. Established in 2001, Finnish technology company IonPhasE is a leading manufacturer of static dissipative polymer additives, commonly known as permanent antistatic additives. These additives are used to control static electricity in plastics and are utilised in wide range of global markets including the electronics and semiconductor, chemical, food, automotive and consumer appliances industries. IonPhasE is headquarted in Tampere, Finland. Established in 1925, Croda is the name behind high performance ingredients and technologies in some of the world’s biggest and most successful brands: creating, making and selling speciality chemicals that are relied on by industries and consumers everywhere.

12.1.2018

Colliers – Acquisition of Ovenia Group

We advised Colliers International, a global leader in commercial real estate services, in its acquisition of the Ovenia Group. The Ovenia Group is Finland’s leading provider of property and real estate management services and leasing services. The Group comprises Ovenia Oy, Ovenia Isännöinti Oy and Realprojekti Oy. The Ovenia Group is responsible for the maintenance of 19 shopping centres and 1,500 business premises, and the administration of over 50,000 apartments. Colliers International Group Inc. (NASDAQ and TSX: CIGI) is an industry leading global real estate services company with 15,000 skilled professionals operating in 68 countries. With an enterprising culture and significant employee ownership, Colliers professionals provide a full range of services to real estate occupiers, owners and investors worldwide.

11.1.2018

United Bankers – Acquisition of Suomen Pankkiiriliike

We are advising United Bankers Plc in its acquisition of the entire share capital of Suomen Pankkiiriliike Oy. United Bankers will receive 100% of the shares in Suomen Pankkiiriliike in exchange for new shares in United Bankers to be issued to the sellers through a directed share issue. The completion of the transaction is subject to, among other things, the approval of the Finnish Financial Supervisory Authority and the resolutions of the extraordinary general meeting of United Bankers. Suomen Pankkiiriliike is a Finnish investment services group established in 1997. The group’s main services include investment advice and investment product brokerage services as well as asset management and organising emissions. Suomen Pankkiiriliike has four subsidiaries, SP Kapitaali Oy, SP Life Oy, SP Meklarit Oy and Joutsen Rahoitus Oy. The group employs over 70 people across Finland. In 2016, the group had a turnover of EUR 5.6 million and a profit of EUR 0.3 million. The assets managed by the group are over EUR 600 million (10/2017). United Bankers Plc is a Finnish investment group established in 1986. The group’s services include asset management, securities brokering, investment banking and fund management. The group employs 105 people (6/2017). In 2016, the group had a turnover of EUR 20.1 million and a profit of EUR 1.5 million. The group manages a total of approximately EUR 2.2 billion (6/2017). The company has been listed on First North Finland since November 2014.

12.12.2017

Ferguson – Disposal of Stark Group

We acted as local counsel for Ferguson plc in the sale of Stark Group to US private equity firm Lone Star in a deal worth over EUR 1 billion. Stark Group is the largest retailer and distributor of building materials in the Nordic region and it operates through the brands STARK in Finland and Denmark, Neumann in Norway and Beijer in Sweden. Stark Group is being sold as part of Ferguson’s strategy to phase out its Nordic activities. The transaction is conditional on the receipt of merger clearance from the relevant competition authorities.

13.11.2017

Latest references

Get to know our other experts in the field

Search from the site.