We are living in exceptional times in Finland. Our economy is struggling, and we desperately need to find ways to create growth. In addition, our relations with Russia have severely changed and the border between Finland and Russia is closed. We are facing challenges we were not expecting and have come to realise that Finland may no longer be the safe haven it used to be. When the world changes with tectonic force, as a small country we are not always the ones in control. Instead, we must react to global events in a right and timely manner and make the best possible decisions for our country.
22.12.2023
Towards the new
Sakari Lukinmaa
Our resolution and ability to stay cool under pressure are put to the test once again. Now is the time to decide how to shape Finnish society and economy so that we may leave them to future generations in a better condition. We must be able to renew and invest in the future, not least because it is good security policy.
While we cannot be overly optimistic about the coming year, it would be a mistake to succumb to pessimism. Inflation is slowing down, and economists predict that the general interest rates will start to decline. This will hopefully unlock and encourage investments. Furthermore, decreasing costs and increasing profitability and appetite for investments will boost the major energy transition.
December marks the end to Castrén & Snellman’s 135th anniversary, which has been a welcome respite amid the world’s turbulence. We, too, at C&S are tasked with finding ways to increase efficiency and to provide smarter and more sustainable solutions to our clients. AI and its many applications are important tools in achieving this.
Finland has a long history of overcoming challenges, and I have no doubt it can do so once again. Creating growth and productivity is down to all of us. We at Castrén & Snellman wish to be involved in shaping our society and to do our part by helping our clients succeed in the changing world.
I’d like to thank our clients, stakeholders and employees for the past year and wish you courage and success for 2024!
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Latest references
Korona Invest – Sale of Innoflame
We advise Korona Invest and the other shareholders of Innoflame Oy on the sale of Innoflame to Sponsor Capital. The transaction makes Sponsor Capital the new majority owner of Innoflame. Korona Invest has been a shareholder of Innoflame since 2021 and, together with the other selling shareholders, has over the past five years supported the company’s growth, development and several strategically significant corporate transactions, through which Innoflame has strengthened its position as Finland’s leading product media company. The ownership change is intended to support Innoflame’s next phase of growth, including its ambition to build a significant European product media company with the capability to expand rapidly into new markets. The transaction is conditional to the customary closing conditions such as authority approvals. Innoflame is one of Finland’s leading product media specialists, helping its clients build a unified brand experience by offering the design, sourcing and management of product media as a single integrated service. Korona Invest is a Finnish private equity firm founded in 2006, specialising in buyout and growth investments in domestic small and medium-sized enterprises. It makes both majority and minority investments, structuring each project to suit the company’s growth strategy.
Case published 27.8.2026
Marina Group – Acquisition of Iisiveneily and Porvoon Venekorjaamo
We advised Hopeasalmen Telakka Oy, part of Marina Group, on the acquisitions of Iisiveneily and Porvoon Venekorjaamo. The transactions form part of Marina Group’s expansion into the Finnish marina and boatyard sector, strengthening its position under the Quattro Marine brand. Following the acquisitions, Quattro Marine’s Finnish operations comprise Hopeasalmen Telakka, which operates boatyard facilities in Helsinki’s Mustikkamaa and in Tolkkinen, Porvoo, together with Iisiveneily and Porvoon Venekorjaamo. Marina Group is a Norwegian marina and boatyard consortium owned by the private equity sponsor Norvestor. It has grown rapidly through acquisitions to become the Nordic region’s largest boating services provider, having acquired 24 marinas and boatyards across Norway, Sweden and Finland within roughly a year.
Case published 24.8.2026
Neste – A EUR 250 million 10-year loan with NIB
We advised Neste as it signed a EUR 250 million 10-year loan with NIB. The loan will finance Neste’s investments related to research and development (R&D) in processing lower-quality feedstocks into high-quality renewable products; as well as the liquefied waste plastics (LWP) investment at Neste’s refinery in Porvoo, Finland. The R&D activities supported by the loan focus on the development of renewable solutions. These include, for example, expanding feedstock capabilities and technologies that enable the processing of new and lower-quality waste and residues into high-quality renewable end products. Part of the financing supports Neste’s liquefied waste plastics investment in Porvoo, related to upgrading low-quality plastic waste into high-quality feedstock at an industrial scale. The investment contributes to advancing circular economy solutions by enabling the use of hard-to-recycle plastic waste as a replacement for virgin fossil raw materials. The unit has an annual capacity to process up to 150,000 tonnes of liquefied waste plastic. Production ramp-up commenced in 2026.
Case published 19.8.2026
Aspo – Demerger and finance matters
We advised Aspo Plc, ESL Shipping Ltd and AtoBatC Shipping AB in relation to finance matters in connection with the demerger of Aspo, by which all the shares in ESL Shipping Ltd held by Aspo, together with the related assets and liabilities, will be transferred to a new independent company to be named ESL Shipping Group Plc. Aspo intends to apply for the shares of ESL Shipping Group to be admitted to trading on the regulated market of Nasdaq Helsinki. It is further intended that Aspo be renamed Telko Group Plc.
Case published 19.8.2026