Hartwall Capital has its roots in Oy Hartwall Ab, a beverage company established in 1836.  Hartwall Capital’s investment activity started in 2008 when the shares of the beverage company were sold and the owners transformed their holding in the beverage industry into ownership in an investment company.

Hartwall Capital core approach


Companies with healthy core operations and established operating models


Intense transformative approach: Good-to-great, operational improvements, consolidation, complex transactions, company restructuring, public to private, generation shifts or complex owner situations


Value creation programs well suited for longer-term investment horizon


Partnership approach with key stakeholders: management teams, entrepreneurs and other institutional investors


Talented team, experienced board and wide senior advisor network supporting our companies

Making companies better.

Value Creation

A comprehensive and documented value creation approach, comprising of elements relating to the development of the company’s plan and ensuring the right competencies and governance structure to deliver the plan.


  • Control investments in publicly listed and non-listed companies
  • A target of EUR 25-75m equity per strategic investment
  • Aims to be a long term owner of a balanced portfolio


  • Roots in the beverage company Oy Hartwall Ab, founded in 1836
  • Brewing business sold in 2007, Hartwall Capital formed in 2008
  • By joining forces the family owners can, through Hartwall Capital, act as a meaningful player in the Finnish business environment

Our values


People are our greatest asset. As a small working community, we thrive only through co-operation with various stakeholders: together we are more than the sum of our parts. Close collaboration towards common goals enables us to achieve our objectives as an active owner.

Teams are the core of our companies. Our teamwork is based on a supportive working environment, open communication, and respect towards others. Our teams consist of talented people and we support their continuous growth and development and are committed to promoting their wellbeing.


We expect high integrity and ethics from ourselves and the people around us. We are dedicated professionals with great ambitions. Our decisions are based on facts and diligent work. Being a respected business partner with a strong and solid corporate identity is essential for us, and we are committed to doing our best in preserving such an image. We act transparently in an accountable manner, take ownership over our work, and anticipate the same from our companies and other stakeholders.


The Hartwall family has a history of achieving great things together and being an acknowledged contributor in the society. We embrace that legacy by continuing on that path and striving to responsibly increase the company’s value for future generations. In order to prosper over time, we believe that the value creation must be built on sustainable and long-term business success which in turn contributes positively to the welfare of people, society and environment.