Hartwall Capital appoints new Board of Directors

Elisabeth Dreijer von Sydow, Janne Larma and Stefan von Knorring

Hartwall Capital’s General Meeting has elected three new Members of the Board, including Janne Larma as the new Chairman of the Board, while Elisabeth Dreijer von Sydow and Stefan von Knorring have been elected as new Board members. The new Board assumes its duties with immediate effect. The full Board of Directors is thereby composed of Janne Larma (Chairman), Peter Therman (Vice-Chairman), Paul Hartwall , Frank Korsström, Camilla Hartwall, Victor Hartwall, Elisabeth Dreijer von Sydow and Stefan von Knorring.

– The new Board's combined expertise in asset management, private equity and corporate finance provides Hartwall Capital with an excellent foundation to develop the company further and create long-term value for its shareholders, says Paul Hartwall, chairman of the Hartwall Capital Owner’s Council.

– I am honored to step into the role of Chairman of the Board at Hartwall Capital. I look forward to working closely with the talented team and fellow board members and to drive long-term value growth for all our shareholders, says Janne Larma.

Hartwall Capital is a Finnish family-owned investment company focused on directly held portfolio companies and an actively managed multi-asset portfolio. Hartwall Capital is committed to sustainable practices, contributing to positive economic, social and societal impact through it’s investment operations.

by Viktor

Remeo acquires Delete Ympäristöpalvelut Oy

Finnish circular economy company Remeo has signed an agreement to acquire the entire share capital of Delete Ympäristöpalvelut Oy. The acquisition supports Remeo’s growth strategy by expanding its network of recycling centers and adding to its service portfolio as well as growing its construction and demolition waste management business.

Following the acquisition, Delete Ympäristöpalvelut Oy's business operations will be wholly owned by the Remeo Group.

Delete's recycling centers will be part of Remeo's comprehensive network, which will expand Remeo's capacity for receiving and treating recyclable materials.

The acquisition is planned to be completed during week 26.

by Viktor

Hartwall Capital invests in Duell Oyj

Following Duell Oyj:s IPO, Hartwall Capital is the company’s largest owner with 20.56 percent of the shares and votes.

Duell Oyj was listed on Nasdaq Helsinki Oy:s First North Growth Market in the end of November. Following the IPO, Hartwall Capital is the company’s largest owner with 20.56 percent of the shares and votes.

Duell is a leading powersports aftermarket distributor in the Nordics with a rapidly growing presence in the rest of Europe. Duell’s offering covers motorcycle, all-terrain vehicle (ATV), snowmobile, bicycle and marine products, including technical and spare parts and personal equipment, for example clothing and accessories, to dealers across several markets in Europe. Duell offers a broad assortment of products across all of its sales channels for four seasons through its six product categories comprising Onroad motorcycle products, Offroad motorcycle products, ATV products, Snowmobile products, Bicycle products and Marine products.

by Viktor

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.  

by Viktor

"Responsibility is a way of respecting our heritage"

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. 

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.

by Viktor

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. 

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.

by Viktor

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

by Viktor

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.

Image:Konecranes

by Viktor

Katja Kuusilehto is Hartwall Capital's new Financial Controller

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.

by Viktor

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.

by Viktor