Contrary to expectations, 2021 was, if anything, an even more eventful year than its predecessor. Global politics have become increasingly antagonistic. The Ever Given blocked the Suez Canal for a week, triggering a crisis in logistics chains. The UN Climate Change Conference in Glasgow was hopeful, while simultaneously reminding us of the urgency of change. The waxing and waning of the pandemic has continued to create uncertainty.
22.12.2021
Shrewd Owners Lead Change
Sakari Lukinmaa
It has perhaps been surprising to see just how ambitiously the private sector has tackled problems relating to climate change. Numerous Finnish companies have placed well on the CDP’s list for their environmental efforts. Neste, with its carbon capture and hydrogen innovations, is one example of a Finnish company providing practical solutions to the world’s most urgent problems. BlackRock’s Chairman and CEO Larry Fink also took up the cause by making climate change the theme of his annual letter to the CEOs of the world.
While these are all significant steps, they are still just the first ones. Declarations need to be backed up by action. The rapidly changing world and an increasing understanding in companies of the importance of their stakeholders will come to dictate companies’ scope for action. The significance of various stakeholder groups is constantly shifting and is having an increasing impact of corporate value creation. For example, the Coalition United for a Responsible Exxon (CURE), a group of investors with over 145 institutional members, has accused Exxon’s board of responding too slowly to climate issues and is calling for changes in the company’s management.
The green transition may still be in its infancy, but it has gotten off to a promising start. There is much work ahead for everyone, and in that work, dialogue will be key—not just between companies and their stakeholders, but between companies and their peers. Companies should share their experiences, insights and best practices. It is also clear that the market has shown its strength as a driver of change, provided that the regulatory framework is in place and emissions pricing functions correctly.
An active and skilled owner understands and respects their company’s various stakeholders. Continual dialogue is at the core of any successful ownership strategy. As the changes that have already happened prove, companies do not operate in isolation from the rest of society. They can make choices that improve the functioning and welfare of society and the planet as a whole while continuing to create excellent business opportunities.
I am hopeful that 2022 will be a less eventful year than this one—but I wouldn’t bet on it.
We look forward to continuing to build sustainable success stories and engaging in the necessary dialogue with you in the coming year. Thank you to all our clients and business partners for your trust and the work we have done together this year!
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Latest references
Neoen – Sale of data centre
We advised Neoen Renewables Finland Oy, part of the French Neoen Group, in its sale of a data centre project to a consortium consisting of international data centre developers and operators. This marked Neoen’s first data centre development project in Finland. Founded in 2008, Neoen is one of the world’s leading independent renewable energy producers. The company operates in 15 countries. It develops, finances, builds, owns, and operates solar power plants, wind farms, and battery storage systems. Neoen Group is owned by global alternative asset manager Brookfield Corporation.
Case published 17.9.2026
Jolt Capital and Tesi – Investment in VEV
We advised Jolt Capital and Tesi in connection with their investment in VEV, a leading provider of commercial fleet electrification solutions. The investment, led by Jolt Capital with Tesi as co-investor, will support VEV’s next phase of growth and expansion across Europe. As part of the transaction, VEV became an independent company following the acquisition of Vitol’s stake in the business. Founded by Vitol, VEV provides integrated fleet electrification solutions combining fleet strategy, charging infrastructure, energy supply and operational services. Through its VEV IQ platform, the company supports more than 6,000 commercial electric vehicles across Europe and has been deployed across more than 600 sites spanning the transport, logistics and waste sectors. Jolt Capital is a private equity firm focused on growth investments in European deeptech companies. Tesi is a Finnish state-owned investment company that promotes Finnish business and economic growth through investments. We advised Jolt Capital and Tesi on the equity financing and structuring aspects of the transaction. International law firm Goodwin advised the investors on the acquisition of VEV.
Case published 10.9.2026
VR Group – Intellectual property matters
VR-Group Plc is a transport and logistics group owned by the Finnish State, operating passenger and freight rail transport in Finland with activities also in the Swedish market. VR Group provides passenger, logistics and maintenance services with over 160 years’ experience in developing responsible transport of the future. We advise VR Group in intellectual property matters as part of the company’s wider brand protection efforts. Our assignments have included advice on copyright, design rights and trademarks, focusing on the protection of the company’s visual identity – including its distinctive green colour – in connection with transport services as part of a comprehensive IP protection strategy. VR Group’s consistent brand building has also received recognition, including the Finland Chamber of Commerce’s Brand of the Year award in 2026. In the competition, brands were viewed comprehensively from various perspectives, including their story, strategic role, brand renewal ability and intellectual property protection. The jury found that VR had understood the importance of the protection of its brand as part of a comprehensive business strategy.
Case published 9.9.2026
NoHo Partners – EUR 50 million secured notes and EUR 97 million senior secured facilities agreement
We advised NoHo Partners Plc on the issuance of EUR 50 million senior secured floating rate notes. The notes have a tenor of four years and mature on 10 September 2030. The notes bear interest at a rate of three-month EURIBOR plus a margin of 4.375 per cent. per annum. The notes were allocated to a mix of domestic and international investors. We also advised NoHo Partners on the negotiation of its new senior facilities agreement. The facilities agreement comprises a EUR 60,000,000 term loan facility, a EUR 10,000,000 capex facility and a EUR 27,000,000 revolving credit facility. “We are delighted by the interest investors have shown in the company’s Notes, which reflects confidence in our strategy. The successful issuance of the Notes, together with the new loan agreement, extends the maturity profile of our financing and enables the company to continue executing its growth strategy going forward. I would like to thank all investors for their participation, as well as our partner bank for the excellent execution of the Notes issuance”, says Jarno Suominen, CEO of NoHo Partners. OP Corporate Bank plc acted as the sole lead manager and bookrunner for the issue of the notes. NoHo Partners Plc is a Finnish group established in 1996, and it specialises in restaurant services being the creative innovator of the Northern European restaurant market. The company was listed in Nasdaq Helsinki in 2013 becoming the first Finnish listed restaurant company, and it has continued to grow strongly throughout its history. NoHo Partners’ vision is to be the leading restaurant operator in Northern Europe.
Case published 4.9.2026