We advised CapMan Special Situations Fund in its acquisition of the entire share capital of Nonna Group Oy, a Finnish elderly care provider operating five residential care homes through its subsidiaries. The transaction marks the Fund’s strategic entry into the community-based elderly care sector.
In a follow-on transaction, we also advised Nonna Group Oy, now a portfolio company of CapMan Special Situations Fund, on its acquisition of the entire share capital of Aurahovi Oy. Aurahovi provides elderly care services in Southwest Finland and Helsinki.
The combination of Aurahovi and Nonna Group positions CapMan Special Situations as one of Finland’s leading operators in community-based senior living. The integrated platform now comprises nine residential units and approximately 500 apartments, forming a truly nationwide presence.
The lead Partner for both transactions was Henrik Sandholm, with the team including Partners Antti Husa and Olli Hyvönen, Specialist Counsels Tiina Koivisto, Kalle Klemetti and Leena Pyymäki, Senior Associates Linda Stenroth, Petra Snäll, Lavinia Husa and Miika Huhtinen, and Associates Josefina Lind, Sanni Tirkkonen and Arttu Liipo.
Henrik Sandholm is the Head of Transaction Services team and a seasoned advisor specializing in both international and domestic corporate transactions, as well as transactions in the renewable energy and real estate sectors.
Expertise includes:
Mergers and acquisitions
Real estate
Energy and infrastructure
Commercial agreements
Corporate
International trade
The materials on the Eversheds Sutherland website are for general information purposes only and do not constitute legal advice. While reasonable care is taken to ensure accuracy, the materials may not reflect the most current legal developments. Eversheds Sutherland disclaims liability for actions taken based on the materials. Always consult a qualified lawyer for specific legal matters. To view the full disclaimer, see our Terms and Conditions or Disclaimer section in the footer.
Ragde Eiendom Sold Three Former Plantagen Properties in Finland
M&A | Real Estate
M&A
Sell side
Norwegian real estate investor Ragde Eiendom AS has sold a portfolio of three retail properties in Finland formerly operated by the garden retail chain Plantagen.
The properties are located in Espoo, Porvoo, and Vaasa, with a combined lettable area of approximately 13,500 square meters. The retail sites were originally opened in 2008. The buyer and transaction price have not been disclosed.
The transaction follows the bankruptcy of Plantagen Finland in autumn 2024 and marks the repositioning of the properties for future use.
We advised Ragde Eiendom AS on the transaction.
The assignment was led by Partner Markus Rämö, with support from Partner Saara Kyhälä and Associate Lauri Lähdeaho.
Markus has extensive experience advising both domestic and international investors — including institutional and private clients — as well as tenants, in various real estate transactions. His work covers property sales and acquisitions (including large portfolios), sale and leaseback arrangements, and lease agreements.
The materials on the Eversheds Sutherland website are for general information purposes only and do not constitute legal advice. While reasonable care is taken to ensure accuracy, the materials may not reflect the most current legal developments. Eversheds Sutherland disclaims liability for actions taken based on the materials. Always consult a qualified lawyer for specific legal matters. To view the full disclaimer, see our Terms and Conditions or Disclaimer section in the footer.
Interest in M&A is rising again in Finland — and company valuations are trending upward. In this blog, Partner Henrik Sandholm shares insights from our latest survey, highlighting where buyers are focusing now and why the outlook for sellers is more promising than it has been in years.
The low number of M&A transactions in Finland has been a frequent topic of discussion in recent years — often with a concerned tone. However, in our view, the situation is not as bleak as it is sometimes portrayed. According to our survey, interest in M&A is strengthening again, and buyer appetite is clearly on the rise.
The years preceding the pandemic were active for M&A. Although the pandemic temporarily slowed activity, dealmaking never stopped — and even peaked in 2021. After that, the market declined significantly, but now the trend is clearly upward again.
The outlook for the future is promising. In March–April, we asked entrepreneurs and industrial buyers about their views on the market and their intentions to engage in M&A over the next 12 months.
The results were the strongest since 2021. As many as 80% of respondents said they plan to buy or sell a company in the next 12 months — compared to 70% last year. Market attractiveness is also on the rise: 72% of respondents found the market to be either moderately or very attractive (compared to 64% the previous year).
Of course, uncertainty remains. The U.S. administration’s new tariff policies are creating tensions that are also affecting European M&A. In this environment, a clear and credible growth strategy is a key tool for any company planning to sell — it helps build trust and increase the likelihood of a successful transaction.
Where is buyer focus shifting?
Two particularly interesting findings emerged from the survey responses.
First, buyers are placing greater emphasis on cash flow. This means businesses with recurring revenue and scalable models — especially software and service companies — are now among the most attractive targets. On the positive side, profitability is no longer a strict requirement as in previous years, as long as the cash flow is healthy and predictable.
Second, a key barrier to transactions — the valuation gap — has diminished. Previously, many sellers were anchored to pre-pandemic valuation levels, which buyers could no longer justify. Now, 55% of respondents believe that company valuations are on a moderate upward trend. This improves the chances of reaching common ground between buyer and seller, potentially leading to more realistic outcomes.
Selling a business is more attractive than before
For entrepreneurs considering a sale, this development is significant. Growing demand, rising valuation levels, and a more balanced view on pricing increase the likelihood of a successful transaction. Sellers are more likely to receive a fair and reasonable return for their life’s work — and buyers see a clearer path to long-term value creation.
Download the full M&A Survey 2025 – leave your email to access the report.
Henrik Sandholm is the Head of Transaction Services team and a seasoned advisor specializing in both international and domestic corporate transactions, as well as transactions in the renewable energy and real estate sectors.
Expertise includes:
Mergers and acquisitions
Real estate
Energy and infrastructure
Commercial agreements
Corporate
International trade
The materials on the Eversheds Sutherland website are for general information purposes only and do not constitute legal advice. While reasonable care is taken to ensure accuracy, the materials may not reflect the most current legal developments. Eversheds Sutherland disclaims liability for actions taken based on the materials. Always consult a qualified lawyer for specific legal matters. To view the full disclaimer, see our Terms and Conditions or Disclaimer section in the footer.
Nordic M&A Market Shows Signs of Recovery – Survey Insights for 2025
M&A
Buy side
M&A
Valuation
We're excited to release the findings from our 2025 Nordic M&A Market Survey, which collected responses from over 120 transaction professionals across the region – including private equity investors, industrial buyers, and advisors.
The results suggest a market on the rebound. Respondents anticipate rising valuation levels in the coming year, supported by stabilizing interest rates. Cash flow has taken center stage as a key valuation driver, alongside growth potential and profitability.
Notably, the software, energy, and professional services sectors continue to attract strong investor interest. Strategic add-on deals and platform investments remain high on the agenda for buyers.
Download the full report here to explore the trends shaping the Nordic M&A landscape in 2025.
We hope the insights prove valuable. For further discussion or inquiries, don't hesitate to get in touch.
Antti Liimatainen is the Chief Operating Officer at Eversheds Sutherland Finland. He has experience in more than 100 Finnish and cross-border corporate transactions.
Henri Falck specializes in commercial and strategic advisory for corporate and ownership transactions at Eversheds. He has extensive buy-side experience in private equity and has worked throughout his career with technology and software companies operating under the SaaS business model. At Eversheds, in addition to M&A transactions, Henri also advises clients on ownership arrangements related to growth financing.
The materials on the Eversheds Sutherland website are for general information purposes only and do not constitute legal advice. While reasonable care is taken to ensure accuracy, the materials may not reflect the most current legal developments. Eversheds Sutherland disclaims liability for actions taken based on the materials. Always consult a qualified lawyer for specific legal matters. To view the full disclaimer, see our Terms and Conditions or Disclaimer section in the footer.
Webinar: Mergers & Acquisitions in the Nordics – Trends and Outlook
Event type: Virtual
05/07/2025 2:00 pm 05/07/2025 3:00 pm
M&A
M&A
You’re warmly invited to our upcoming webinar, where we will explore the current state of the M&A market and recent developments, with a particular focus on the Nordic region.
Global trade tensions, rising tariffs, and geopolitical uncertainties are reshaping the M&A environment – but they are also creating new opportunities.
In this session, Auri Aittokallio (Head of Nordics & Assistant Editor, Mergermarket) and Antti Liimatainen (COO, Eversheds Sutherland Finland) will provide an in-depth look at how these global shifts are affecting deal-making, and what companies and investors should keep in mind when operating in the Nordic market today.
What Will We Cover?
M&A and capital markets activity in 2025
Regional differences and emerging trends across the Nordics
How to navigate a rapidly changing market environment
Who Should Attend?
This webinar is designed for professionals working in M&A, finance, and strategic growth – and for anyone interested in gaining a deeper understanding of current market dynamics.
Register Now
Secure your spot by May 6, 2025. Participation is free of charge, but registration is required. Feel free to forward the invitation to colleagues within your organization.
A participation link will be sent to your email ahead of the webinar.
Antti Liimatainen is the Chief Operating Officer at Eversheds Sutherland Finland. He has experience in more than 100 Finnish and cross-border corporate transactions.
The materials on the Eversheds Sutherland website are for general information purposes only and do not constitute legal advice. While reasonable care is taken to ensure accuracy, the materials may not reflect the most current legal developments. Eversheds Sutherland disclaims liability for actions taken based on the materials. Always consult a qualified lawyer for specific legal matters. To view the full disclaimer, see our Terms and Conditions or Disclaimer section in the footer.
Elcoline Group, specialized in industrial technical services, is an excellent example of how crucial mergers and acquisitions can be as part of a growth strategy. We at Eversheds Sutherland Finland have acted as the company’s advisor ever since the business, which started in Varkaus, Finland, decided to pursue a determined growth path.
Elcoline’s target is to reach 1,700 employees and €250 million in revenue by 2028. Over the past decade, the company has been growing at an annual rate of 40%, and acquisitions have long been a vital part of its strategic toolkit. Several acquisitions have been made over the years, most recently Maintpartner AB in Sweden and Fortum’s turbine and generator services businesses in Finland, Sweden, and Germany.
Elcoline’s Chairman of the Board and co-founder Jere Räisänen emphasizes that acquisitions are often both a fast and cost-effective way to meet the needs of major customers and to acquire new clients.
We want to be the strongest player in the local market. Often, buying an existing business is worthwhile because otherwise, we would have to invest an enormous amount of time and money to build operations from scratch, he points out.
Dancing with the Swedes
Jere Räisänen gladly relates to Lieutenant John Dunbar, played by Kevin Costner in the classic movie Dances with Wolves, where Dunbar seeks to understand the Sioux people’s way of thinking. With a twinkle in his eye, Räisänen says he adopted a similar mindset when entering a new culture after Elcoline acquired the operations of Maintpartner AB in Sweden from funds managed by CapMan Buyout in 2022.
At that time, we realized that we needed to form a deep understanding of the business and the culture, and that can only be achieved by being physically present.
Therefore, Räisänen moved with his family to Örebro even before the acquisition between Elcoline and Maintpartner had been finalized. He highlights that while the project phase of an acquisition is important, the integration phase is even more critical.
You must be able to commit the experts and key personnel so that they genuinely want to work towards the €250 million revenue target. That is crucial for achieving results — and above all, it makes the work much more fun!
On Elcoline’s growth journey, many steps have hit the mark precisely — and this is no coincidence.
Good advisors are worth their weight in gold. Elcoline’s expansion into Sweden was carried out together with Eversheds Sutherland, and the results have been excellent! For example, our EBITDA in Sweden has quintupled through organic growth. The previous owner did not succeed in that, Jere Räisänen summarizes the journey so far.
The materials on the Eversheds Sutherland website are for general information purposes only and do not constitute legal advice. While reasonable care is taken to ensure accuracy, the materials may not reflect the most current legal developments. Eversheds Sutherland disclaims liability for actions taken based on the materials. Always consult a qualified lawyer for specific legal matters. To view the full disclaimer, see our Terms and Conditions or Disclaimer section in the footer.
The Nordic M&A market navigated a challenging yet evolving landscape in 2024. High interest rates, inflationary pressures, and geopolitical uncertainties continued to shape investor behaviour and deal-making dynamics. Deal values remained relatively stable in 2024 compared to 2023.
Despite these conditions, our holistic M&A team successfully completed 15 transactions as lead advisor. In terms of overall deal count, Eversheds Sutherland Finland was ranked joint second among the most active M&A advisors in the Finnish market.
These engagements demonstrate the strength of our service model, which combines an owner-driven strategy with deep commercial insight and comprehensive financial and legal expertise.
Looking ahead, we remain moderately optimistic about 2025. With interest rates declining, the financing environment stabilising, and investor confidence gradually returning, the outlook is improving. The Nordic M&A market has proven resilient over time, and we believe that small to mid-sized transactions will continue to drive activity in the region.
Highlights for our 2024 transactions
Öljycenter Finland joins technical trade group
We acted as the legal and financial advisor to the seller in a transaction where Öljycenter Finland, a specialist in industrial lubricants, became part of a group formed by Suomen Kulutusosa and Airfil Oy, under the ownership of Sponsor Capital.
The newly formed group will further merge with Vantaan Kiinnike & Rak Group, creating a significant player in the Finnish technical trade sector. Together, the combined entity generated over €60 million in revenue in 2024.
This transaction strengthens the group’s ability to provide comprehensive services for customers across the built environment sector nationwide.
Hawk Infinity acquires SaaS provider Triplan
We acted as the legal and financial advisor to the shareholders of Triplan Oy, a Finnish SaaS company providing document and case management solutions, with a strong focus on public sector administration.
The entire share capital of Triplan was acquired by Hawk Infinity AS, a Norwegian private equity-backed serial acquirer specialising in enterprise software companies.
We supported our client throughout the multi-phase cross-border process – from early-stage preparations and structuring to negotiation and execution. After a competitive process and intensive negotiations, Hawk Infinity was selected as the buyer.
Labsense Oy sold to Bergman & Beving
We acted as an advisor in a transaction where Swedish publicly listed Bergman & Beving acquired all shares in Labsense Oy.
Labsense, based in Nokia, Finland, is a distributor for several globally leading suppliers of technical laboratory equipment, serving both public and private sector clients in Finland.
Following the acquisition, Labsense will become part of Bergman & Beving’s Division Industrial Equipment, enabling the group to expand into a new niche within the laboratory equipment sector.
Insta Group acquires PLC-Automation Oy
We acted as the buyer’s legal and financial advisor in a transaction where Insta Group acquired the entire share capital of PLC Automation Oy, an engineering and service company.
PLC Automation, with a team of around 30 experts, specialises in automation, electrification, and crane operations. Its services include engineering, software design, commissioning, training, switchgear manufacturing, installation, and crane services.
The acquisition enables the companies to strengthen their specialised competencies close to customers, supporting industrial clients with increasingly diverse electrical automation and digitalisation needs.
Alligo acquires Hämeen & Riihimäen Teollisuuspalvelu
We acted as legal and financial advisors to Hämeen Teollisuuspalvelu Oy and Riihimäen Teollisuuspalvelu Oy in a cross-border transaction in which Swedish publicly listed Alligo acquired the entire share capital of both companies.
Hämeen Teollisuuspalvelu and Riihimäen Teollisuuspalvelu are growing technical wholesale companies offering a broad product range that includes tools, workwear, small machinery, hydraulic services, and contract manufacturing. The companies operate in Southern Finland, serving a diverse customer base.
€29M funding for Aisti Corporation
We acted as the legal and financial advisor to our long-term client, Aisti Corporation, in multiple financing rounds. The most recent €29 million funding package enables a significant manufacturing facility into Kitee, crucial step to the company´s growth journey. Aisti manufactures patented biodegradable acoustic panels made from wood fiber, offering a sustainable, high-performance, and cost-effective alternative. These panels can seamlessly replace irritating and undesirable mineral wool-based acoustic solutions.
ER-Pahvityö joins Adara Pakkaus
We acted as legal and financial advisor to ER-Pahvityö Oy in a transaction where Adara Pakkaus Oy acquired the company’s entire share capital.
Adara Pakkaus Oy is a long-established family business. ER-Pahvityö, a growing company specialising in cardboard packaging design, production, and sales, operates in the domestic market. The acquisition supports mutual business expansion.
Telatek Service acquired by Auroora Yhtiöt
We acted as legal and financial advisors to Telatek Service in a transaction where Auroora Yhtiöt acquired the entire share capital of the company.
Auroora is a Finnish serial acquirer specialising in water treatment, industrial services, automation, and electrification, with plans to list on the Helsinki Stock Exchange in the future.
Telatek Service provides industrial services including machining for industrial applications, industrial repairs, and large-scale periodic maintenance. The company operates across six sectors, including energy, forest industry, mining, and metal industries.
Multirel partners with Helmet Capital
We acted as Multirel Oy’s legal and financial advisor in a transaction where the company joined forces with Helmet Capital, a Finnish private equity investor focused on mid-sized companies, to accelerate growth.
Multirel provides transformers, compensation devices, electrical equipment, accessories, and related services to energy companies, grid operators, and industries across Finland. The accelerating electrification and energy system transition introduce new challenges—such as decentralized production and fluctuating capacity—driving increased demand for power quality monitoring and management solutions.
Admicom acquires Trackinno Oy
We acted as a financial advisor to Admicom Oyj in transactions where Admicom acquired Trackinno Oy.
Trackinno is a software company focused on developing cloud-based asset management, maintenance, and tracking solutions. Its software is primarily used in the construction, real estate, and industrial sectors, and is accessible via mobile app or web browser.
Through this acquisition, Admicom’s software segment and business operations will be strengthened with new smart functionalities, IoT solutions, partnerships, and growth and internationalisation potential.
Wetteri divests education arm to Professio
We acted as legal and financial advisors to Wetteri in a transaction where it sold its education business—Tieturi Oy and MIF—to Professio, part of Cor Group.
By divesting its Finnish education companies, Wetteri Oyj is streamlining its group structure in line with its strategic focus. The education business will continue under Professio Group, whose core expertise lies in professional training services.
KB Components acquires Plastone
We acted as legal and financial advisors to KB Components AB, a publicly listed specialist supplier of polymer components, in the acquisition of Plastone.
Plastone is a Finnish-Estonian company specialising in plastic injection molding. Through this transaction, KB Components strengthens its production capacity, expands its customer base, and advances its global growth strategy.
Avesco Rent acquires Vatupassi Group
We acted as the sell-side legal and financial advisor in the transaction where Vatupassi Group, a provider of construction measurement and safety equipment as well as rental services, was acquired by Avesco Rent.
Avesco Rent, part of the international Avesco Group, specialises in high-quality equipment rental services. The transaction supports Vatupassi’s long-term development and ensures the continuity of its operations as part of the Avesco Rent Group. The deal streamlines the business structures of both parties while aligning with their strategic objectives.
See how our integrated legal and financial advisory contributes to successful transactions in dynamic market conditions.
Get in touch to discuss how we can support your next move.
Henri Falck specializes in commercial and strategic advisory for corporate and ownership transactions at Eversheds. He has extensive buy-side experience in private equity and has worked throughout his career with technology and software companies operating under the SaaS business model. At Eversheds, in addition to M&A transactions, Henri also advises clients on ownership arrangements related to growth financing.
Henrik Sandholm is the Head of Transaction Services team and a seasoned advisor specializing in both international and domestic corporate transactions, as well as transactions in the renewable energy and real estate sectors.
Expertise includes:
Mergers and acquisitions
Real estate
Energy and infrastructure
Commercial agreements
Corporate
International trade
The materials on the Eversheds Sutherland website are for general information purposes only and do not constitute legal advice. While reasonable care is taken to ensure accuracy, the materials may not reflect the most current legal developments. Eversheds Sutherland disclaims liability for actions taken based on the materials. Always consult a qualified lawyer for specific legal matters. To view the full disclaimer, see our Terms and Conditions or Disclaimer section in the footer.
Talouselämä Highlights Our Findings: M&A Market Gaining Momentum Again
M&A
M&A
Professional buyers are showing growing interest in software companies and professional services. Energy sector businesses—particularly those involved in energy storage—are also in demand. For the first time, the defense and security sector emerged as an area of interest among buyers. These insights come from a recent survey we conducted to explore expectations within the M&A industry.
During the most challenging times, the focus shifted from growth to profitability. Now it seems that growth is returning to the conversation, says Johan Wesander, Managing Partner, Eversheds Sutherland Finland.
Our market outlook was recently featured in Talouselämä. Read more in Finnish.
Johan is the Managing Partner at Eversheds Sutherland Finland and a member of the Transactions team. He specializes in domestic and international transactions as well as corporate law matters.
The materials on the Eversheds Sutherland website are for general information purposes only and do not constitute legal advice. While reasonable care is taken to ensure accuracy, the materials may not reflect the most current legal developments. Eversheds Sutherland disclaims liability for actions taken based on the materials. Always consult a qualified lawyer for specific legal matters. To view the full disclaimer, see our Terms and Conditions or Disclaimer section in the footer.
On April 1, 2025, Sortera acquired all shares in Suomen Siisti Piha Oy. Known products of Siisti Piha are especially deliveries of building materials in large sacks and recycling collection services of construction waste. The acquisition strengthens Sortera’s leading position as a recycling and environmental services provider in the Helsinki metropolitan area and enhances its ability to offer a more comprehensive range of services.
We acted as the sellers’ legal advisor in the transaction. The team included Partner Peter Salovaara and Associate Sanni Tirkkonen.
Sortera is a leading player in Northern Europe in the collection, recycling, and treatment of construction waste, as well as the sale of energy-recoverable materials.
Peter Salovaara is a Partner handling cross-border and domestic mergers and acquisitions, as well as corporate and contract law issues.
The materials on the Eversheds Sutherland website are for general information purposes only and do not constitute legal advice. While reasonable care is taken to ensure accuracy, the materials may not reflect the most current legal developments. Eversheds Sutherland disclaims liability for actions taken based on the materials. Always consult a qualified lawyer for specific legal matters. To view the full disclaimer, see our Terms and Conditions or Disclaimer section in the footer.
Ilkka and Kaleva have today signed a share exchange agreement, under which the companies will merge their media businesses. The corporate arrangement will be carried out as a share exchange, whereby Ilkka Oyj’s subsidiary, I-Mediat Oy, will be fully transferred to the ownership of Kaleva365 Oy. As a result of the arrangement, Ilkka Oyj will own 35% of Kaleva365 Oy, while Kaleva Oy will own the remaining 65%.
The merger aims to strengthen regional media and ensure the continuity of reliable, high-quality, and independent regional journalism. The arrangement also enables sufficient investment in the development of digital media.
“It was a pleasure to advise on a transaction that strengthens the position of regional media in Finland and creates a solid foundation for developing journalistic content in the digital landscape. This arrangement demonstrates how collaboration can lead to sustainable and competitive solutions in an evolving media environment.” — Kirsi Karvonen, Partner
The legal advisory was led by Partner Kirsi Karvonen, supported by Partners Kaija Pulkkinen (Employment Law) and Olli Hyvönen (Competition Law), Specialist Counsel Tiina Koivisto, Associates Alex Niva (Competition Law) and Josefina Lind (Employment Law), and Senior Legal Trainee Joona Eriksson.
Kirsi Karvonen advises clients primarily on M&A and corporate transactions, including asset transfers, share exchanges, mergers, and demergers. Over the course of her career, she has been involved in hundreds of diverse transactions and corporate arrangements. Kirsi also has extensive experience in private equity investments and has advised numerous private equity funds.
The materials on the Eversheds Sutherland website are for general information purposes only and do not constitute legal advice. While reasonable care is taken to ensure accuracy, the materials may not reflect the most current legal developments. Eversheds Sutherland disclaims liability for actions taken based on the materials. Always consult a qualified lawyer for specific legal matters. To view the full disclaimer, see our Terms and Conditions or Disclaimer section in the footer.
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