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 (niko.mokkila@hartwallcapital.fi).

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)

Michael Rosenlew new Chairman of the Board of Directors of Hartwall Capital

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.”

Hartwall Capital has again the opportunity to support entrepreneurship through EY’s worldwide competition in entrepreneurship

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

Change of Managing Director in Hartwall Capital

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.

Additional information:

Ole Johansson, Chairman of the Board

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