Tuomas Honkinen

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

OP Finland Infrastructure – Investment in Cactos Fleet Finland

We acted as the legal advisor to OP Finland Infrastructure LP in its investment in Cactos Fleet Finland Ky. Cactos Fleet Finland invests in smart electricity storage systems in Finland. OP Finland Infrastructure is a fund investing in Finnish infrastructure. The fund is managed by OP Financial Group. Cactos Fleet Finland primarily invests in electricity storage systems installed in real estate properties. In addition to their grid-related tasks, these systems can level out peaks in the property’s electricity consumption and provide back-up power.

29.4.2024

OP Finland Infrastructure – EUR 50 million investment in Lounea

We acted as legal advisor to OP Finland Infrastructure LP in its investment in Lounea, a Finnish optical fibre operator. The EUR 50 million convertible loan was made available to Lounea’s operative subsidiary Lounea Net Oy for investments supporting the company’s strategic growth. The aim of the investments is to increase fibre network coverage in Finland and develop the Finnish digital infrastructure. Lounea is a Finnish optical fibre operator whose business consists of telecommunications infrastructure and ICT solutions. OP Finland Infrastructure is a fund investing in Finnish infrastructure. The fund is managed by OP Financial Group.

25.1.2024

Newil&Bau – Acquisition of the business of Auratum Asunnot and equity funding

We served as the legal advisor to Newil and Bau Oy in its acquisition of the business of Auratum Asunnot, which is part of the Rausanne Group and specialises in the construction of new high-quality homes. With the equity investment that was carried out in connection with the transaction, Rausanne Oy, the parent company of the Rausanne Group, became a 15% shareholder in Newil&Bau. ‘This milestone paves the way for our growth going forward and allows us to scale our Design Home and Services concept, Customer Platform technology solution and other centralised processes into a new geographical region. This sets a solid foundation for our future international expansion. We are also pleased to have Rausanne support our growth as a shareholder and project financing partner,’ says Petri Ylivuori, CEO of Newil&Bau. Auratum Asunnot has constructed high-quality homes in Turku and Helsinki for 20 years. The projects of Auratum Asunnot focus on top quality, location and personalised customer service. Auratum Asunnot is part of the Rausanne Group. Established in 2020, Newil&Bau is a next-generation housing product company that provides beautiful and sustainable living experiences for urban dwellers. The company’s operations are based on strong customer focus, continuous product development and a genuine desire to understand how people really want to live.

10.1.2024

The Finnish Climate Fund – Investments in growth companies – towards a carbon-neutral society

We have advised the Finnish Climate Fund as it has invested in Finnish projects that, for example, support the green transition of various industries, leading towards a carbon-neutral society. The Finnish Climate Fund is a Finnish state-owned special-assignment company. Its operations focus on combating climate change, boosting low-carbon industry and promoting digitalisation. The Climate Fund invests in large-scale projects in which the fund’s investment is crucial to enable the project’s realisation in the first place, on a larger scale or earlier than with funding from elsewhere. Investment in Aeromon that specialises in emissions measurement and mapping We advised the Finnish Climate Fund in its investment in Aeromon Oy. The funding will be used to further advance technology relating to software systems and measuring capacity. Aeromon’s technology enables the location and measurement of fugitive emissions generated by industrial plants and landfills almost in real time and in a mobile way by using unmanned aerial vehicles. The company has developed the measuring methods and equipment as well as the algorithms required for processing the signals. For their part, Aeromon’s solutions promote development towards zero-emission society. Investment in Joensuu Biocoal We advised the Finnish Climate Fund in its investment in Joensuu Biocoal Oy. Joensuu Biocoal will build a torrefied biomass production plant, which is the first commercial-scale production plant of its kind in Finland. The torrefied biomass produced by Joensuu Biocoal will primarily replace the use of coal in industrial processes in the cement and steel industries, which still use a lot of coal. For its part, building the plant accelerates the transition away from coal in process industries and helps reduce the carbon dioxide emissions from industry in the medium term. Investment in QHeat that specialises in geothermal heat generation We advised the Finnish Climate Fund in investment in Quantitative Heat Oy (QHeat). The funding will be principally allocated to the purchase of new, more efficient drill equipment for drilling medium-deep heat wells. Geothermal heating is part of the solution for transitioning away from the use of fossil fuels for heating as heat wells generate heat energy-efficiently and without combustion. Medium-deep heat wells can also be used for cooling real estates, in which case they can store energy to even out seasonal variations. Geothermal heat production has a great deal of potential for climate action in applications such as low-emissions heating solutions. Investment in Finn Recycling We advised the Finnish Climate Fund in its investment in Finn Recycling Oy, developer of a regeneration solution enabling the reuse of waste sand generated by metal foundries. The funding’s purpose is to accelerate the deployment of reclamation equipment and the company’s entry into the international market. The annual global consumption of sand products is 40–50 billion tonnes. Particularly foundry processes in the metal industry generate waste sand tens of millions of tonnes each year. Finn Recycling’s solution extends the service life of foundry sand, reducing the use of virgin sand and the amount of waste sand and greenhouse gas emissions generated by foundry processes.

7.2.2023

Finnish Industry Investment – Investment in TILT Biotherapeutics

We advised Finnish Industry Investment Ltd (Tesi) in their joint investment with Lifeline Ventures in TILT Biotherapeutics Ltd, a biotechnology company developing cancer immunotherapies. The financing round was EUR 10 million in total. TILT Biotherapeutics is a clinical-stage biotechnology company. It develops cancer therapeutics based on its proprietary oncolytic adenoviruses armed with molecules including cytokines that can stimulate T cell responses. Finnish Industry Investment Tesi is a state-owned investment company that wants to raise Finland to the front ranks of transformative economic growth by investing in funds and directly in companies. They invest profitably and responsibly, together with co-investors, to create the world’s new success stories. Tesi’s investments under management total EUR 2.4 billion.

2.12.2022

CapMan Growth – Investment in Fennoa

We advised CapMan Growth in its investment in financial management software company Fennoa Oy. Fennoa Oy is a rapidly growing software company that develops and offers cloud-based financial administration solutions. The company’s turnover and profitability have increased tenfold over the past few years. Fennoa Oy was founded in 2014, and it employs 32 people and serves approximately 500 accounting firms, as well as tens of thousands of their client companies. CapMan Growth is a leading Finnish growth investor that makes significant minority investments in companies aiming for strong growth and internationalisation. CapMan Growth is part of CapMan, which is a leading Nordic capital investor engaged in active value creation. CapMan has been listed on the Helsinki Stock Exchange since 2001.

21.10.2022

Level Equity – Investment in Hoxhunt

We advised Level Equity Management in its investment in Hoxhunt Oy. Hoxhunt raised USD 40 million in its Series B round led by Level Equity, along with participation by an existing investor. Hoxhunt is a cybersecurity firm based in Finland, working in the field of automated cybersecurity trainings and response solutions for enterprises. Level Equity Management is a growth capital firm based in New York, US. Level Equity is the leader in lower middle market growth equity. In 2021, Level Equity raised USD 1.125 billion for new equity funds.

25.8.2022

Intera Partners – Buy-out of HögforsGST

We assisted Intera Partners in their buy-out acquisition of a heating and cooling system group HögforsGST. There is an increasing demand for energy efficient and smart heating and cooling solutions, since most of the energy used in buildings is consumed for heating which is one of the greatest sources of greenhouse gas emissions as well as one of the most significant expenditures related to properties. Intera Partners is a Finnish growth-oriented private equity firm. Intera was founded in 2007 and is owned by its employees. Intera manages three active funds with a total capital of €785 million. Fund investors include leading Nordic and European institutional investors. HögforsGST is a Finnish company that specialises in the development, manufacture, sale and marketing of high-quality heating and cooling systems and is the leading heating substations supplier in the Nordic countries. The company’s objective is to reduce energy losses in properties while efficiently bringing down living costs and greenhouse gas emissions derived from heating and cooling. HögforsGST has a comprehensive sales network throughout Finland and subsidiaries in Sweden and Norway.

25.5.2022

Finnish Climate Fund – Investments in Hydrogen and Circular Economy Growth Companies

We advised the Finnish Climate Fund in three separate financing arrangements in the autumn of 2021. In these arrangements, the Finnish Climate Fund invested a total of EUR 16.5 million in Finnish growth companies with solutions that have significant emissions reduction potential in the hydrogen and circular economies over the coming decades. Aurelia Turbines The Finnish Climate Fund has decided on a EUR 5 million capital loan to Aurelia Turbines Oy to speed up the deployment of more efficient industrial gas turbines. For the first time, the Climate Fund’s funding includes a sustainability incentive. Aurelia Turbines makes more efficient gas turbines for industrial needs. These gas turbines have been designed to flexibly use various degrees of hydrogen and other energy sources. Hydrogen will play an important role in the transition towards a low-carbon society. The hydrogen economy will be built on a value chain of hydrogen production, storage, transport and utilisation. Aurelia Turbines’ solution is estimated to have a cumulative emissions reduction potential of around 1.5 Mt CO2e over a ten-year period. In addition to emissions reduction, the Finnish Climate Fund’s financing will support the development of the hydrogen cluster in Finland. Betolar The Climate Fund has granted a EUR 7 million capital loan to materials technology company Betolar Oyj. The investment—the Climate Fund’s first in a digital solution—will be allocated to a marketplace with major emissions reduction potential. Cement production is one of the greatest emission sources caused by human activity, accounting for roughly 7% of global carbon dioxide emissions annually. The significant emissions reduction potential of Betolar’s solution is based on replacing virgin raw materials with existing industrial side streams, which could reduce emissions caused by the raw materials of concrete by up to 80% compared to traditional concrete products The digital platform is intended as a digital marketplace for Betolar’s solution as well as a meeting place for side stream suppliers and concrete manufacturers. This digital marketplace can enable significant emissions reductions to be realised sooner and on a larger scale. Magsort The Finnish Climate Fund granted a EUR 4.5 million capital loan to Magsort Oy’s circular economy solution to utilise steel industry side streams. Steel and concrete production are significant sources of emissions. With Magsort’s solution, almost all metal can be recovered from waste slag—and in the future the remaining slag could even be ground into cement. The more efficient utilisation of steel slag in industry not only creates considerable export potential but also major cumulative emissions reduction potential over the next decade, as much as 7.5 MtCO2e. The Finnish Climate Fund is a Finnish state-owned special-assignment company. Its operations focus on combating climate change, boosting low-carbon industry and promoting digitalisation. Approximately 65% of the Climate Fund’s investments relate to climate change and about 35% to climate-related digitalisation.

28.12.2021

Finnish Climate Fund – Investment in Green Hydrogen Company P2X Solutions

We advised the Finnish Climate Fund in its investment in P2X Solutions Oy, a green hydrogen and Power-to-X technology company. P2X Solutions will construct a 20 MW green hydrogen production plant, which will run on electricity produced by renewable energy and produce green hydrogen. The Finnish Climate Fund’s investment amounted to EUR 10 million. P2X will refine part of the green hydrogen further utilising Power-to-X technology. It will implement circular economy solutions and capture carbon dioxide emissions from a Finnish industrial plant. P2X will produce synthetic biofuel from the green hydrogen and caught carbon dioxide, thereby supporting the development of emission-free society. The Finnish Climate Fund is a Finnish state-owned special-assignment company. Its operations focus on combating climate change, boosting low-carbon industry and promoting digitalisation. Approximately 65% of the Climate Fund’s investments relate to climate change and about 35% to climate-related digitalisation. P2X is a producer of green hydrogen and forerunner of Power-to-X technology in Finland with a vision to produce green hydrogen and refine it further into synthetic fuels in a cost-effective manner.

22.12.2021

Aktia Bank and Alexander Corporate Finance – Ownership Arrangement

We advised Aktia Bank Plc and Alexander Corporate Finance Oy (ACF) in an arrangement that will result in Aktia owning 20% of ACF’s shares. The share subscription is scheduled to take place in January 2022 and is conditional on the approval of the Financial Supervisory Authority. Following the arrangement, the new name of Alexander Corporate Finance will be Aktia Alexander Corporate Finance Oy. Aktia is a Finnish asset manager, bank and life insurer that has been creating wealth and wellbeing from one generation to the next for 200 years. We serve our customers in digital channels everywhere and face-to-face in our offices in the Helsinki, Turku, Tampere, Vaasa and Oulu regions. Our award-winning asset management business sells investment funds internationally. Aktia employs approximately 900 people around Finland. Aktia’s assets under management (AuM) on 30 June 2021 amounted to EUR 15.6 billion, and the balance sheet total was EUR 11.2 billion. Aktia’s shares are listed on Nasdaq Helsinki Ltd (AKTIA). Alexander Corporate Finance Oy (ACF) is a Finnish investment bank established in 1988. The Alexander Group companies offer consulting services to owners and companies related to valuation, mergers and acquisitions, and capital market transactions.

22.12.2021

The Rohatyn Group – Acquisition of Crown CRO Group

We advised The Rohatyn Group, a New York headquartered private equity and asset management house, and its portfolio company Optimapharm d.o.o (Croatia) in the acquisition of contract research group Crown CRO, which has a presence in the Nordics and Baltics. The Rohatyn Group is a multi-strategy investment firm that is based in New York, NY. The firm offers multiple products across asset classes and investment approaches including hedge funds, credit, risk management, fixed income, macro and private market strategies. The firm has a presence in 15 cities globally. Optimapharm is a leading European, mid-sized, full-service Clinical Research Organization (CRO) that provides successful tailor-made clinical research solutions to biotech, pharma and medical device companies. Crown CRO, established in 2005, is a privately owned CRO with Finnish roots and a global network. Crown CRO specialises in customer-oriented, competitive and flexible services for clinical trials and regulatory affairs in Europe and the United States, serving the pharmaceutical, biotech, functional food, and medical device industries as well as contract research organisations. Headquartered in Finland, CrownCRO also has a strong presence in Sweden, Denmark, Norway, Estonia, Latvia and Lithuania.

21.12.2021

Karma Ventures – Investment in Wirepas

We advised Karma Ventures in their investment in IoT company Wirepas. Wirepas raised EUR 10 million in the funding round. Wirepas, the global leader in industrial internet of things solutions (IIoT), will use the collected funds to develop 5G standards and greatly contribute to the growth prospects of the company. The technology of Wirepas enables the digitalisation of, for instance, logistics and industrial manufacturing, which in turn increases the transparency of supply chains and saves energy. Karma Ventures (karma.vc) is an early-stage venture capital firm, specialised in late seed and A round investments in Europe’s most promising deep-tech software startups. Karma Ventures backs companies with strong ideas, unique technology, customer traction and global ambition. Wirepas is a software company based in Tampere, Finland, that has built a wireless connectivity platform for the Industrial Internet of Things (IIoT).

10.12.2021

Finnish Climate Fund – Investment in Heat Storage Company Elstor

We advised the Finnish Climate Fund when it invested in Elstor Oy to speed up the rollout of their energy solution, particularly to small- and medium-sized industrial companies. Elstor’s heat storage solution can replace fossil fuels in the production of heat and steam for industrial processes and energy generation. Elstor has developed a solution that stores electricity as heat energy, which is then discharged as heat or steam as required for the customer’s processes. The company currently has two pilot units: one for heat and one for steam production. In Finland, the market potential of the solution is nearly half a million tonnes of reduced emissions, which accounts for approximately one percent of Finland’s total emissions. The Finnish Climate Fund is a Finnish state-owned special-assignment company. Its operations focus on combating climate change, boosting low-carbon industry and promoting digitalisation. Approximately 65% of the Climate Fund’s investments relate to climate change and about 35% to climate-related digitalisation. Elstor Oy develops and manufactures chargeable heat storage solutions for industrial heat and steam production. Elstor’s solution enables carbon-neutral, emission-free and cost-efficient generation of heat energy.

5.10.2021

Husqvarna – Investment in Gamma Technologies

We advised Husqvarna Group in their corporate venture capital investment in Gamma Technologies, a Luxembourg-based augmented reality technology company. Gamma is disrupting the construction industry by bringing 3D Building Information Modeling (BIM) models with interactive features intuitively to the construction site. Gamma utilises its augmented reality technology to overlay BIM models on contractors’ mobile handsets displaying the otherwise unseen infrastructure. Gamma’s BIM/AR software is used to guide operators on where to cut, drill, etc., reducing both planning time and the risk of performing work in the wrong place, which is very costly to customers. Husqvarna Group is a global leading producer of outdoor power products and innovative solutions for forest, park and garden care. Products include chainsaws, trimmers, robotic lawn mowers and ride-on lawn mowers. The Group is also the European leader in garden watering products and a global leader in cutting equipment and diamond tools for the construction and stone industries. The Group’s products and solutions are sold under brands including Husqvarna, Gardena, McCulloch, Flymo, Zenoah and Diamant Boart via dealers and retailers to consumers and professionals in more than 100 countries.

15.9.2021

Finnish Climate Fund – Investment in Solar Foods

We advised the Finnish Climate Fund in its first investment, in which it granted a EUR 10 million capital loan for Solar Foods to build a new demonstration factory in Finland. Solar Foods’ factory will be globally the first industrial scale facility to produce protein from carbon dioxide and electricity. Born out of joint research by VTT Technical Research Centre of Finland and LUT University, the innovation by Solar Foods enables low-emissions protein production utilising renewable energy. The new factory is set to be operational early 2023. The Finnish Climate Fund is a Finnish state-owned special-assignment company. Its operations focus on combating climate change, boosting low-carbon industry and promoting digitalisation. Approximately 65% of the Climate Fund’s investments shall relate to climate change and about 35% to climate-related digitalisation. Solar Foods produces protein using air and electricity. Solar Foods revolutionises food production with a method that is not dependent on agriculture, the weather, or the climate.

15.6.2021

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

Coatue Management and DST Global – Investment in Wolt

We acted as Finnish counsel to international investors Coatue and DST Global in their investment in Wolt Enterprises Oy, a Helsinki-based global technology company operating in the food delivery industry. In this financing round led by ICONIQ Growth, Wolt raised a total of EUR 440 million. The financing round aimed to further expand Wolt’s rapidly growing retail delivery service. Wolt’s other new investors include KKR, Tiger Global, Prosus and EQT Growth. The existing investors 83North, Highland Europe, Goldman Sachs Growth Equity, EQT Ventures and Vintage Investment Partners also participated in the round. Wolt has raised a total of EUR 707 million from investors to date. Wolt has expanded into 23 countries and 129 cities and partners with approximately 30,000 restaurants and 1,500 retail partners.

26.1.2021

Unikie – Financing Round

We advised Unikie Oy, a Finnish technology company, in its financing round whereby the company received an investment from CapMan Growth and Finnish Industry Investment (Tesi). Unikie, established in 2015, is a technology company specialised in demanding device-edge-cloud-based software. Its main segments are car industry, smart machinery, industry 4.0 and telecommunications. The company’s spearhead is Unikie AI Vision, a comprehensive automatic driving (AD) solution that can be scaled to the global market. Unikie is the third fastest growing technology company in Finland with operations in Finland, Sweden, Germany, Poland and the United States. CapMan Growth is a leading Finnish growth investor. The fund makes significant minority investments in growth stage companies with ambitious growth and expansion goals. CapMan Growth is part of CapMan, a leading Nordic private asset expert with an active approach to value creation and over 3 billion euros in assets under management. Finnish Industry Investment (Tesi) is a state-owned investment company that wants to raise Finland to the front ranks of renewing economic growth by investing in funds and directly in companies. The investments under management by Tesi total 1.6 billion euros.

30.11.2020

Finnish Industry Investment – Establishment of Stabilisation Program for Mid-sized Companies

We advised Finnish Industry Investment Tesi in their establishment of a stabilisation program for investments in mid-sized companies facing sudden and temporary difficulties due to COVID-19, but which have the potential to overcome their financial problems with further financing. The size of the investment program is 150 million euros. Finnish Industry Investment Tesi is a state-owned investment company that wants to raise Finland to the front ranks of renewing economic growth by investing in funds and directly in companies. Tesi invests profitably and responsibly, hand-in-hand with co-investors, to create the world’s new success stories. The investments managed by Tesi total 1.3 billion euros.

28.10.2020

Ductor Group – Financing Round

We advised Ductor Group, a Finnish-Swiss biotechnology company group, in its financing round whereby the company received an investment from BW Group. Ductor develops products helping to regenerate agriculture and produce renewable energy. The Ductor system enables sustainable production of organic fertilizers and renewable energy in the form of biogas, creating a circular economy model that will help reduce greenhouse gas emissions from both the energy and agricultural sectors. The company has opened its ﬁrst operational facility in Mexico and has numerous new projects under development in Europe and North America. BW Group is one of the world’s leading maritime groups in the tanker, gas and offshore segments. Through the investment, BW Group will become a major shareholder in Ductor as well as a strategic partner.

16.10.2020

Finnish Industry Investment – Investment in Varjo

We advised Finnish Industry Investment Tesi in their investment in the virtual/mixed reality company Varjo Technologies Oy. Varjo, the leader in industrial-grade VR/XR hardware and software, closed a round of Series C funding worth 46 million euros. Tesi, NordicNinja, and Swisscanto Invest by Zürcher Kantonalbank are among the new investors contributing to the round, in addition to follow-on investment participation from existing investors including Lifeline Ventures, Atomico, EQT Ventures and Volvo Cars Tech Fund. Based in Helsinki, Varjo is creating the world’s most advanced VR/XR hardware and software for industrial use, merging the real and virtual worlds seamlessly together in human-eye resolution. Finnish Industry Investment Tesi, is a state-owned investment company that wants to raise Finland to the front ranks of renewing economic growth by investing in funds and directly in companies. Tesi invests profitably and responsibly, hand-in-hand with co-investors, to create the world’s new success stories. The investments managed by Tesi total 1.3 billion euros.

19.8.2020

ETF Partners – Investment in Basemark

We advised ETF Partners in their investment in Finnish software company Basemark Oy. Basemark Oy specialises in graphics and autonomous driving vehicle software. The company develops the Rocksolid Engine, a world leading real-time graphics and compute software solution for mission critical industrial applications. Basemark also develops system performance evaluation tools such as Basemark Automotive Testing and Basemark GPU. The customer base of Basemark includes major automotive OEM and SoC companies. ETF Partners is a London based fund manager investing in technology companies with a sustainability impact, focusing particularly on opportunities enabling Smart Industry, Smart Cities and Smart Energy. The team at ETF Partners has great situational experience gained with high-growth technology companies across Europe, Israel, Asia and Silicon Valley.

16.7.2020

Voima Ventures – Investment in Iiwari Tracking Solutions

We advised Voima Ventures in their investment in indoor positioning system company Iiwari Tracking Solutions Oy. Iiwari’s positioning solution provides 3-dimensional, high-accuracy indoor location data by utilising proven and patented UWB (Ultra Wide Band) radio technology. The technology is designed to function in the most demanding of environments, with a low cost of implementation and operation. Voima Ventures is a €50 million venture capital fund launched in 2019 and investing in deep technology. Voima invests across all stages, starting from spin-off and seed up to series A and growth. Voima primarily invests in Finland, the Nordics and the Baltics.

9.6.2020

Hadean Ventures – Investment in Neuro Event Labs

We advised Hadean Ventures as the lead investor in the financing round of Finnish health tech company Neuro Event Labs Oy. Neuro Event Labs Oy provides an AI-powered diagnostic platform for epilepsy. The product, ‘Nelli’, enables better diagnosing and monitoring of epilepsy patients by analysing video and audio recordings from a patient’s bedside with computer vision. The platform identifies the type of the seizure and suggests personalised treatment. Hadean Ventures is a life science fund manager with offices in Oslo and Stockholm that invests in life science companies across Europe with a particular focus on the Nordic region. The team at Hadean Ventures combines in-depth knowledge in both medicine and life sciences as well as venture capital investments.

25.5.2020

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

Sinch – Acquisition of SAP Digital Interconnect Finnish Operations

We advised Sinch AB (publ), a global leader in cloud communications for mobile customer engagement in the acquisition of SAP’s communications unit SAP Digital Interconnect (SDI) in Finland. Sinch acquired all assets and IP belonging to SDI. SDI offers cloud-based communications products throughout the world. Sinch and SDI share a focus on digital business transformation. Sinch brings businesses and people closer with tools enabling personal engagement. Its cloud communications platform lets businesses reach every mobile phone on the planet, in seconds or less, through voice, video, and SMS services. Sinch is a trusted software provider to mobile operators, and its platform powers business-critical communications for many of the world’s largest companies. Sinch has been profitable and fast-growing since its foundation in 2008. It is headquartered in Stockholm, Sweden, and has local presence in more than 30 countries. Shares are traded at NASDAQ Stockholm. SAP Digital Interconnect (SDI) enables enterprises to cover the ‘last mile’ with their customers and connect businesses, people, and things in the digital economy. This is being done using SMS, e-mail, push notification, and social network channels. SDI provides cloud-based, API-driven engagement services that help mobile network operators, enterprises and developers drive digital transformation with intelligent, interconnected, multichannel engagements. SDI has a strong customer base of blue-chip customers, including over 1,500 enterprise customers and 500 mobile operators, spanning 190 countries.

5.5.2020

Kirin – Investment in Nightingale Health

We advised Kirin Holdings Company (Tokyo, Japan) in their co-investment with Mitsui & Co., Ltd. in, and strategic partnership with, Finnish blood-testing company Nightingale Health Oy. Nightingale Health Ltd., is a market leader in advanced blood-testing for preventative health solutions. The strategic partnership is formed to launch Nightingale’s blood-testing services in Japan, as well as to develop novel wellness products. The aim of this initiative is to help people to stay healthy by leveraging the globally unique biomarker information provided by Nightingale’s blood-test. Kirin is a global, multi-industry food and beverages company headquartered in Tokyo. Kirin manufactures and sells alcohol and non-alcohol beverages globally through its underlying companies such as Kirin Brewery (Japan), Kirin Beverage (Japan), Lion (Australia), and Myanmar Brewery (Myanmar), as well as engages in pharmaceutical and bio-chemical businesses through Kyowa Kirin and Kyowa Hakko Bio. Mitsui is one of the most diversified and comprehensive trading, investment and service enterprises in the world, with 139 offices in 66 countries as of Apr, 2019. Utilising its global operating locations, network and information resources, Mitsui is multilaterally pursuing business that ranges from product sales, worldwide logistics and financing, through to the development of major international infrastructure and other projects in the following fields: Iron & Steel Products, Mineral & Metal Resources, Infrastructure Projects, Mobility, Chemicals, Energy, Food, Food & Retail Management, Healthcare & Service, IT & Communication Business, Corporate Development Business.

14.1.2020

Juuri Partners – Add-on acquisition of Posti’s food logistics operations to Esa Kuokka Oy

We represented Juuri Partners and its portfolio company Esa Kuokka Oy in its acquisition of Posti’s temperature regulated food logistics operations in Lempäälä and Vantaa. The acquisition was executed through an asset deal on 1 November 2019. Juuri Partners is an innovative Finnish private equity company, which offers financing to established and profitable small and medium-sized enterprises in Finland. Esa Kuokka Oy is a national distribution partner of corporations, wholesalers, food manufacturers and importers as well as hundreds of small producers. The company has created service concepts for food logistics based on premium quality and technology.

31.10.2019

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

Wolt – Two Financing Rounds Totalling EUR 137 Million

We assisted Wolt Enterprises Oy in two financing rounds, in which Wolt raised a total of EUR 137 million of venture capital investments from international and Finnish investors. In the most recent financing round, led by ICONIQ Capital, Wolt secured investments of EUR 110 million. In a previous round led by 83North, closed in 2018, the company raised EUR 27 million. Wolt is a Finnish technology company operating in the food delivery industry. It is currently present in fifteen countries. Over its lifetime, Wolt has raised EUR 150 million of funding.

27.6.2019

Häggblom & Partners – Advising Forestum’s Principal Owners in Sale of Shares to Svenska Cellulosa Aktiebolaget

We advised Häggblom & Partners Oy, a financial advisory firm, when it assisted the principal owners of Forestum Group AB in the sale of their shares to Svenska Cellulosa Aktiebolaget (SCA). Listed on Nasdaq Stockholm, SCA is Europe’s largest private forest owner. The acquisition strengthens its operations in the Baltic region. Forestum Group AB is a Swedish company that owns, through its Estonian subsidiary, land and forest assets in Estonia, totalling approximately 10,300 hectares. The purchase price for the entire company was EUR 39 million on a debt-free basis. The principal owners held 93% of Forestum Group’s stock.

5.6.2019

Wärtsilä – Investment in Soletair Power

We advised Wärtsilä in their investment in Soletair Power Oy, a Finland-based startup company operating in the field of Power-to-X. The investment is part of Wärtsilä’s continued effort to invest in a 100% renewable energy future. Soletair Power Oy has developed a unique concept to improve air quality in buildings by capturing carbon dioxide (CO2) and converting it into synthetic renewable fuel. Soletair Power’s concept represents an important step towards carbon neutral societies. Wärtsilä is a global leader in smart technologies and complete lifecycle solutions for the marine and energy markets. By emphasising sustainable innovation, total efficiency and data analytics, Wärtsilä maximises the environmental and economic performance of the vessels and power plants of its customers. In 2018, Wärtsilä’s net sales totalled EUR 5.2 billion with approximately 19,000 employees. The company has operations in over 200 locations in more than 80 countries around the world. Wärtsilä is listed on Nasdaq Helsinki.

16.4.2019

Silver Planet – Sale of Silver Planet to Gofore

We acted as the legal advisor to the sellers and Silver Planet Oy, a digital transformation consulting company, in its sale process. The share capital of the company was acquired by Gofore Plc, an international digitalisation specialist. The entire share capital of Silver Planet Oy was transferred to Gofore on 14 February 2019, and all Silver Planet shareholders were made owners of Gofore. The purchase price was EUR 14.3 million. Gofore decided on a share issue as part of the purchase price. Silver Planet is a digital transformation consulting company with a history of rapid growth. Its clientele consists of large cities, public sector organisations and companies undergoing digital transformation. Gofore Plc is a Finnish digitalisation specialist with international growth plans. Gofore is made up of more than 500 people across Finland, Germany, Spain, the United Kingdom and Estonia. Gofore uses consulting, coding and design as tools to incite positive change. In 2018, Gofore’s net sales were EUR 50.6 million. Gofore Plc’s shares are quoted in the First North Finland market administered by Nasdaq Helsinki Ltd.

25.2.2019

Finnish Industry Investment – Investment in Nosto Solutions

We advised Industry Investment (Tesi) in their investment in ecommerce personalisation company Nosto Solutions Oy. The funding round totalled USD 7.4 million and was also participated in by Open Ocean and Idinvest. Nosto provides ecommerce personalisation and artificial intelligence (AI) tools for retail. Nosto’s innovative solutions have fuelled a three-year growth rate of 260 percent in North America driven by deep relationships with 2,500 of the world’s fastest growing retail brands. The company’s momentum is driven by its patented technology, predictive AI-algorithms and successful expansion across Europe and North America. To date, Nosto has raised more than USD 25 million from investors to further expand its leadership in artificial intelligence and deep learning for retail.

2.11.2018

Netcontrol Group and Its Shareholders – Sale of Netcontrol to Procuritas

We acted as the legal advisor to the sellers and Netcontrol Group in the structured sale process of Netcontrol. The company was acquired by Procuritas, a Swedish Private Equity house whose Procuritas Capital Investors VI fund purchased the majority stake in Netcontrol. Netcontrol is a well-reputed provider of solutions, systems and services for real-time monitoring, control and automation of utility networks with a leading position in the Nordics and a broad international presence. Netcontrol, founded 1991, is a technology provider of intelligent utility network automation solutions. The company is headquartered in Helsinki, Finland, with offices in Sweden, Norway and the UK. Customers include electricity companies, renewable energy producers, electric railways, energy intensive industry plants, and district heating plants and pumping stations. Group employs ca. 80 automation professionals and had revenues of around MEUR 19 in 2017. Procuritas Capital Investors VI is a private equity fund focusing on mid-sized companies in the Nordic region. PCI VI launched in 2017, with ca. MEUR 318 in committed capital. With a passion for business, extensive industrial experience and an over thirty-year track record covering a large variety of transactions, Procuritas has supported over 40 companies with the aim to accelerate their growth and realise their true business potential.

21.8.2018

CapMan Growth Equity – Investment in RealMachinery

We acted as the legal advisor to CapMan Growth Equity in its investment in nationwide earthmoving equipment company RealMachinery. RealMachinery, founded in 2010, is a nation-wide full-service house specialised in machinery that sells, rents, maintains and equips earthmoving machinery for every purpose. In addition to RealMachinery, a part of the machinery house is Dae-Tek Ltd. In 2017, the net sales of new RealMachinery Group were EUR 65 million and it currently employs approximately 100 persons in total. 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. The objective of the CapMan Growth Equity investment activities is to find unlisted target companies with strong growth potential, to make significant minority investments in them and, as an active investor, to develop their value so as to achieve returns in excess of the market average.

14.6.2018

Hengan International Group – Investment in Finnpulp

We represented Hengan International Group Co., Ltd, a Hong Kong listed company and China’s most significant tissue and hygiene product manufacturer, in its investment in Finnpulp. With the investment, Hengan became a large shareholder of Finnpulp. Finnpulp is planning to build the world’s largest softwood pulp mill in Kuopio, Finland. The total amount of the investment is estimated to be 1.4 billion euros. The basis for all Finnpulp operations is to become the most efficient and modern producer of softwood pulp in the world. The new Finnpulp mill will be the most ecologically sound pulp mill in the industry. According to plans, the annual production capacity will be 1.2 million tons per year. Hengan International Group, listed in the Stock Exchange of Hong Kong, is a manufacturer of pulp-based tissue and personal hygiene products. Group’s annual revenue is above 2.5 billion euros and it employs around 21,000 people. Hengan is within China’s top ten best known consumer brands and a significant user of long-fiber softwood pulp as raw-material for its about 1.42 million tons annual production capacity of tissue products.

24.4.2018

Juuri Partners – Acquisition of Esa Kuokka

We represented Juuri Partners in its acquisition of Esa Kuokka Oy, a logistics company specialising in distribution of chilled and refrigerated goods. Juuri Partners is an innovative Finnish private equity company, which offers financing to established and profitable small and medium-sized enterprises in Finland. Esa Kuokka Oy is a national distribution partner of corporations, wholesalers, food manufacturers and importers as well as hundreds of small producers. The company has created service concepts for food logistics based on premium quality and technology.

10.4.2018

CapMan Growth Equity – Investment in Arctic Security

We advised CapMan Growth Equity Fund in its investment in cyber defence company Arctic Security Oy. Arctic Security provides Actionable Threat Intelligence, which helps its clients identify cyber attacks, attackers and their victims. 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. The objective of the Growth Equity investment activities is to find unlisted target companies with the potential to grow rapidly, to make significant minority investments in them and, as an active investor, to develop their value so as to achieve returns in excess of the market average.

2.4.2018

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