Investments






Previous investments










Listed companies
Non-listed companies
Previous investments
Investments


Konecranes is a world-leading group of Lifting Businesses™, serving a wide range of customers, including manufacturing and process industries, shipyards, ports and terminals. Konecranes focuses on delivering lifting equipment and service solutions that improve their customers’ effectiveness. Konecranes is listed on Nasdaq Helsinki (ticker: KCR).
Hartwall Capital has been an owner in Konecranes since 2009 and owns 10.0% of the shares in the company.
Hartwall Capital contact person: Alexander Tallberg


Terveystalo is the largest healthcare service company in Finland, offering versatile healthcare, occupational healthcare, medical and examination services in 180 clinics around Finland. Terveystalo’s customers include private individuals, companies and communities, insurance companies and the public sector. Terveystalo is listed on Nasdaq Helsinki (ticker: TTALO).
Hartwall Capital has been an owner in Terveystalo since its listing in 2017 and owns 6,43% of the shares in the company.
Hartwall Capital contact person: Alexander Tallberg


Remeo is one of the leading waste management companies in Finland. Through its nationwide network, the company offers recycling services to municipal, industrial, commercial and private customers. The company operates a fleet of over 200 heavy vehicles and nine treatment facilities, offering services for waste collection, sorting and pre-treatment.
Hartwall Capital has been an owner in Remeo since 2016 and owns 90.4% of the shares in the company.
Hartwall Capital contact person: Mats Therman


LeaseGreen, founded in 2013, is a service company dedicated to helping clients in the property sector to improve their profitability and environmental sustainability by enhancing energy efficiency. LeaseGreen plans and executes modernisations of properties’ energy systems as turn-key solutions, applying an innovative service model that includes financing. LeaseGreen employs around 60 energy efficiency experts in Finland and Sweden.
Hartwall Capital has been an owner in LeaseGreen since 2018 and owns 51.5% of the shares in the company.
Hartwall Capital contact person: Alexander Tallberg


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.

Previous investments
Polarica
Polarica is a leading company in the Nordics focused on wild food: wild berries, mushrooms and game. The company sells frozen berries to customers in the food and pharmacy industries globally. Polarica also sells frozen, dried and fresh game meat to retailers, hotels and restaurants in the Nordic countries. Hartwall Capital invested in Polarica Holding AB in 2010 and sold its holding in December 2019.
Arnolds
Arnolds is Finland’s first bakery coffee chain with fast service in an American style. The first café was opened in 1991. Today there are over thirty Arnolds coffee shops around Finland, all located in city centres or shopping malls. Arnolds is one of the most recognised coffee shop brands in Finland. Hartwall Capital invested in Arnolds in 2013 and sold its holding in April 2019.
Inkerman
Inkerman is a vineyard on the Crimean peninsula established in 1961. The vineyard comprises over 3,000 hectares and produces wine for the Russian market with a market share of approximately 2%. The company also has stand-alone operations in Ukraine, and is the leading wine producer in the country with a market share of 12%. Hartwall Capital and the Hartwall families invested in Inkerman International AB in 2010 and sold its holding in April 2019.
Royal Unibrew
Royal Unibrew is a leading regional beverage company in a number of markets – primarily in Northern Europe and Italy. Royal Unibrew is listed on Nasdaq Copenhagen. In 2013 Royal Unibrew acquired Finland’s second largest brewery, Oy Hartwall Ab and the same year Hartwall Capital invested in Royal Unibrew. Hartwall Capital sold its shares in Royal Unibrew through an accelerated book-building process in January 2018.
Sponda
Real estate investment company Sponda owns, rents and develops commercial real estate in Helsinki and the largest cities in Finland. Hartwall Capital invested in Sponda in 2013 when Sponda shares were listed on Nasdaq Helsinki, and sold its shares in July 2017 in conjunction with a public tender offer by Blackstone Group.
Cramo
Listed company Cramo specialises in equipment rental and related services, as well as rental of modular space solutions. Hartwall Capital started building a significant holding in Cramo in 2008. The shares in Cramo were sold to Swedish investment company Zeres Capital in April 2015.
Finex
Finex was established in 1990 as a spin-off from Suomen Sokeri to develop and produce chromatographic separation resins and specialty polymers. The company provides tailor-made solutions for a wide range of customers, such as the food industry for the production of sugar and xylitol. Hartwall Capital invested in Finex in 2011 and sold its majority holding to Johnson Matthey (UK) in May 2016.
Modz
Modz is a company established in 2009 that specialises in the management of diabetes, especially in children and young people. Hartwall Capital invested in Modz in 2013 and sold its minority holding in late 2015.
Skanditrä
Skanditrä is a supplier of hardwood and solid wood products, with customers mainly in the floor production, furniture and carpentry industries. Hartwall Capital invested in Skanditrä in 2007, and sold its holding to Austrian JAF Group in 2015.
Finno
Finno was established as a designer and provider of rainwater systems in 2012. Hartwall Capital invested in Finno in 2012, and sold its holding in an MBO transaction in late 2015.