Teresa Kauppila

EcoUp – Directed share issue

We acted as legal adviser to EcoUp Oyj in a directed share issue, through which EcoUp raised a total of approximately EUR 3 million in gross proceeds to strengthen the company’s capital structure and finance its growth. The share issue was directed to a limited group of domestic investors, deviating from the shareholders’ pre-emptive subscription right. EcoUp’s shares are traded on the First North Growth Market Finland marketplace maintained by Nasdaq Helsinki. EcoUp promotes the green transition of the construction industry by producing carbon-neutral, energy-efficient and circular economy-based materials, services and technologies that help construction industry players reduce their environmental impact. The company has over 40 years of experience in developing and delivering circular economy solutions to customers.

29.1.2026

GEA – Cornerstone investment in Solar Foods’ share issue

We acted as legal adviser to GEA Group AG in a directed share issue carried out by Solar Foods Oyj, in which GEA Finland Oy, a wholly owned subsidiary of GEA Group AG, acted as a cornerstone investor with an equity investment of EUR 8 million. Solar Foods raised a total of approximately EUR 25 million in gross proceeds from the share issue to accelerate the implementation of its new production facility Factory 02. In connection with the share issue, GEA Liquid Technologies GmbH and Solar Foods signed an exclusivity agreement under which Solar Foods appoints GEA Liquid Technologies as its exclusive process equipment vendor for the supply, design, construction and delivery of the process equipment for the Factory 02. Additionally, the parties have undertaken to negotiate terms and conditions of a long-term strategic partnership in the area of gas fermentation and related technologies. GEA is one of the world’s largest systems suppliers for the food, beverage and pharmaceutical sectors. GEA’s portfolio includes machinery and plants as well as advanced process technology, components and comprehensive services. GEA is listed in the DAX and the STOXX® Europe 600 Index and is also among the companies comprising the DAX 50 ESG and MSCI Global Sustainability Indices. Solar Foods produces Solein®, a protein created using carbon dioxide and electricity. This innovative production method is independent of weather and climate conditions, eliminating the need for traditional agriculture. Founded in Finland in 2017, Solar Foods is listed on the Nasdaq First North Growth Market Finland.

26.1.2026

Enersize – Rights issue and warrants

We acted as the legal counsel to Enersize Plc, in its rights issue, where the company raised gross proceeds of approximately MSEK 8.3 in order to promote continued growth and be able to meet increased demand from its customers. The proceeds were allocated to market expansion and sales efforts as well as product, licence and technical validation and development, amongst other things. In connection with the rights issue, warrants were issued free of charge and the subscription period for new shares pursuant to the warrants will run from 1 October 2025 up to and including 15 October 2025. Enersize is a Finnish public limited company having its shares listed on Nasdaq Stockholm First North Growth Market. The company’s shares are traded only in Sweden. Enersize develops and provides software, tools, and services to improve the energy efficiency of industrial compressed air systems, serving industrial companies for whom energy efficiency is both an economic and environmental consideration. With the aim of reducing energy consumption, detecting leaks, and improving performance, its technology enables detailed monitoring, analysis, and real-time optimisation of compressed air systems.

21.11.2025

WithSecure – Diana BidCo’s public tender offer on WithSecure

We are acting as the legal advisor to WithSecure Corporation in Diana BidCo Oy’s voluntary public cash tender offer for all the issued and outstanding shares in WithSecure. The tender offer values WithSecure’s total equity at approximately EUR 299 million. Diana BidCo is a private limited company incorporated and existing under the laws of Finland that will be indirectly owned by a consortium formed for purposes of the tender offer by certain affiliated funds of CVC Capital Partners Plc and Risto Siilasmaa. The consortium believes that the partnership strengthens and accelerates the road to WithSecure’s long-standing goal of becoming Europe’s most trusted cybersecurity partner by positioning the company to lead the next era of business cybersecurity. WithSecure’s shares are listed on the official list of Nasdaq Helsinki. WithSecure is a Europe-based cybersecurity company that helps protect businesses and is committed to strong partnerships with customers and collaborators. WithSecure’s customers trust WithSecure with outcome-based cybersecurity that protects and enables their operations. The completion of the tender offer is subject to the satisfaction or waiver by the offeror of certain customary conditions on or prior to the offeror’s announcement of the final results of the tender offer. The tender offer is currently expected to be completed during the fourth quarter of 2025. The Takeover Board of the Securities Markets Association issued on 4 August 2025 a new recommendation (1/2025) on good securities market practice that deals with the target company’s board of directors’ obligations in case of a consortium offer in which a major shareholder of the company participates in the consortium.

8.8.2025

WithSecure – Sale of cyber security consulting business

We advised WithSecure Corporation in the sale of its cybersecurity consulting business to Neqst. WithSecure is a global cyber security company (listed on NASDAQ OMX Helsinki). Neqst is a Swedish investment firm, focusing on technology companies. The closing of the transaction remains subject to customary conditions and regulatory approvals.

24.1.2025

Pernod Ricard – Sale of local Nordic beverage brands to Hartwall

We acted as Finnish counsel to Pernod Ricard in the sale of a portfolio of local Nordic brands to Oy Hartwall Ab, an affiliate of the Danish group Royal Unibrew. Pernod Ricard is a worldwide leader in the spirits and wine industry. The local portfolio of brands includes spirits, liqueurs and Finnish wine brands, the best-known being the liqueur Minttu, along with their related production assets based in Turku, Finland.

21.10.2024

Family-owned associated companies – Negotiating shareholders’ agreements

We drafted a full set of shareholders’ agreements for family-owned associated companies to align and record the family members’ objectives within the companies. Developing and revising an ownership strategy usually requires extensive discussions at the ownership level. These discussions must identify the future prospects each owner sees and the owners’ capacity to commit to a coherent strategy. The discussions may involve difficult issues, but their resolution is essential for long-term ownership. We assisted the family in codifying the ownership strategy of associated companies into shareholders’ agreements. During this revision work, the owners received a useful snapshot of the drivers propelling the business forward.

10.9.2024

Multitude – Relocation from Finland to Switzerland

We act as the lead legal counsel in the groundbreaking case of Multitude SE’s (Multitude) proposed relocation from Finland to Switzerland. The first phase of the relocation, involving the transfer of Multitude’s registered office from Finland to Malta pursuant to SE Regulation, was successfully completed on 30 June 2024. In this connection, Multitude’s shares were removed from the Finnish book-entry system and the issuer central securities depository of the shares changed from Euroclear Finland Oy to the CSD operated by the Malta Stock Exchange. In practice, all of Multitude’s shares are now held through Clearstream. In Malta, the company is anticipated to be converted into a public limited liability company under Maltese law, following which it will seek redomiciliation from Malta to Switzerland. Given that Finnish legislation does not allow for direct relocation to a non-European Economic Area country such as Switzerland while preserving the company’s legal personality, the process necessitated a multi-jurisdictional strategy as outlined above. Our mandate encompasses advising Multitude on all aspects governed by Finnish law concerning the proposed relocation and coordinating the work of local legal counsel and various other advisors involved in the project. The process also involved a written procedure to amend Multitude’s existing subordinated capital notes and senior bonds to facilitate the relocation as well as placement of EUR 80 million senior guaranteed notes by a newly established Multitude Capital Oyj. ”The transfer to Malta marks a significant step in Multitude’s journey. This pioneering and complex process has been successfully implemented with the invaluable support of our own team and advisors. Castrén & Snellman has masterfully orchestrated the entire project, ensuring seamless coordination across multiple jurisdictions. We look forward to achieving our next step with the further relocation to Switzerland”, says Jorma Jokela, Multitude’s CEO. Multitude is a fully regulated growth platform for financial technology, employing over 700 individuals across 25 countries. Its shares are listed on the regulated market (Prime Standard) of the Frankfurt Stock Exchange.

1.7.2024

Enersize – Rights issue

We acted as the legal counsel to Enersize Plc, in its rights issue, where the company raised gross proceeds of approximately MSEK 12.8 in order to promote continued growth and be able to meet increased demand from its customers. The proceeds were allocated to sales and marketing as well as the strengthening of the delivery organisation, amongst other things. Enersize is a Finnish public limited company having its shares listed on Nasdaq Stockholm First North Growth Market. The company’s shares are traded only in Sweden. Enersize develops and provides software, tools, and services to improve the energy efficiency of industrial compressed air systems, serving industrial companies for whom energy efficiency is both an economic and environmental consideration. With the aim of reducing energy consumption, detecting leaks, and improving performance, its technology enables detailed monitoring, analysis, and real-time optimisation of compressed air systems.

10.6.2024

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

Energy company – Power purchase dispute

We represented a major energy company in arbitration relating to a dispute concerning a long-term power purchase agreement. The total value of the dispute was tens of millions of euros. The dispute was fully and finally settled for the full satisfaction of our client in autumn 2023.

12.7.2023

Raute – Rights issue and two convertible perpetual junior loans

We advised Raute Corporation and lead manager Evli Plc in connection with Raute’s rights issue. The offering was oversubscribed, and the company raised gross proceeds of approximately EUR 7.5 million. Trading with the new shares subscribed for in the issue will commence on the official list of Nasdaq Helsinki Ltd on or about 21 June 2023. In addition, we advised Raute in connection with two convertible perpetual junior loans. Raute agreed on perpetual junior loans of up to EUR 2 million each with LähiTapiola Yritysrahoitus I Ky and Veritas Pension Insurance Company Ltd respectively in connection with the rights issue. We have been the trusted partner of Raute in previous assignments as well: this spring, we acted as the legal advisor to Raute relating to its directed share issue, combination of share classes, new EUR 12 million secured revolving credit facility and a total of EUR 40 million in uncommitted secured bank guarantee facilities. ‘I would like to thank our shareholders for their trust and commitment. The completion of the offering, together with the directed issue carried out earlier this year and the agreed junior loan arrangements, form an entity, which strengthens our financial position and enables the implementation of our new growth strategy. Raute now has a strong foundation to be the partner to future-proof the wood industry. With our unique solutions, we drive change and promote resource-efficient society.,’ comments Mika Saariaho, President and CEO of Raute. Raute is a worldwide technology and service company whose customers are companies operating in the wood products industry. Raute’s technology offering covers the entire production process for veneer, plywood and LVL (Laminated Veneer Lumber) and special measurement equipment for sawn timber. As a supplier of mill-scale projects, Raute is a global market leader both in the plywood and LVL industries. Additionally, Raute’s full-service concept includes technology services ranging from spare parts deliveries to regular maintenance and equipment modernisations.

19.6.2023

OX2 – Sale of stake in Finnish offshore wind development portfolio to Ikea’s Ingka Investments

We acted as the local legal advisor to OX2 in an arrangement whereby OX2 agreed with Ingka Investments, an investment company of the Swedish IKEA retail business, on the sale of a 49% stake in its three offshore wind projects in Finland. The three offshore wind projects, Halla, Laine and Tyrsky, are located in the Finnish Exclusive Economic Zone. The projects’ total annual production could amount to up to 29 TWh once operational, corresponding to more than one third of the electricity consumed in Finland in 2022. The aim is that the offshore wind projects start generating electricity by the turn of the 2030s. OX2 started developing the Halla and Laine offshore wind projects four years ago and was the first company to obtain exploration permits from the Finnish Government for its offshore wind projects. We have advised OX2 in the development and permitting of the offshore wind farm projects .

16.5.2023

Valio and C&S – Sustainable everyday life is created through bold reforms

Valio is a food company with the courage to change with the times. Valio’s road to growth and towards the innovative transformation of the food industry is supported by its long-standing business law partner, Castrén & Snellman. Juha Hölttä became Valio’s General Counsel at a time when the company kicked its new strategy into a higher gear. ‘In the past two years we have made several significant market initiatives and expanded our business from food production to other areas of the value chain. By acquiring Heinon Tukku, we now provide a new kind of added value to restaurants and professional kitchens through our Valio Aimo ® wholesale business. And our joint venture with St1, Suomen Lantakaasu Oy, will enable us to reach our goal of turning manure into biogas for heavy transportation,’ Hölttä describes some of the milestones of the new strategy. In addition to expanding into new business areas, Valio continues to build a more sustainable dairy business alongside seeking international growth from plant-based products. Valio has invested in the international growth of its Oddlygood ® brand through incorporation and gained additional product development expertise through the acquisition of Gold&Green. Carbon footprint of milk reduced by new business operations Dairy products are at the core of Valio’s business, and the company develops this strong foundation not only through product innovation but also at the beginning of the food chain. ‘Who could have foreseen that dairy farm manure could become one way of tackling climate challenges? Our planned biogas plants will use manure and agricultural by-products to produce renewable liquefied biogas for use as transportation fuel,’ says Hölttä. ‘Valio is aiming for a carbon-neutral milk chain by 2035. We are making major reforms in our operations in order to make this happen.’ The sustainability programme for Valio’s 3,700 dairy farms has been expanded, and it now includes the preventive and systematic healthcare of cows as well as actions related to grazing, the climate and biodiversity. ‘Appreciation for locally produced food is on the rise, which means that sustainability questions are local as well. This is a good trend, as it makes it easier for us to make a difference.’ ‘Strategic help even in difficult circumstances’ The service-mindedness of lawyers is key in implementing a growth strategy. Castrén & Snellman Attorneys is a long-standing partner of Valio, and the relationship between the two is tight. ‘At Valio, we are always exploring new business opportunities, and us lawyers are tasked with assessing these opportunities. My philosophy as the General Counsel is that my door is always open. Together we can evaluate how to solve and implement new initiatives. In this job, you must be curious, broad-minded and business-oriented,’ summarises Hölttä. Hölttä’s legal team of five people is supported by experts from Castrén & Snellman. The key to successful partnership is that both parties are familiar with each other’s business operations and ways of working. ‘Castrén & Snellman knows us well, and they maintain an up-to-date overview of our situation, which I highly appreciate. It means that we are able to tackle tricky situations together quickly even in difficult circumstances.’ A joint fast reaction was needed, for example, when Valio exited the Russian market after the country launched its war of aggression on Ukraine. ‘The responsible thing was to leave quickly but in a controlled manner and by repatriating our investment as opposed to leaving an operational food production facility in the hands of a country that was waging war.’ A shared vision of sustainability Valio – Together we make life better A Finnish food company Approx. 4,600 employees Owned by 13 Finnish dairy cooperatives Finland’s most sustainable brand in the Sustainable Brand Index study Read more about sustainability at Valio Castrén & Snellman – Building sustainable success stories Forerunner of demanding legal services 300 employees Owned by its partners ‘We help our clients build sustainable success stories and achieve their sustainability goals.’ Read more about sustainability at Castrén & Snellman Shared success stories of Valio and C&S Global Brand Portfolio Management and IP Enforcement Purchase of Gold&Green’s Brand, IPR and R&D Function Joint Venture for Biogas Production with St1 Sale of Russian Operations Acquisition of Heinon Tukku Significant Growth Funding Round Competition Damages Case Defending Against Environmental Permit Challenge at the Appellate Level

4.5.2023

Raute – Directed share issue, rights issue, combination of share classes and financing arrangement

We advise Raute Corporation and lead manager Evli Plc in connection with Raute’s directed share issue, rights offering and a possible junior loan which would supplement the share issues. The aggregate amount of these measures that are intended to be implemented by mid-2023 is estimated to be approximately EUR 13–16 million. In connection with the share issues, it is proposed that Raute’s unlisted share series K with multiple voting rights is combined with the listed series A forming one share series listed on Nasdaq Helsinki. We have also acted as the legal advisor to Raute relating to its new EUR 12 million secured revolving credit facility and a total of EUR 40 million in uncommitted secured bank guarantee facilities. Raute is a technology and service company that operates worldwide. Raute’s customers are companies operating in the wood products industry that manufacture veneer, plywood, LVL (Laminated Veneer Lumber) and sawn timber. Its technology offering covers the entire production process for veneer, plywood and LVL and special measurement equipment for sawn timber. As a supplier of mill-scale projects, Raute is a global market leader both in the plywood and LVL industries. Additionally, Raute’s full-service concept includes technology services ranging from spare parts deliveries to regular maintenance and equipment modernisations.

10.3.2023

Solwers – Directed share issue

We assisted Solwers Plc in a directed share issue announced on 13 December 2022, whereby company shares were offered to selected domestic and international investors. A total of 1,020,000 new shares were issued. The lead manager of the share issue was UB Securities Oy. Solwers received gross proceeds of approximately EUR 4.49 million in the share issue. The company intends to use the proceeds from the share issue to continue its acquisition-based growth strategy. Solwers is a group of expert companies with approximately 600 employees in Finland and Sweden. It provides services in the fields of architectural design, technical consulting, electrical and automation engineering, project management, environmental monitoring, circular economy and digital solutions.

2.1.2023

Vattenfall – First large scale offshore wind farm in Finland

We advised Vattenfall in an arrangement whereby Vattenfall and Metsähallitus agreed on the development and construction of Finland’s first offshore wind farm in the open sea area. The offshore wind farm, with a planned nominal capacity of 1.3 GW, is planned to be constructed approximately 15 kilometres off the coast in the municipality of Korsnäs located in Ostrobothnia. The offshore wind farm is expected to be operational in the early 2030’s, and its annual production is estimated to be approximately 5,000 GWh, corresponding to the annual electricity consumption of more than two million apartment homes or the annual consumption of around 250,000 electricity heated individual houses in Finland. The estimated value of the investment is 2–3 billion euros. Finland has set the goal of being carbon neutral by 2035 and carbon negative soon after that. Metsähallitus plays a key role in achieving this goal given that they are responsible for managing the state-owned land and water areas in Finland. The offshore wind farm also supports Vattenfall’s strategy to reach its goal of enabling fossil-free living within one generation. Vattenfall is a leading European energy company. Vattenfall employs approximately 19,000 people and has operations mainly in Sweden, Germany, the Netherlands, Denmark and the UK. Vattenfall is owned by the Swedish state.

22.12.2022

Ahlström Capital – Merger of Enics and GPV International

Castrén & Snellman and Danish law firm Plesner are advising Ahlström Capital and its portfolio company Enics Group in the contemplated merger between Enics Group and GPV International A/S, wholly owned by the public listed company Schouw & Co A/S. The transaction values the combined business at more than DKK 4 billion. The merger will create Europe’s second-largest EMS (electronics manufacturing services) company with production facilities across worldwide and with more than 7,500 employees globally. Schouw & Co A/S will hold 80% of the shares in the merged entity and Ahlström Capital will hold the remaining 20% of the shares. The completion of the acquisition is subject to customary approvals, including from competition authorities in certain jurisdictions. Schouw & Co. is a Danish industrial conglomerate listed on Nasdaq Copenhagen. Ahlström Capital is a family-owned investment company.

23.6.2022

QPR Software – Rights Issue

We advised QPR Software Plc and lead manager Evli Plc in a rights issue. A Finnish language EU Recovery Prospectus, approved by the Financial Supervisory Authority, was published in conjunction with offering. The issue was oversubscribed, and the company raised gross proceeds of approximately EUR 3.45 million. Trading with the new shares subscribed for in the issue commenced on Nasdaq Helsinki Ltd today. “I am very pleased with the outcome of the rights issue and the great interest of investors in the implementation of our company’s growth strategy. I would like to extend my warm thanks to all the old and new shareholders of QPR Software Plc for their trust in the company. As we have previously announced, the excellent result of the rights issue will enable the implementation of our growth strategy according to the company’s plans. The oversubscribed offering is a sign of strong faith in the company’s growth and its results are an important milestone to strengthen our position as a leading SaaS company in a rapidly growing process mining market”, notes Jussi Vasama, CEO of QPR Software Plc. QPR Software Plc provides process mining, performance management and enterprise architecture solutions for digital transformation, strategy execution, and business process improvement in over 50 countries. QPR software Plc allows customers to gain valuable insights for informed decisions that make a difference.

20.6.2022

Lifa Air – Listing on First North

We advised Lifa Air Plc in its listing on Nasdaq First North Growth Market Finland. The company raised gross proceeds of approximately EUR 7.7 million in the initial public offering that consisted of public, institutional and personnel offerings. After the IPO, the company has over 1,100 shareholders. ‘The listing and the funds raised through the IPO will support us in implementing our growth strategy. Many things create demand for Lifa Air’s products, ranging from the pandemic with no foreseeable end, new airborne diseases and pathogens, the increase of air pollutants and an increasingly poor quality of indoor air as well as geopolitical threats’, says Vesa Mäkipää , CEO of Lifa Air. Trading in Lifa Air’s shares began on First North on 20 April 2022. Lifa Air is a Finnish technology company established in 1988 and headquartered in Helsinki. It offers solutions for clean breathing air. Lifa Air’s business is divided into three business segments: air purifiers, respirators and medical face masks, and ventilation hygiene products.

21.4.2022

WithSecure – Directed share issue raising of 77 million euros in an accelerated book-building offering

We assisted WithSecure Corporation, previously known as F-Secure Corporation in a successful accelerated book-built share issue to selected institutional investors announced on 23 March 2022. The offering comprised 15,800,000 new shares in the company and it was organised by Carnegie Investment Bank AB, Finland Branch. The offering attracted strong domestic and international demand from more than 50 high-quality institutional investors. WithSecure received gross proceeds of approximately EUR 77 million as a result of the offering. The company intends to use the proceeds from the offering to finance the implementation of the growth strategy relating to its corporate security business.

29.3.2022

Valio – Joint Venture for Biogas Production with St1

We advised Valio when it established Suomen Lantakaasu Oy, a joint venture, together with St1. The purpose of the joint venture is to produce renewable biogas as transport fuel using dairy farm manure and agricultural by-products. Suomen Lantakaasu Oy aims to build 8–10 production plants for biogas production and liquefaction by 2030. The company aims to produce a total of 1 TWh of renewable transport fuel, which corresponds to a quarter of the biogas need for Finland’s roadmap to fossil-free transport. St1 will distribute the biogas through its own nationwide network of fuelling stations for heavy-duty vehicles. A prerequisite for the biogas production investment is improving the profitability of the entire biogas value chain and particularly more widespread use of a biogas-powered transport fleet. The joint venture uniquely links the entire value chain, from the network of farmers to biogas production, liquefaction and distribution. Biogas produced from manure creates significant climate benefits and strengthens Finland’s energy and fuel self-sufficiency. Suomen Lantakaasu Oy is a company owned in equal shares by the energy company St1 and the food company Valio. St1’s responsibilities include technical and project planning and the distribution of the final product. Valio is responsible for the procurement of feeds and the planning of raw material logistics. Valio is a Finnish dairy and food group founded in 1905 and owned by Finnish regional dairy co-operatives. Valio has subsidiaries in Sweden, the Baltics, the USA and China. St1 is a Finnish energy company and part of the St1 Nordic Group. The Group investigates and develops financially profitable and environmentally sustainable energy solutions. St1 focuses on marketing liquid fuels, oil refining and renewable energy solutions, such as advanced biofuels and industrial wind power. The Group has in total 1,250 St1 and Shell petrol stations in Finland, Sweden and Norway.

11.3.2022

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

Bilot – Proposed merger of Bilot and Vincit

We act as legal advisor to Bilot Plc in the merger of Bilot Plc and Vincit Plc, which is proposed to be implemented as an absorption merger pursuant to the Finnish Companies Act. “Merging with Vincit is the next logical step for Bilot on the way to becoming a more comprehensive and versatile operator. The merger will accelerate Bilot’s on-going change and enable stronger contribution to customer experience, electronic business operations and internationalisation in the future. Thus, the merger will create an opportunity to further invest in the future company’s growth. Customer portfolios, target markets and offerings that complement each other will create a new kind of market actor with a strong culture and employee experience at its core. Even though the name will change, Bilot’s impressive story will continue together with another fine company. The future is looking even brighter,” says Jens Krogell , CEO of Bilot. In 2020, the illustrative combined operating profit of the future company was approximately EUR 70.6 million and EBITDA approximately EUR 9.1 million. On 31 December 2021, Bilot and Vincit had a total of approximately 821 employees. Bilot Plc is a Finnish IT services company that provides its customers with a strategic competitive advantage by developing a comprehensive digital business. Vincit Plc is a top expert organisation that offers its customers digitality that always works, with no nonsense, for a world without fear for tomorrow. The companies’ shares are listed on the Nasdaq First North Growth Market Finland marketplace maintained by Nasdaq Helsinki Ltd.

4.2.2022

Digital Workforce Services – Listing on First North

We advised Digital Workforce Services Plc in its listing on Nasdaq First North Growth Market Finland. The initial public offering consisted of public, institutional and personnel offerings and was oversubscribed multiple times. Based on the offering, the Company’s market capitalisation corresponded approximately to a total of EUR 72.5 million. Digital Workforce raised gross proceeds of approximately EUR 22.5 million from the IPO. The number of shareholders will increase to more than 5,600 after the IPO. ‘The listing enables investments in growth and helps us in executing our strategy. We will now continue our growth story together with all our new shareholders’, says CEO Mika Vainio-Mattila. Trading in Digital Workforce’s shares began on First North on 3 December 2021. Digital Workforce is a Finnish Intelligent Automation (IA) and Robotic Process Automation (RPA) services provider. Digital Workforce helps its customers to automate knowledge work tasks and business processes with IA through its digital workers. Digital Workers are software robots that are in essence automated team members that execute business processes with no significant changes to the customer’s existing systems.

3.12.2021

Norrhydro Group – Listing on First North

We were Norrhydro Group Plc’s legal advisor in the company’s listing on Nasdaq First North Growth Market Finland. The initial public offering consisted of public and institutional offerings and was oversubscribed 7.0 times. Norrhydro Group raised gross proceeds of approximately EUR 8 million from the IPO and gained approximately 12,000 new shareholders. ‘Our goal was to attract many new institutional and private investors as Norrhydro shareholders, and the offering was a great success on both counts’, says Norrhydro’s CEO Yrjö Trög. Trading in the company’s shares began on First North on 1 December 2021. Norrhydro is a Finnish pioneer of motion solutions and a provider and system supplier of energy efficient hydraulic cylinders. The company is specialised in high-quality, tailored and energy-efficient hydraulic cylinders, demanding linear motion solutions and mobile machinery. In 2020, the company’s turnover was EUR 19.9 million, EBITDA 3.8 million and operating profit 3.0 million.

1.12.2021

Finnish Listed Companies – General Meeting Arrangements

In this past general meeting season, we have advised and assisted numerous Finnish companies listed on the official list of the Helsinki Stock Exchange and the First North growth market in arranging their annual general meetings. Our partners have served as chairpersons of annual general meetings, and the experts of our Corporate Governance service have participated in the preparations for and as secretaries of the general meetings and have also supervised the counting of votes and scrutinised the minutes of general meetings held under the temporary act enacted in response to the pandemic. Our task has been to ensure that the general meeting runs smoothly and in accordance with applicable regulation. In the spring of 2021, we particularly advised our clients in organising remote meetings. We also advised unlisted companies. We have supported our clients in their general meeting arrangements for many years.

29.11.2021

Lemonsoft – Listing on First North

We advised Lemonsoft in its listing on Nasdaq First North Growth Market Finland. The initial public offering consisted of public, institutional and personnel offerings and was oversubscribed multiple times. Lemonsoft raised gross proceeds of approximately EUR 15.0 million from the IPO. In addition, Rite Internet Ventures Holding AB and Kari Joki-Hollanti sold shares in connection with the offering. After the offering, the new shares represent 7 percent and the sold shares represent approximately 18 percent of the total number of the company’s shares and votes carried by the shares. The company has a total of over 5,200 shareholders after the IPO. Trading in Lemonsoft’s shares began on First North on 17 November 2021. Lemonsoft is a Finnish software company that designs, develops and sells ERP software solutions to streamline its customers’ processes across different business lines and administration. The Company’s standardised and scalable software solutions are delivered mainly from the cloud and are based on the SaaS model. The Company operates in the ERP software market in Finland primarily as a service provider for SMEs.

19.11.2021

EcoUp – Listing on First North

We assisted EcoUp Oyj and lead manager Alexander Corporate Finance Oy in EcoUp’s listing on Nasdaq First North Growth Market Finland. The initial public offering consisted of public, institutional and personnel offerings and was oversubscribed. EcoUp raised gross proceeds of approximately EUR 15 million from the IPO and gained approximately 4,500 new shareholders. ‘We see promising growth opportunities on many fronts, such as in thermal insulation slabs and particularly in new circular economy technology, both in Finland and internationally. Financing these growth projects required the support of a wider group of investors. We would like to welcome all our existing and new owners to join us in promoting the circular economy and reducing the environmental load of the construction industry’, says EcoUp’s Managing Director Antti Ollikainen. Trading in the company’s shares began on First North on 29 September 2021. EcoUp provides its customers with carbon-neutral, resource-efficient, energy-saving and competitive products, services and technologies that help make their customer’s operations more ecological. The company’s main business areas are circular economy products and service for the construction industry as well as circular economy technologies. EcoUP is the first purely circular economy company to be listed in Finland.

29.9.2021

Multitude SE – Conversion into an SE and Relocation of Registered Office from Finland to Germany

We advised Multitude SE (formerly Ferratum Oyj) in a conversion from a Finnish public limited liability company into an SE company earlier this year and we are advising Multitude SE in relocation of its registered office from Finland to Germany. Multitude’s board resolved to approve a transfer proposal on 9 July 2021. The relocation will be carried out in accordance with the Finnish Act on European Company and the SE Regulation. Multitude’s new registered office will be seated in Hamburg and the relocation will take effect at the end of 2021. The final decision on the relocation is subject to approval by the general meeting of Multitude’s shareholders. Multitude is an international provider of mobile banking and digital consumer and small business loans, distributed and managed by mobile devices. Founded in 2005 and headquartered in Helsinki, Finland, Multitude has expanded to operate in 19 countries across Europe, South and North America, Australia and Asia. Multitude SE is listed on the Prime Standard of Frankfurt Stock Exchange.

24.8.2021

Solwers – Listing on First North

We assisted Solwers Plc and lead manager UB Securities in Solwers’ listing on Nasdaq First North Growth Market Finland. The initial public offering consisted of public, institutional and personnel offerings and was oversubscribed. The company raised gross proceeds of approximately EUR 9 million from the IPO and has a total of over 5,000 shareholders after the IPO. ‘Our IPO was a great success, and the proceeds will support us in our future growth. Our goal is to create value for our shareholders by being the preferred partner in the visionary and sustainable design of new living environments. I would like to warmly welcome our new shareholders to join us in this work’, says Leif Sebbas, Solwers’ chairman. Trading in Solwers’ shares began on First North on 18 June 2021. Solwers is a growth-oriented group of expert companies that design unique and sustainable living environments. Solwers offers design and project management services extensively through 19 operative companies and employs more than 400 respected professionals in their fields.

18.6.2021

Merus Power – Listing on First North

We assisted Merus Power Oyj and lead manager Alexander Corporate Finance Oy in Merus Power’s listing on Nasdaq First North Growth Market Finland. The initial public offering consisted of public, institutional and personnel offerings and was significantly oversubscribed. The compan y ies raised gross proceeds of approximately EUR 12 million from the IPO and gained approximately 8,000 new shareholders . The proceeds raised in the offering will support the implementation of Merus Power’s growth strategy. ‘We strongly believe that the energy market transition will lead to renewable energy sources and power quality playing an increasing role in overall power production. Our technological expertise promotes the global transition towards a sustainable and energy-efficient future. Given the feedback we have received, investors also believe that we have an important role to play in the energy market transition’, says Kari Tuomala , Merus Power’s managing director. Trading in the company’s shares began on First North on 8 June 2021. Merus Power Oyj is a technology company established in 2008 that leverages the sustainable energy revolution. Merus Power designs and manufactures innovative electrical power solutions, such energy storage and power quality solutions and services for renewable energy and industry. The company’s scalable technology enables the growth of renewable energy in electrical grids and improves the energy efficiency of society.

8.6.2021

Netum Group – Listing on First North

We assisted Netum Group and lead manager Evli Bank Plc in Netum Group’s listing on Nasdaq First North Growth Market Finland. The initial public offering consisted of public, institutional and personnel offerings and was oversubscribed by 7.4 times. The company raised gross proceeds of EUR 8.0 million from the IPO. ‘The offering brought us significant Finnish institutional investors and a pleasing number of private investors as new owners. I am particularly proud that our personnel participated actively in the offering, as this is further proof of our personnel’s strong commitment to the company. I would like to thank everyone who participated in the IPO and welcome our new shareholders to join us in creating sustainable and secure digital change’, says Matti Mujunen , CEO of Netum. Trading in the company’s shares began on First North on 2 June 2021. Netum Group is a strongly growing IT services company with over 20 years of experience of demanding IT projects. The company offers its public administration and corporate customers its Legacy to Digi® concept that enables combining traditional IT solutions with the latest digital applications–sustainably and securely. Netum Group’s services include digital service development, continuity services, integration services, cyber security services as well as management consulting services. Netum Group’s turnover in 2020 was EUR 17.5 million and it employs over 160 people in Finland.

2.6.2021

Smart Windpower, Mincovest and GE Energy – Development and Sale of Puskakorpi Wind Farm Project

We advised the co-developers Smart Windpower Oy, Mincovest Oy and GE Energy, LLC in the development of the Puskakorpi wind farm owned by the project company Puskakorven Tuulivoima Oy and its later sale to Foresight Energy Infrastructure Partners, a Luxembourg Special Limited Partnership for which Foresight Group LLP acts as Portfolio Manager. The Puskakorpi wind farm is envisaged to comprise 16 WTGs with a designed total nominal capacity of 88.0 MW. Located in the municipality of Pyhäjoki, in the Northern Ostrobothnia region of western Finland, the wind farm will generate enough renewable energy to power the equivalent of 55,000 households in Finland. It will play a significant role in supporting the country’s goal of meeting 50% of its energy end-consumption from renewable energy sources by 2030. Commercial operations of the wind farm are expected to commence in late 2022.

2.6.2021

Alexandria – Listing on First North

We advised Alexandria Pankkiiriliike Oyj and financial adviser Oaklins Merasco Oy in Alexandria’s listing on Nasdaq First North Growth Market Finland. The initial public offering consisted of a public, institutional and personnel offering and was oversubscribed multiple times. Alexandria has over 3,200 shareholders after the listing. Alexandria was established in 1996 and has grown over 25 years into one of the largest investment service firms in Finland. The company specialises in high-quality savings and investment solutions. Alexandria’s 250 professional investors serve over 35,000 customers in 30 municipalities.

11.5.2021

Enedo – Rights Issue and Directed Issue

We assisted Enedo Plc and lead manager UB Securities Ltd in a rights issue and directed issue. Approximately 157% of the offered shares were subscribed for in the rights issue, and all of the offered shares were subscribed for in the directed issue. Enedo received gross proceeds of approximately EUR 12.0 million from the issues. ‘An oversubscribed issue tells of strong confidence in the company’s turnaround programme and new profitable future’, says Enedo’s President and CEO Vesa Leino . Enedo is a designer and producer of high-quality electronic power supplies and systems. The group’s revenue was EUR 38.5 million in 2020 and it has 354 employees. Enedo’s main functions are located in Finland, Italy, Tunisia and USA. The group’s head office is in Finland and parent company Enedo Plc is listed on Nasdaq Helsinki Oy.

12.4.2021

Lumise – Sale of Share Capital to Relais Group

We assisted Lumise Oy, a Finnish e-commerce operator specialised in lighting solutions for vehicles, and its procurement company Optisell Oy in the sale of Lumise’s entire share capital by the private owners of the company to Nordic Relais Group Plc. With the acquisition, Relais can accelerate its growth by utilising digitalisation, e-commerce solutions and data analytics. ‘Over the past years, we have invested in back-end systems that enable international scalability. As a part of the Relais Group, we can now get the most out of these investments with the largest product range in Europe’, said Kari Kauhanen , CEO of Lumise. Specialised in the online sales of vehicle lighting, Lumise is the leader in its field in the Nordics, and a fast-growing player in Europe. Lumise has a Swedish subsidiary called Design by Scandinavian Metal AB, which in addition to engaging in e-commerce, develops model-specific auxiliary lighting. Relais Group is the leading consolidator and acquisition platform on the vehicle aftermarket in the Nordic and Baltic countries and is an industrial operator with a sector focus in vehicle life cycle enhancement and related services. Relais Group’s net sales in 2020 were EUR 128.9 million and it employed almost 300 professionals in six different countries.

7.4.2021

Next Games – Directed Offering

We advised Next Games in an offering of new shares that was directed to a limited number of domestic and international institutional investors in an accelerated book-building offering. Next Games raised EUR 4.2 million through the offering. Trading in the new shares commenced on Nasdaq First North Growth Market Finland on 25 March 2021. Alexander Corporate Finance Ltd acted as the lead manager and sole bookrunner in the offering. Next Games is the first publicly listed mobile game developer and publisher in Finland, specialising in games based on entertainment franchises, such as movies, TV series or books. Our critically acclaimed The Walking Dead games redefine the way franchise entertainment transforms into highly engaging service-based mobile games. Next Games is currently developing several games based on licenced entertainment brands.

30.3.2021

OP and C&S – Investing in a Better World

At OP sustainability is everything. When establishing an entirely new kind of impact fund, the leading financial services group trusted Castrén & Snellman’s expertise. An increasing number of investors want to not just make money, but make a difference. ‘This shift in values is particularly clear in younger investors. Sustainability has changed investment activities a great deal. Investing has become more difficult, but also more interesting’, says Tuomas Virtala , CEO, Asset Management, at OP Corporate Bank. The first wave came in the form of ethical and sustainable investing, which focused on either avoiding investments in unethical industries or encouraging companies to act more sustainably. In recent years, sustainable investing has been joined by impact investing, in which global problems are tackled with private money. ‘Impact investing is not about charity but about making a positive impact as well as a competitive profit. It is the only sustainable way to arrange financing to solve global problems’, Virtala says. Demand for Impact Fund Exceeded Expectations OP, Finland’s leading financial services group is a pioneer of impact investing. Last year, OP collaborated with Finnfund to establish Finland’s first impact fund to invest in emerging markets. Finnfund is a development financier that builds a sustainable world by investing in responsible and profitable businesses in developing countries. Finnfund is owned by the Finnish State, Finnvera and the Confederation of Industries. The new impact fund, OP Finnfund Global Impact Fund I, raised 76 million euros in its first round of funding. After the second round, the fund’s size stands at 135 million euros. ‘The investor interest exceeded our expectations. It is clear that investors are keen to promote sustainable development and are excited by the growth potential of emerging markets, despite the ongoing pandemic’, Tuomas Virtala says. The fund is seeking to achieve measurable positive impacts on climate change, food security, gender equality and the availability of financing. The fund’s main industries are renewable energy, financial institutions and sustainable agriculture. ‘By investing in developing markets, we can achieve major impacts. The investments are aimed at first getting the fundamentals in place in the target markets. For example, replacing generators with more sustainable means of producing energy. Once the foundations are in place, we can move on to more demanding projects, such as constructing mobile phone networks.’ Sustainability Part of Every Employee’s Day Establishing a new impact fund is just one example of OP’s sustainability work. ‘Sustainability is an integral part of OP’s strategy and is reflected in the daily work, decisions and activities of everyone at the company’, Tuomas Virtala says. OP’s corporate responsibility programme is framed around four themes: OP aims to foster a sustainable economy, support local vitality and community spirit, improve financial literacy in Finland, and use their intellectual and information capital in a responsible way. According to Virtala, sustainability expertise was previously centralised in a separate asset management unit, but now these experts have been placed in every unit. ‘One unit is no longer enough. Sustainability work and expertise needs to be integrated into every function and throughout the entire value chain.’ In addition to their corporate responsibility programme, each unit in OP has its own responsibility principles. ‘Asset management is a pioneer in promoting sustainability within OP. We provide the company sustainability expertise relating to wealth management and foster this expertise by training our employees and sharing knowledge.’ A Good Partner Knows the Best Practices Castrén & Snellman and OP have a long history of working together. Among other projects, Castrén & Snellman assisted OP in the establishment of Finland’s first impact fund to invest in emerging markets last year. According to Tuomas Virtala, Castrén & Snellman has been a good partner in sustainability work. ‘It is vital that our partners understand the best sustainability practices. A law firm that has a clear vision of the smartest way to do something can help us learn and develop’, Virtala says. It is also important for law firms to anticipate future regulation. ‘The regulation of sustainability matters is constantly developing, and we want to be able to anticipate it as best we can so that we can make sure we are keeping up.’ Some Success Stories from OP’s and C&S’s Shared Journey 2021 OP Financial Group – Sale of Checkout Finland to Paytrail OP Corporate Bank – Financing Arrangement for OP Vuokrakoti OP Corporate Bank – Finance of Acquisition of Profit Software 2020 OP-Public Services Real Estate Fund – Acquisition of Aalloppi Healthcare Property from eQ Finnish Real Estate Caverion Corporation and Manager Banks – Issue of EUR 35 Million Hybrid Bond OP and Finnfund – Establishment of a New Global Impact Fund Danske Bank, Nordea and OP Financial Group – Sale of Automatia Pankkiautomaatit to Loomis Ilmarinen, OP and LocalTapiola – Acquisition of Stakes in REDI and Tampere Central Deck and Arena Project OP Cooperative – Sale and Leaseback of OP Headquarter Campus in Helsinki 2019 OP Corporate Bank – Financing Arrangement for Veho Lenders – Metsä Board’s Bank Financing Facility with Sustainability Targets OP Group – Successful Defence of OP Group in Major FCCA Dominance Investigation OP Corporate Bank – SRV Group’s Issue of EUR 58.4 Million Capital Notes OP Financial Group – Reorganisation of Shareholding in Access Capital Partners Pohjola Health – Sale of Occupational Health Services Business OP Life Assurance Company – Disposal of a Helsinki CBD Property Fund Managed by OP Real Estate Asset Management – Konepaja Hotel Development Project 2018 OP Corporate Bank – EUR 43 Million Financing Arrangement for Kreate OP Corporate Bank and Nordea Bank – Revolving Credit Facility Agreement for Lehto OP Corporate Bank – Financing of the Acquisition of Roima Intelligence OP Financial Group – Sale of Residential Portfolio to Kojamo Group Central Deck and Arena – Pioneering Real Estate Development Project Featuring Finland’s Largest Multi-purpose Arena in Tampere City Centre 2017 OP Toimitilakiinteistö – Acquisition of Modern Logistics Warehouse OP Rental Yield – Acquisition of BREEAM Certified Office Properties 2016 OP Corporate Bank – Financing of Intera Partners’ Acquisition of Sikke Security Oy (formerly ISS Security Oy) OP Property Management – Sale of a Large Real Estate Portfolio to M7 Real Estate Helsinki Area Cooperative Bank – Court Case Concerning Electronic Identification Services Act 2015 OP-Rental Yield – One of Finland’s Largest Real Estate Portfolio Transactions in the 21st Century OP-Pohjola & LähiTapiola – Construction and Development of REDI Shopping Centre and Parking Facilities 2014 OP-Pohjola – Tender Offer for All Shares in Pohjola Bank OP-Rental Yield – Acquisition of a Property Portfolio Comprising Over 20 Residential Properties and Over 800 Housing Units

25.3.2021

L-Fashion Group – Reorganisation of Financing

We advised L-Fashion Group Oy in a financing arrangement in which it reorganised its current financing and signed a euro-denominated facilities agreement on 10 December 2020 with Nordea Bank Abp, OP Corporate Bank plc, Danske Bank A/S, Finland Branch and Skandinaviska Enskilda Banken AB (publ).

12.1.2021

Incap – Rights Issue

We advised Incap Corporation and lead manager UB Securities Oy in a rights issue. The issue was oversubscribed and the company raised gross proceeds of approximately EUR 10.9 million. Trading with the new shares subscribed for in the issue commenced on Nasdaq Helsinki Ltd today. ’With the offering, we sought more power for international growth and consolidation. The oversubscribed offering indicates indeed a strong confidence in our growth strategy. I would like to warmly thank all those who took part in the offering for their interest to make Incap a more significant player in our field’, notes Otto Pukk , CEO of Incap Corporation. Incap Corporation is a trusted partner and full-service provider in Electronics Manufacturing Services. The company has operations in Finland, Estonia, India, Slovakia, the UK and Hong Kong and employs approximately 1,300 people. Incap’s share has been listed on Nasdaq Helsinki Ltd stock exchange since 1997.

23.11.2020

S-Voima – Ownership Arrangement in TuuliWatti

We advised S-Voima Oy in an ownership arrangement concerning TuuliWatti Oy. In the arrangement, TuuliWatti, which was owned in equal shares by S-Voima and St1 Nordic Oy, demerged into two new companies. Following the arrangement, S-Voima will continue to produce wind power in a fully owned new company called Gigawatti Oy. S-Voima is the S Group’s electricity procurement company. The S Group’s goal is for its operations to be carbon negative by 2025. ‘Achieving our climate goals with respect to renewable energy will take work and investments. Our goal is for our energy production to match our consumption, which is 1 TWh. Our current wind power capacity and project portfolio together with our solar power investments are a good start’, said S-Voima’s Managing Director Mikko Halonen.

11.11.2020

Bilot – Acquisition of CastorIT

We assisted Bilot Oyj in its acquisition of the share capital of CastorIT, a company that specialises in SAP solutions. The purchase price was paid mainly with the company’s shares. With the merger Bilot will strengthen its market position as a full-stack developer of digital business and a recognised SAP expert. The transaction will further improve Bilot’s ability to meet market demand and offer its customers an even wider scope of expertise in customer experience and knowledge-based management solutions. The arrangement creates new opportunities for Bilot to grow both locally and internationally. ‘CastorIT’s strong expertise in processes and technologies and its extensive experience in SAP ERP systems complement Bilot’s services in customer experience, sales, marketing, and knowledge-based management. Bilot will continue to implement its strategy, and it is determined to grow its digital business services in Finland and abroad’, said Mika Tanner, Bilot’s CEO, in a press release. Established in 2010, CastorIT is a Finnish IT service integrator with strong expertise in the development of companies’ core processes and lifecycle services using SAP technology. In 2019, CastorIT’s net sales were EUR 7.3 million and operating profit was EUR 0.9 million.

26.10.2020

Cargotec – Contemplated Merger

We acted as advisor to Cargotec, a leading Finnish provider of cargo and load handling solutions, in a contemplated merger with Konecranes, a Finnish world-leading group of lifting equipment and solutions. The aim of the future company would have been to be a leader in sustainable material flow with a vision based on decarbonisation, safety, productivity and efficiency as well as maximizing the lifetime value of the equipment and solutions of its customers. Cargotec and Konecranes entered into a combination agreement on 1 October 2020. The completion of the merger was subject to the fulfilment of customary conditions precedent, including obtaining merger control approvals. On 29 March 2022 Cargotec and Konecranes jointly decided to cancel the planned merger. The reason for this decision was that the UK Competition & Markets Authority (CMA) blocked the merger. Prior to the cancellation, Cargotec and Konecranes had obtained clearances for the planned merger from numerous competition authorities, among others a conditional approval by the European Commission.

2.10.2020

United Bankers – Transfer to Nasdaq Helsinki Stock Exchange List

We advised United Bankers Plc in its transfer from Nasdaq First North Growth Market Finland to the Nasdaq Helsinki stock exchange list. Trading in the company’s A shares began on the Nasdaq Helsinki stock exchange list today. United Bankers has a 30-year history of operations. Over the past decade, asset management has become an ever more important part of the company’s business, and the company is a respected expert in real asset investments on the Nordic level. ‘C&S advised us already in 2014 when we listed on First North. Over the years our paths have crossed in numerous projects, so it only felt natural to pick a familiar advisor for this next step in our story. We begin our journey as a listed company with great confidence’, says United Bankers’ CEO Patrick Anderson .

18.6.2020

NoHo Partners – Directed Share Issue Related to Acquisition of Friends & Brgrs

We assisted NoHo Partners in a directed share issue relating to the acquisition of the majority of shares in the Friends & Brgrs chain of restaurants. The purchase price was paid partially in cash and partially in new NoHo Partners shares issued to the shareholders of Friends & Brgrs. NoHo Partners’ stake in Friends & Brgrs increased to about 70% through the acquisition.

9.4.2020

Bilot – Listing on First North

We advised Bilot Plc and Alexander Corporate Finance Oy, the lead manager, in the listing of Bilot on the Nasdaq First North Growth Market Finland market maintained by Nasdaq Helsinki. The initial public offering, which consisted of a public offering, institutional offering and personnel offering, was oversubscribed multiple times. The company gained approximately 4,000 new shareholders in the IPO. Trading in the company’s shares on First North began today. Bilot is a Finnish software and digital service company that gives its customers a strategic competitive advantage by developing a superior digital customer experience. The company has recognised expertise and a significant market share in Finland in leading software platforms and key technology ecosystems and in their seamless integration to its customers’ business. Bilot has approximately 140 employees in Finland, Sweden and Poland. In 2019, Bilot Group’s net sales was approximately MEUR 18.5.

18.3.2020

OP Cooperative – Sale and Leaseback of OP Headquarter Campus in Helsinki

We advised OP Cooperative, OP Financial Group’s central cooperative, in the sale and leaseback arrangement of its headquarter campus in Vallila, Helsinki, to a South Korean and Finnish investor group consisting of Varma Mutual Pension Insurance Company, NH Investment & Securities (NHIS) and Shinhan Investment Corp. The consortium was led by Seoul-based AIP Asset Management and Helsinki-based Avant Asset Management, who are co-investment managers for the deal. OP Financial Group will continue its operations on the property as a tenant under a long-term lease agreement. The property has a total of 74,150 square meters of lettable area and forms the largest single office complex in Finland, accommodating approximately 6,000 employees. The value of the deal is EUR 480 million, making it the largest ever single-asset office transaction in the Finnish real estate market. OP Financial Group is the largest financial group in Finland, consisting of 147 cooperative banks and the group’s central cooperative, OP Cooperative, with its subsidiaries and affiliates.

31.1.2020

Next Games – Rights Offering

We are assisting Next Games Corporation and lead manager Danske Bank in a rights offering through which the company aims to raise gross proceeds of approximately EUR 8 million. The proceeds from the rights offering will be used, among other things, to strengthen the balance sheet of the company and enable future investments such as product development and marketing of new products. Next Games is the first publicly listed mobile game developer and publisher in Finland, specializing in games based on entertainment franchises.

26.9.2019

NoHo Partners – Combination of Smile and VMP

We acted as the legal advisor to NoHo Partners Plc and Smile Henkilöstöpalvelut Oyj in a transaction in which VMP Plc is purchasing the share capital of Smile from NoHo Partners and the minority shareholders. The transaction will be executed as a share exchange, in which Smile’s shareholders will receive 0.8087 new shares in VMP as share consideration for each share in Smile owned by them, corresponding to a debt-free purchase price of approximately EUR 82 million (based on the closing price EUR 4.92 of VMP as at 4 July, 2019). NoHo Partners will become the largest shareholder in the combined VMP and Smile with a 30.27% stake. VMP employed approximately 19,400 leased employees in 2018 either directly or through chain companies and Smile, in turn, approximately 10,000 leased employees, so the combined company has a significant pool of employees at its disposal. The combination of VMP and Smile is expected to strengthen the combined company’s market position considerably and to create added value both for NoHo Partner’s and the combined company’s shareholders through synergies arising from unifying operations and the increasing amount of business opportunities. ‘We have been building the exceptional Smile growth story on this market since 2014, when the company became a part of our group. Back then, Smile’s turnover was under MEUR 7, whereas it had grown to MEUR 127 in 2018. The new company to be formed with one of the other top companies in the business, VMP, will reshape the labour market and personnel services business in general. As the company’s largest shareholder, we are privileged to be in pole position in building the future of the entire business’, said NoHo Partners’ Chairman of the Board Timo Laine.

8.7.2019

BNP Paribas Leasing Solutions – Advice in joint venture transaction

We advised BNP Paribas Leasing Solutions, a subsidiary of BNP Paribas’ group, in the signing of an agreement leading to a commercial and capitalistic alliance, notably through a joint venture company named BNP Paribas 3 Step IT, which will be 51% owned by BNP Paribas Leasing Solutions and 49% by 3 Step IT.

3.7.2019

Aallon Group – Listing on First North

We advised Aallon Group Oyj and Alexander Corporate Finance Oy, the lead manager, in the listing of Aallon Group on the First North Finland market maintained by Nasdaq Helsinki. The initial public offering, which consisted of a public offering, institutional offering and personnel offering, was over-subscribed multiple times. The company gained approximately 2,300 new shareholders in the IPO. Trading in the company’s shares on First North began today. Aallon Group is a national full-service partner specialised in financial administration. The company’s service range includes financial administration services, advisory services, financial management services and specialised industry solutions. Aallon Group has offices in 11 municipalities in Finland and it employs over 200 people. Aallon Group has approximately 2,700 clients, which are mainly small and medium-sized enterprises from several different industries.

8.4.2019

Bregal Milestone – Strategic Investment

We acted as the Finnish counsel for Bregal Milestone in connection with a strategic investment whereby a fund advised by Bregal Milestone granted a loan totalling EUR 50 million to Basware Corporation and subscribed for warrants convertible into shares in Basware representing in total a fully diluted shareholding of approximately 6.5% in the company. Bregal Milestone is the investment adviser to a EUR 400 million fund dedicated to making investments primarily in Europe. It provides non-control capital and strategic assistance to leading growth companies. Basware offers the largest open business network in the world and is the global leader in providing networked purchase-to-pay solutions, e-invoicing and innovative financing services. It is traded on Nasdaq Helsinki.

21.3.2019

Danske Bank and Carnegie Investment Bank – Oma Savings Bank’s IPO

We assisted the Global Coordinator and Bookrunner Danske Bank A/S, Finland Branch, and the Bookrunner Carnegie Investment Bank AB, Finland Branch, in Oma Savings Bank Plc’s IPO on the official list of Nasdaq Helsinki. Oma Savigs Bank is the largest Finnish savings bank, which focuses primarily on retail banking and mortgage bank operations.

16.1.2019

Efore – Rights Issue

We advised Efore Plc, a company developing and producing demanding power products, and the lead manager Evli Bank Plc in a rights issue. The rights issue was oversubscribed, and the company raised gross proceeds of approximately EUR 11 million through the issue.

10.1.2019

Viafin Service – Listing to First North Finland

We advised Viafin Service Oyj and the lead manager Alexander Corporate Finance Oy in Viafin’s listing to First North Finland, the multilateral trading facility maintained by Nasdaq Helsinki. The initial public offering consisted of a institutional and personnel offering and was clearly oversubscribed. Trading in the company’s shares on First North Finland commenced on 20 November 2018. Viafin Service specialises in industrial maintenance and pipe repair and installation and has most of its business in Finland. Its customers include large corporations in the pulp, cardboard, energy, chemical and metal industries.

20.11.2018

Vapo – Merger of Vapo’s Grow&Care Division and Dutch BVB Substrates

We are assisting Vapo in an arrangement in which Vapo’s Grow&Care division and Dutch family-owned company BVB Substrates B.V. are being combined into a new company to be established, Kekkilä-BVB Oy. The new company is intended to begin operations at the start of 2019. Through this combination, Kekkilä-BVB will be Europe’s leading and most versatile professional agriculture and hobby-gardening operator. The pro forma turnover of the new company will be approximately 240 million euros and it will employ approximately 500 people. Vapo will own 70% of the shares in the new company and the van Buuren family’s investment company will own 30%. Vapo is one of the largest European operators in the professional agriculture business and the largest producer of garden peat. The company is the market leader in the Nordic countries with its well-known Kekkilä and Hasselfors Garden brands. It markets professional agriculture products under the Kekkilä Professional brand, which is exported to approximately 80 countries. Furthermore, Vapo globally sells raw materials for use in substrate. BVB Substrates B.V. is a Dutch family-owned company founded in 1908, owned and run by the van Buuren family. BVB’s most important business areas are professional agriculture, consumer business and services for landscapers. The company primarily exports under the BVB Substrates brand to over 80 countries.

30.10.2018

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