Skip to content



The funds managed by CapMan Capital Management Oy will be the majority owner of the new company with a 40 per cent ownership share. The other investors are Tapio and Timo Virtanen, former owners of Kultajousi Oy; Carel Capital Oy, the investment company of the new Managing Director Tuomo Räsänen; the funds managed by Helmet Business Mentors Oy; Veijo Ratsula and Kalevi Tiainen, the former owners of Westerback Oy and Kultakönni Oy; and Curt Lindbom, Senior Advisor at CapMan.

“The retail jewellery industry is highly fragmented, which offers us good opportunities for consolidating the industry firstly in Finland and later in other Nordic countries and the Baltics. The chain management will also become more efficient. For the consumer, this will mean a better standard of service and wider range of products – at more competitive prices,” says Curt Lindbom, the new Chairman of the Board of Kultajousi Oy.

Tuomo Räsänen (41), M.Sc. (Econ.) has been appointed Managing Director of the new chain. Prior to joining the company he was Managing Director at Isko Oyj. “The new company forms a national chain and large volumes will bring us substantial advantages in purchasing, marketing and chain management. We will focus on improved comprehensive service and we aim to expand our network of stores in large cities and regional growth centres,” says Räsänen.

Kultajousi Oy has a total of 28 retail jewellery stores around Finland. Kultakönni Oy has 6 stores in the greater Helsinki area, Suomen Kultasepät in Turku and one store in Raisio. Westerback Oy is Finland’s leading retailer of watches, jewellery and silver products as corporate gifts and has one store in Helsinki.

The companies have an aggregate market share of 16 per cent of Finland’s EUR 200 million jewellery retail market. Pro forma net sales in 2000 were EUR 31 million and EBIT was EUR 3.9 million. The companies employ 280 people. The implementation of the acquisition requires the approval of the Finnish competition authority.