Category: News

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.

Hartwall Capital has exited Polarica

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 (

Season’s Greetings

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.

Christmas wishes,

Team Hartwall Capital

Hartwall Capital has sold part of its holding in Stockmann plc

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.


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.

Niko Mokkila to head Hartwall Capitals investment operations

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.

Additional information:

Michael Rosenlew, Chairman of the Board

Contacts via Executive Assistant Karen Granvik (+358 9 6818 5610)