Author: Viktor Grandell

Hartwall Capital reduces ownership in Terveystalo Oyj 

HC Holding Ltd (“Hartwall Capital“), a company ultimately owned by Hartwall Capital Ltd., has sold 6,000,000 shares in Terveystalo Oyj (“Terveystalo“) (TTALO), representing approximately 4,69 percent of the total share capital and of the voting rights in Terveystalo. The sale was carried out in an accelerated book-building procedure. The shares were sold to Finnish and international institutional investors.

Following the sale, Hartwall Capital’s holding in Terveystalo is 8,431,690 shares, which represents approximately 6,59 percent of all shares and votes in Terveystalo.

Whilst the sale supports Hartwall Capital’s strategic ambitions, Hartwall Capital remains a significant shareholder in Terveystalo following the sale and continues to support Terveystalo’s long term strategy.

Terveystalo is a leading healthcare service provider in Finland. The Company offers primary and outpatient secondary healthcare services to corporate, private and public sector customers. Hartwall Capital, a Finnish family-owned investment company, has been one of Terveystalo’s shareholders since 2017.

Important notice 

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.  

Responsibility as a cornerstone of our strategic direction

Responsible investments have been one of the cornerstones of Hartwall Capital’s operations from the very beginning. In recent years, we have made efforts to integrate the sustainability aspect even deeper into our strategy, as well as to develop tools for effectively managing the portfolio companies’ sustainability strategies and operations through active ownership. One of the results of our efforts is our recent Responsible Investment Policy, which sets out clear guidelines for Hartwall Capital as well as our portfolio companies.

View our Responsible Investment Policy here (PDF)

Responsible investing is about taking the environment, social and governance principles into account in everything we do. Our sustainability approach is deeply rooted in the values of the Hartwall family: social responsibility is one of the most important values of our owner’s and thus, has guided HC’s operations from the very beginning. Our focus is on building sustainable companies and managing them well in order to create value for our owners, environment, our employees as well as other stakeholders. 

– We make choices that improve our society and promote welfare. Letting environmental and social responsibility guide our investments and ownership practices is a way of respecting our heritage, says Antonia Hartwall, representative of the Owner’s Council and member of the owner family’s seventh generation. 

Letting environmental and social responsibility guide our investments and ownership practices is a way of respecting our heritage, says Antonia Hartwall.


In 2020, Hartwall Capital signed the UN Principles for Responsible Investment (UNPRI) and became a member of FVCA, the industry body for the Finnish venture capital and private equity industry. The partner organizations function as additional support for the development of our processes and for increased transparency, among other things through the best practice and well-proven reporting models the partnerships provide access to. The memberships also allow us to observe the development of ESG-related matters in the investment industry in general as well as provide us an access to the forums in which these matters are discussed and further developed. Hartwall Capital is also a member of the FVCA’s ESG Committee. 

– Through responsible investments, we can contribute to a more efficient resource management, sustainable value creation as well as sustainable development, says Peter Therman, Chairman of the Owners’ Council and Deputy Chairman of Hartwall Capital’s Board.  

– Strengthening our ESG-related processes is a contemporary theme. We are not unique in our endeavour: investors are increasingly looking for investments that actively work for a more sustainable future and can offer solutions that have real, tangible positive impact. Sustainability isn’t a niche anymore, says Antonia Hartwall.  

Sustainable investments play an important part of the companies’ risk management processes due to their lower risk profile – however, the lower risk here does not imply lower returns but the contrary. There are several reasons why a strong ESG focus has a positive impact on the financial results. Credibility in sustainability issues, among other, support expansion into existing markets and gaining foothold in new ones. The sustainability requirements placed on suppliers are becoming increasingly stringent – meeting them creates competitive advantage and enables greater strategic freedom for a company.  

– Several sustainability aspects are also directly linked to reduced costs: energy efficiency and a reduced amount of waste and packaging materials, for example, says Peter Therman. 

Focus on sustainability also offers additional personnel related benefits such as attractive recruitment proposal, more motivated staff, and lower staff turnover. 

– Integrating a well-thought-out sustainability strategy into the business has no disadvantages whatsoever. We are in the fortunate position that we do not have to start from scratch or make expensive investments to bring our and the portfolio companies’ operations to a sustainable level: Hartwall Capital has a strong background in the area and our recent Responsible Investment Policy has a natural place in our operations, to support our high ambitions, says Antonia Hartwall. 

185 years since the beginning of Hartwall

Today, Tuesday 2.2.2021, it is 185 years since Victor Hartwall was granted a business license for the production of artificial mineral water in Helsinki.

The Nordic region’s first mineral water factory thus began operations, which at the same time became the beginning of the family company Hartwall’s history.

Victor’s son, August Ludvig Hartwall, took over the management of Hartwall’s mineral water factory in 1865 during the turbulent times after the Crimean War. The same year he took over the business, he founded the first water kiosks in the center of Helsinki. The first lemonade drinks were made by mixing mineral water with sweetened juice. The kiosks and lemonade drinks were a success.

The operations of Hartwall Capital in its current form began in 2008, after the owner families reinvested the funds received from the sale of the breweries business in Hartwall Capital.

Victor Hartwall

Hartwall Capital supports the re-election of Konecranes’ Board of Directors

Three of Konecranes’ major shareholders, Hartwall Capital, Solidium Oy and Ilmarinen, have announced a proposal to re-elect the current Board of Directors for the period ending at the 2022 Annual General Meeting.

The current board consists of Janina Kugel, Ulf Liljedahl, Per Vegard Nerseth, Päivi Rekonen, Christoph Vitzthum, Niko Mokkila and Janne Martin.

Hartwall Capital, Solidium Oy and Ilmarinen, representing a total of approximately 21,48 percent of Konecranes votes and shares, also propose that Christoph Vitzthum be re-elected as Chairman of the Board. Hartwall Capital will vote for the proposal at the Annual General Meeting 2021.


Katja Kuusilehto is Hartwall Capital’s new Financial Controller

Katja Kuusilehto

Hartwall Capital has hired Katja Kuusilehto for the position of Financial Controller. Kuusilehto will provide support for the ongoing development of Hartwall Capitals’ finance functions.

Katja Kuusilehto most recently worked at S-Pankkis treasury department with, among other things, fund accounting and liquidity management.

Before that, Kuusilehto spent 18 years at Aktia with value calculation and financial management as well as various other tasks.

Hartwall Capital appointed new board members

Tom Eriksson and Frank Korsström have been elected to Hartwall Capital’s Board of Directors. In the composition of the new board, experience in investment activities has weighed heavily. The Board’s work has also been reorganized: closer contact and an operational approach enables the Board’s competencies to be utilized more efficiently.

Tom Eriksson, M.Sc. (Economics and Business Administration), has, among other things, held various directorships in Wärtsilä, served as Managing Director of Adveq Management AG 2004-2007 and is now Chief Investment Officer at Calibrium AG. Eriksson has previously held various board positions and now sits on, amongst others, Audico Systems and Tolomeo Capital AG’s boards.

Frank Korsström, M.Sc (Technology), M.Sc. (Economics and Business Administration) worked for Accenture from 1998 to 2020: since 2006 as CEO of Accenture in Finland and since 2007 as CEO of Accenture in the Nordic region. Prior to Accenture, Korsström held positions in the consulting companies SIAR-Bossard in Finland and Paris and the Boston Consulting Group in Sweden and Finland. Korsström is also responsible for the implementation of the Confederation of Finnish Industries EK’s covid-19 exit strategy and serves as chairman of the board of Ficolo Oy and Rej-Design Oy. Korsström is also a member of the Supervisory Board of the Arcada Foundation.

The board now consists of six members. In addition to Eriksson and Korsström, the board consists of chairman Michael Rosenlew, vice chairman Peter Therman, Paul Hartwall and Casimir Lindholm.

“Hartwall Capital’s board now functions more like an investment committee,” says chairman Michael Rosenlew.

A tighter meeting calendar allows for further improved flexibility in decision-making and enables the board members to gain a deep insight into Hartwall Capital’s work and projects. The model allows the board’s skills and experience to be utilized more efficiently. In the composition of the new board, experience in investment activities has therefore weighed heavily.

Hartwall Capital supports the merger of Konecranes and Cargotec

Today, Konecranes and Cargotec announced their intention to merge. The new company that the merger would result in will be a global leader in sustainable material flow. Hartwall Capital, Konecranes’ largest owner with 10,01% of the shares, welcomes the merger and continues to support it by committing to vote for the merger.

– As the largest shareholder of Konecranes, we are happy to have had a very active role and therefore finally enabling this process, says Hartwall Capitals Chairman of the board Michael Rosenlew.

– We believe the merger is the right way forward. Together, Konecranes and Cargotec will form a new Finnish large corporation, with strong Finnish ownership, which we can take pride in.

The proposed combination will be implemented as an absorption merger whereby Konecranes will be merged into Cargotec. Konecranes shareholders will receive, as a merger consideration, new shares in Cargotec corresponding to half of the new company’s share capital, value and votes, in addition to a proposed extra distribution of funds corresponding to 2 euros per share to be distributed prior to the completion of the merger. As a result, Hartwall Capital will own 5% of the new company after the merger is completed.

The boards of directors of Konecranes and Cargotec unanimously recommend the merger to their respective shareholders. The merger will require approval by the extraordinary general meetings that Konecranes and Cargotec will convene, as well as obtaining the necessary competition regulatory approvals. According to the companies, shareholders representing approximately 44.8 percent of the shares and approximately 76.3 percent of the votes of Cargotec, and shareholders representing approximately 27.4 percent of the shares and votes of Konecranes have committed to support the merger. Subject to all conditions for completion being fulfilled, the completion of the merger is expected to occur in the fourth quarter of 2021.


Link to the official stock exchange release

Hartwall Capital joins FVCA ESG Committee

Hartwall Capital’s Investment Associate Noora Haraholma has been awarded a seat in the ESG-committee of the FVCA – Finnish Venture Capital Association.

The committee focuses on the themes of responsibility, effectiveness and diversity in the private equity industry. The committee actively monitors developments around ESG issues in the industry and how they affect the capital investment field. The committee provides Hartwall Capital with a platform to participate in the discussion on good practice in ESG matters, as well as a way to contribute to the implementation of them.

Thank you for your trust! We look forward to cooperating and working for a more sustainable world.

Hartwall Capital strengthens its team through strategic recruitments

Hartwall Capital has strengthened its investment and the administrative team through three new hires.

Andreas Lagerbohm will start in the autumn as the new Chief Financial Officer. Andreas joins Hartwall Capital from Aktia, where he held the position of Head of Group Finance and CEO of subsidiary Aktia Finance. During a period of reorganizations in 2017, Andreas held the position of Group interim CFO. Before Aktia, Andreas worked at KPMG with various auditing and consulting tasks in the financial industry. Andreas has worked at Aktia since 2015 with responsibility for the Aktia Group’s financial management.

Noora Haraholma is Hartwall Capital’s new Investment Associate in the investment operations team. Haraholma has previously worked as a consultant at the Boston Consulting Group, where she has mainly concentrated on business development and transformation, renewals of business models and organizations as well as strategy and due diligence projects.

Viktor Grandell is Hartwall Capitals new Communications Manager. The position is newly formed and will support Hartwall Capital’s ambition to strengthen its internal and external communications. Grandell has previously worked as a journalist and for the past ten years in politics, as head of communications for the Swedish People’s Party in Finland.

A stronger impact by responsible investment

Hartwall Capital became a signee of the UN principles of responsible investment (UNPRI) in 2020. Adopting the principles is an important step in making sure our activities are sustainable, in Hartwall Capital as well as in our portfolio companies.

Responsible investments have been a guiding light for Hartwall Capital’s activities since the beginning. In 2020 we signed the UN principles for responsible investment and joined the Finnish Venture Capital Association, FVCA.

The partner organisations serve as further support for the development of our processes and for increased transparency, for example through the best practices and well-tested reporting models they provide access to. In addition, membership in these networks gives us the opportunity to follow the development of ESG-related processes (environment, social responsibility and governance) in the investment industry as well as access to the forums where these are discussed and developed.

– The demands on signees of the UNPRI are nothing new for Hartwall Capital. Responsible investment is a principle that has always governed the business and ownership. As our organisation grows, the demand to create more systematic and integrated processes related to the ESG principles within our investment operations increases. We also need to make sure that the impact of the measures is followed up and reported in a transparent way. We want to follow the development of ESG matters in the industry and collaborate with other industry players, which has got off to a good start already by having the opportunity to participate in the FVCA’s temporary ESG working group, says Niko Mokkila, Head of Investment Operations at Hartwall Capital.

Responsible investment activities are about taking environmental, social responsibility and good management principles into account in all operations. By doing so, we contribute to sustainable development, more efficient resource management and a sustainable increase in value.

– Sustainability and social responsibility are at the heart of many family-owned companies. We have the strong support of the owners to further develop our processes and actions to make the impact tangible. The emphasis on ESG contributes to sustainable development and added value and is thus an inseparable part of our risk management process, which we will be focusing on this year, says Heidi Sulin, Head of Support Functions.


UN Principles for Responsible Investment

In 2005, then-UN Secretary-General Kofi Annan convened a group of the largest institutional investors to develop UN principles for responsible investment. The principles were launched in 2006 on the New York Stock Exchange. The principles are based on the idea that environmental, social and governance aspects can have an impact on the value development of investment portfolios and should therefore be taken into account.

Many large companies have suffered from high costs and expensive PR scandals after neglecting the sustainability aspect of their operations. Other companies have learned from those mistakes: sustainability is no longer a trend, but a natural part of the strategy and operations. Large banks and financial institutions have established their own departments to ensure that their business meet the requirements and an entire industry with institutes and consulting companies working on environmental, corporate social responsibility and administrative issues has emerged.

There are already a number of indexes to measure how different companies deal with ESG issues. We know that more are on the way to help investors, consumers and other stakeholders to review the non-financial aspects of a company’s business, which is a positive development.

The signatories of the UN Principles for Responsible Investment commit to:

  • incorporate ESG issues into investment analysis and decision-making processes.
  • be active owners and incorporate ESG issues into our ownership policies and practices.
  • seek appropriate disclosure on ESG issues by the entities in which we invest.
  • promote acceptance and implementation of the Principles within the investment industry.
  • work together to enhance our effectiveness in implementing the Principles.
  • report on our activities and progress towards implementing the Principles.