Category: News

Pekka Puustinen joins Hartwall Capital

Hartwall Capital is strengthening its leadership team by welcoming Pekka Puustinen as Managing Director, Co-Head of Investments.

Hartwall Capital has appointed Pekka Puustinen as Managing Director, starting in February. Puustinen will be responsible for the company’s investment operations alongside Managing Director Niko Mokkila and become a member of Hartwall Capital’s management team, reporting directly to the Board of Directors.

Puustinen has extensive experience in the European private equity industry. He joins Hartwall Capital from the global private equity firm Pamplona Capital Management, where he spent 13 years and was a Partner based in London, responsible for investments in Europe across a range of sectors. Puustinen started his career at Morgan Stanley working in TMT and Leveraged Finance teams. He holds a M.Sc. (Econ) degree from Helsinki School of Economics.

According to Hartwall Capital’s Chairman of the Board Michael Rosenlew, Puustinen is an important building block for the long-term development of Hartwall Capital.

“Adding a member of Puustinen’s calibre and experience to our team will enable the next phase in Hartwall Capital’s development and I have strong expectations of what we will be able to achieve going forward”, says Rosenlew.

Puustinen added: “I’m excited to be joining an investment firm with such an outstanding heritage and strong team. After 17 years abroad, I’m looking forward to the opportunity to work with Finnish companies and entrepreneurs to help them expand their businesses both domestically and internationally.”

Additional information:

Michael Rosenlew, Chairman of the Board
Contacts via:
HR Manager, Executive Assistant Karen Granvik (+358 9 6818 5610)

Pekka Puustinen, Managing Director
Contacts via:
Mobile: +358 40 676 3474

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.

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.

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