30.12.2019

Towards a Decade of Virtue

A new decade is nearly upon us, and it is natural for our thoughts to begin turning to the future. What can we achieve in the 2020s?

First, let’s take a look back. What were the major undercurrents of the 2010s? The financial crisis struck the Finnish economy like a sledgehammer at the end of the 2000s, and recovery has been painfully slow. The last-minute sale of Nokia’s mobile phone business in 2013 marked the end of an era, but set off a new wave of entrepreneurship and business.

The Arab Spring began at the start of the 2010s, but the results have fallen far short of the hopes it first kindled. The 2010s will be remembered as a decade of a weakening Europe, as well as a decade that saw the return of power politics to the global stage. The EU’s expansion stopped, its clout weakened amidst a lack of leadership and it spent the last years of the decade in the pangs of Brexit. China on the other hand has increased its political, economic and military influence through strategic power politics and state capitalism.

I think there are many reasons for hope in the 2020s. The climate crisis has launched a positive surge of civic activism. In the eyes of the young—and many older people as well—the world’s foremost opinion leader is 16-year-old Greta Thunberg, who embodies the change she is demanding. Many companies have also begun to show that it is possible to do their part while still doing good business.

It is clear that in the 2020s we will need to find new ways to succeed and solve the problems facing our society. It is time to start measuring the competitiveness of virtue.

Our Nordic democratic values, our responsibility and our ability to cooperate are true strengths. We manifest them by cherishing honesty and integrity—genuine Nordic virtues. We can use these virtues as the foundation for a sustainable future. For attorneys, virtue means, for example, that ethical principles, in addition to the letter of the law, will come to guide our work even more as we develop sustainable businesses with our clients.

The strength of our virtues allows us to serve as an example and punch above our weight in the global arena.

Latest references

We advised Metsäliitto Cooperative in relation to a new EUR 200 million sustainability-linked revolving credit facility with a syndicate of eight banks. This new credit facility refinances the existing EUR 200 million facility signed in December 2018 and will be used for general corporate purposes. The facility has a tenor of five years and includes two one-year extension options. The pricing mechanism of the revolving credit facility is linked to two of Metsä Group’s ambitious sustainability targets: Target 1: Zero tonnes of fossil carbon dioxide emissions, Scope 1 and 2, by 2030. Target 2: Share of certified wood in wood supply 100% by 2030. ‘Incorporating sustainability criteria into our financing further demonstrates the company’s strong commitment to actions that reduce our carbon footprint and mitigate climate change,’ says Vesa-Pekka Takala, EVP, CFO of Metsä Group.
Case published 16.1.2025
We advised NoHo Partners Plc on a 119-million-euro financing arrangement. The financing arrangement frees up a significant part of the cash flow for the business and enables the implementation of an acquisition-driven growth strategy also in the future.
Case published 16.1.2025
We advised CapMan Buyout in the exit of Renoa Group. Renoa Group management together with Korpi Capital and other investors have acquired the group. Renoa Group is a Finnish established expert in the building technology sector specializing in detached houses in Finland and Sweden. Renoa is a major provider of turnkey domestic water & heating, sewer system and electricity network renovations, with significant operations also in Sweden. The Group reported sales of €35 million and employed c. 300 personnel across its 10 offices in Finland and 6 in Sweden. Korpi Capital is a Finnish investment company with holdings in 29 companies. 
Case published 14.1.2025
We advised eQ Community Properties Fund in its acquisition of a property portfolio comprising a health centre in Espoo, a daycare property in Vantaa, an elementary school in Helsinki, and a parking facility property in Helsinki from Ilmarinen Mutual Pension Insurance Company. The lettable area of the first three properties is approximately 13,900 sq.m., while the parking facility offers 120 parking spaces. The portfolio’s tenants include the City of Helsinki, the City of Vantaa, the Western Uusimaa Wellbeing Services County, and Aimo Park Oy. In connection with the transaction, Ilmarinen invested in eQ Community Properties fund as per 31 December 2024.
Case published 9.1.2025