Hartwall Capital has by an agreement signed on 20 December 2019 sold its minority stake in Polarica Holding AB, together with the majority shareholder Intera Fund I Ky, to a group of buyers consisting of several investors. Hartwall Capital was an owner in Polarica from 2010-2019. For further information, please contact Hartwall Capital’s Head of Investment Operations Niko Mokkila (firstname.lastname@example.org).
We thank you for your good cooperation during the past year and wish you a Peaceful Christmastime and a Happy oncoming New Decade 2020!
This year, we have wanted to support the preventive work against youth marginalization and have made a Christmas donation to the Tukikummit Foundation. The donation will support the hobbies and schooling of children and adolescents, thus reducing the social exclusion of young people.
Team Hartwall Capital
Hartwall Capital Ltd.
3 December 2019
Free for publication
Hartwall Capital has sold part of its holding in Stockmann plc
HC Holding Ltd (“Hartwall Capital”, a wholly owned subsidiary of Hartwall Capital Ltd.) has sold part of its holding in Stockmann plc (“Stockmann”). Hartwall Capital has on 3 December 2019 sold 2.3 million Stockmann B series shares which amounts to approximately 3.2 per cent of all Stockmann shares and 0.7 per cent of all votes. The shares were sold to Finnish investors. The total purchase price of the share sale amounted to circa EUR 4.3 million. In conjunction with the share sale, Hartwall Capital has, subject to certain exceptions, undertaken not to sell its remaining Stockmann shares until Stockmann has released its interim report for Q1 2020.
Following the share sale Hartwall Capital’s holding in Stockmann is 3 186 488 A series shares and 2 929 126 B series shares, which represents approximately 8.5 per cent of all shares and 10.0 per cent of all votes in Stockmann. Skandinaviska Enskilda Banken Ab (publ), Helsinki branch (”SEB”) acted as sole bookrunner for the share sale.
”Hartwall Capital is a long-term owner and we have been an active shareholder in Stockmann for ten years. As an investment company, we regularly evaluate alternatives concerning our holdings, and based on diligent consideration we have decided that now is the right time for us to reduce our holding in Stockmann. After the share sale, we consider Stockmann a finance investment for us. Therefore, we will not pursue an active role as an owner, contrary to the role we have had in the past years”, says Niko Mokkila, the Head of Investment Operations at Hartwall Capital Ltd.
This release is for information purposes only and shall not constitute an offer to buy, sell, issue or subscribe for, or the solicitation of an offer to buy, sell, issue or subscribe for any securities, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction.
M.Sc. (Eng.), M.Sc. (Econ.), Niko Mokkila (1979) will start in his position at Hartwall Capital during this autumn. Mokkila will be responsible for all of the company’s investment operations and he will in his new role report directly to the Board. Mokkila joins Hartwall Capital from private equity company Altor and he has overall some 15 years of experience in the private equity industry and investment business related consultancy services. Mokkila’s experience and expertise play a central role in developing Hartwall Capital’s investment operations further.
The Board of the company has decided not to appoint a managing director for the company. Heidi Sulin who has administered the tasks as interim managing director since October 2018 will going forward oversee the company’s other day-to-day administration and like Mokkila, report directly to the Board.
The Board of the company and the operational team will during the autumn launch a strategy process with the aim to make specifications to the company’s investment strategy and clarify the form of operation. Possible changes will be notified if needed, estimated at the beginning of 2020.
Michael Rosenlew, Chairman of the Board
Contacts via Executive Assistant Karen Granvik (+358 9 6818 5610)
At the annual general meeting of Hartwall Capital held on 3 May 2019, M.Sc. (Econ) Michael Rosenlew was elected as new Chairman of the Board of Directors of Hartwall Capital. Rosenlew succeeds Ole Johansson, who no longer was available as Chairman.
Michael Rosenlew has had a long and successful career at IK Investment Partners and has previous Board experience from i.a., Caverion Plc (chairman), Pöyry Plc and Stockmann Plc. The nomination of Rosenlew enhances the Board’s Private Equity know-how, and strengthens the company’s ability to execute its investment strategy, says Peter Therman, chairman of the owners’ nomination Board:
”Michael has unique experience and a background that suits our company well. With this competence, and considering that he knows the company well from his previous member years 2013 – 2018, he has a solid vision of how to develop the company during its next phase.”
Michael Rosenlew is delighted over the new assignment:
”I like the company and the industry. One could say, in a way, that I am returning to my roots. I am very proud to be heading the investment company of this iconic Finnish family and thus be part of the family’s success story.”
The destinguished Entrepreneur of the Year competition in entrepreneurship organised by EY kicked off at the opening seminar on 10 April 2019 in Helsinki, where new potential contestants where inspired by, among others, last year’s winner Samu Hällfors from Framery Oy and former ambassador Bruce Oreck. Contestants are recruited throughout spring and early summer also during several interesting regional events: the next event will be held in Turku on 15 May (speakers Teemu Kiiski from Finnish Design Shop and Bruce Oreck), followed by regional events in Kuopio 21 May (Mia Mantsinen/Mantsinen Group, Bruce Oreck), Oulu 29 May (Juha Vidgrén/Ponsse Oyj, Bruce Oreck) and Tampere 13 June (Kim Väisänen, Bruce Oreck). You are welcome to participate, network and hear inspiring stories of entrepreneurship! Sign up here!
EY Entrepreneur of the Year is a renowned award for growth entrepreneurs who inspire others with their visions, leadership and achievements. Through the annual competition entrepreneurs are encouraged to seek growth-oriented and responsible entrepreneurship and people are invited to learn more about growth entrepreneurship in general. EY Entrepreneur of the Year has taken place in Finland since 2003 and is part of a worldwide entrepreneur competition with thousands of participants. The entire contest culminates at the finals in Monaco, where over 60 country-specific representatives compete over the title EY World Entrepreneur of the Year.
Hartwall Capital is sponsoring the national EY Entrepreneur of the Year competition for the second year. The judges will announce the finalists and special awards winners on 21 October. The Finnish winner will be announced at a celebratory gala on 1 November in Helsinki.
Are you Finland’s next EY Entrepreneur of the Year? The competition application is open until 1 August 2019! Read more here: www.eoy.com/fi
Managing Director of Hartwall Capital Oy Ab, Eeva Ahdekivi, has left her position as of 30 October 2018. The Board thanks Mrs Ahdekivi for her contribution to the Company during the last three years.
The Board has started the search for a new Managing Director. The Company’s General Counsel, Heidi Sulin, has been appointed as Interim Managing Director.
Ole Johansson, Chairman of the Board
Contacts via Executive Assistant Karen Granvik (+358 9 6818 5610)
“LeaseGreen has managed to unlock enormous potential for owners of large properties”
The energy service company LeaseGreen is expanding its ownership base. LeaseGreen’s existing owners have carried out a transaction whereby Hartwall Capital, the Hartwall family investment company, will become a shareholder in the company. As part of the transaction, Hartwall Capital will also invest 10 million euro in new capital into the company. LeaseGreen’s operational management and strategy will remain unchanged, and the executive management and other existing owners will stay on as significant shareholders.
“We will continue on our familiar, inspiring path, but with added reinforcements,” says LeaseGreen’s CEO Tomi Mäkipelto, who founded the company in 2013 together with CFO Juho Rönni. “LeaseGreen has a strong capital structure on which to base its growth and internationalisation.”
According to Mäkipelto, LeaseGreen’s strategy will continue to be focused on achieving success together with the company’s customers and personnel. The company’s growth prospects are strengthened even further now with a long-sighted Finnish investor among its owners.
“In recent months, we have conducted in-depth discussions on LeaseGreen’s business operations, growth strategy and operating environment with Hartwall Capital. With the support of Hartwall Capital, LeaseGreen can continue implementing its current strategy and remain an entrepreneur-driven business. We will complete even larger and more ambitious customer projects than before and have now reinforced LeaseGreen’s owner and capital structure in the same way as before: in a timely, front-loaded manner.”
LeaseGreen plans and executes modernisations of large-scale properties’ energy systems, applying an innovative service model that includes financing. Operating in Finland and Sweden, the company employs around sixty highly educated building technology experts. LeaseGreen’s revenue grew to 21 million euros in 2017. During the current financial year, the company expects to achieve revenues of 35–40 million euro.
Hartwall Capital is a Finnish, family owned investment company. The company’s roots lie in the beverage business Oy Hartwall Ab, which was established in 1836. The investment company’s CEO Eeva Ahdekivi explains that Hartwall Capital seeks sustainable value growth via active ownership:
“LeaseGreen has been one of Finland’s best-performing growth companies in recent years. It has unlocked potential for substantial returns for property owners, thanks to its service model that offers easy opportunities for implementing energy efficiency investments. The gains on these investments are high, without tying up capital from the property owners. This means that carrying out the projects is profitable and uncomplicated for LeaseGreen’s customers. The company’s crystal clear operating model, values and entrepreneurial spirit are a good match with Hartwall Capital’s strategy, and we want to be strongly involved in supporting LeaseGreen’s entrepreneurs and personnel in the company’s next development phase.”
The market potential for properties’ energy renovations is several billion euro per year just in Finland and Sweden. In addition to the strong financial incentives, efforts to reduce energy consumption of properties and cut CO2 emissions are underpinned by the global discourse on climate change and corporate responsibility. Eeva Ahdekivi from Hartwall Capital and Tomi Mäkipelto from LeaseGreen agree that there is only one possible development path in this respect:
“The pressure is growing for improving energy efficiency and reducing emissions. Corporations have great intentions for operating responsibly, but few possess the necessary competence for solving the related technical challenges and making use of existing potential.”
Hartwall Capital Oy Ab
050 523 5840
LeaseGreen Group Oy
050 370 4092
Hartwall Capital has signed a two-year contract with EY to sponsor the national EY Entrepreneur of the Year competition which EY arranges annually. EY Entrepreneur of the Year is a renowned award for growth entrepreneurs who inspire others with their visions, leadership and achievements. Through the competition entrepreneurs are encouraged to seek growth-oriented and responsible entrepreneurship and people are invited to learn more about growth entrepreneurship in general.
EY Entrepreneur of the Year has taken place in Finland since 2003 and is part of a worldwide entrepreneur competition with thousands of participants. The entire contest culminates at the finals in Monaco, where over 50 country-specific representatives compete over the title EY World Entrepreneur of the Year.
”We want to take part and support the current and new Finnish entrepreneur’s journey to growth by providing the contestants opportunities to learn, network and exchange thoughts. As a domestic owner Hartwall Capital can also give views on what is important to the growth financers”, says Hartwall Capital’s CEO Eeva Ahdekivi.
The 2018 contest commenced today 16 May 2018 at the opening ceremony in Helsinki and will be followed by the regional contests in Turku, Lahti, Tampere and Oulu. The Finnish winner will be announced at a gala in November in Helsinki. Read more about the contest and registration at www.eoy.fi.