Hartwall Capital
Also known as Hartwall Capital Oy Ab
Helsinki investment company of the Hartwall beverage family, investing since 2008; takes control stakes of €25–75M in Finnish and Swedish companies that are past the start-up phase.
USEFUL FOR Business owners seeking a long-term partner · Co-investors
Family-owned investment company of the Hartwall family, formed in 2008 after the family sold its shares in the Hartwall beverage business. Not the Hartwall drinks company itself.
Family & background
- FAMILY
- Hartwall
- WEALTH ORIGIN
- Beverages (Oy Hartwall Ab, est. 1836)
- HEADQUARTERS
- Helsinki, Finland
- FOUNDED
- 2008
- AUM
- €500M (2026)
Investment approach
- GEOGRAPHY
- FinlandSweden
- STAGES
- GrowthBuyout
- ROUTES
- Companies (own capital)
- STRATEGIES
- Direct investmentsPrivate equityPublic equities
- TICKET
- €25M–€75M
- LATEST DEAL
- Linkity · Feb 2025
Overview
Hartwall Capital is a Finnish family-owned investment company with roots in Oy Hartwall Ab, a beverage company established in 1836; its owners sold their shares in the beverage business and started investment activity in 2008. It makes control investments of about €25–75 million in equity in non-listed and listed companies, primarily in Finland and Sweden, targeting companies with a healthy core business, established operating models and positive cash flow, and it also runs a financial portfolio of actively managed equity strategies and liquid fixed income. Its website reports a holding value of about €0.5 billion, 11 personnel and eight portfolio companies (Linkity, Secto, Vastuu Group, Kährs, LeaseGreen, Remeo, Duell and Terveystalo). In December 2025 it appointed Axel Lindholm as Chief Investment Officer for its private equity portfolio and Alexander Tallberg as Chief Investment Officer for its financial investments.
Investment thesis
Long-term control investments in Finnish and Swedish companies that have passed the start-up phase and have a healthy, cash-generative core business, using a transformative good-to-great approach (operational improvement, consolidation, complex transactions).
Holdings & investments (9)
- LinkityNOTABLESoftware & SaaS · since 2025
- Secto AutomotiveNOTABLEMobility & Logistics · since 2024
- Vastuu GroupNOTABLESoftware & SaaS · since 2023
- Consumer & E-commerce · since 2021
- Climate & Energy · since 2018
- since 2017 · Listed (Nasdaq Helsinki)
- Industrial & Manufacturing · since 2016
- Industrial & Manufacturing · since 2009 · Exited
- Industrial & Manufacturing · since 2004
People
- Axel LindholmChief Investment Officer · source
- Alexander TallbergChief Investment Officer, Portfolio Manager (Financial Investments) · source
- Noora HaraholmaInvestment Director · source
- Kanerva KoskinenInvestment Manager · source
- Oskar NivaInvestment Associate · source
- Andreas LagerbohmCFO, Head of Support Functions · source
- Janne LarmaChairman of the Board · source
- Peter ThermanDeputy Chairman of the Board · source
- Camilla HartwallBoard Member · source
- Victor HartwallBoard Member · source
- Paul HartwallBoard Member · source
- Frank KorsströmBoard Member · source
- Elisabeth Dreijer von SydowBoard Member · source
- Stefan von KnorringBoard Member · source
Frequently asked questions
Hartwall Capital is a family holding based in Helsinki, Finland, founded in 2008.
Hartwall Capital invests on behalf of the Hartwall family (Beverages (Oy Hartwall Ab, est. 1836)).
Hartwall Capital invests its own capital into companies. Its stated asset mix includes direct investments, private equity and public equities.
Hartwall Capital invests at Growth and Buyout stages.
Hartwall Capital's stated ticket size is €25M–€75M.
Key people at Hartwall Capital include Axel Lindholm (Chief Investment Officer), Alexander Tallberg (Chief Investment Officer, Portfolio Manager (Financial Investments)), Andreas Lagerbohm (CFO, Head of Support Functions) and Noora Haraholma (Investment Director).
Hartwall Capital's holdings and investments include Linkity, Secto Automotive, Vastuu Group, LeaseGreen, Remeo, Duell, Kährs and Terveystalo, among others.
The most recent publicly reported investment by Hartwall Capital is Linkity, announced in Feb 2025.