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CapMan Growth exits Coronaria, continues as investor in Silmäasema


CapMan Growth press release
19 May 2023 at 14:30 PM EEST

CapMan Growth exits Coronaria, continues as investor in Silmäasema

The ownership of Coronaria, one of the largest healthcare industry companies in Finland, is restructured. CapMan Growth and Tesi exit Coronaria while Cor Group, together with the company’s leadership and key persons, increase their ownership of the company to over 80%. As part of the restructuring, CapMan Growth invests in Silmäasema together with Elo, Ilmarinen, Konstsamfundet and key persons, as part of an investment round of around 40 million. Coronaria remains the largest owner of Silmäasema with an ownership of about 80%.

CapMan Growth has together with Coronaria’s main owner Cor Group and Mandatum Asset Management (MAM) agreed on an arrangement in which Cor Group increases its ownership in Coronaria. As CapMan Growth exits the company, the ownership share of products managed by the MAM Growth Equity team (MAM GE) also increases. As a result of this arrangement, Cor Group together with the company’s leadership and key persons, own about 82% of the company, while the ownership share of products managed by MAM GE remains around 18%.

”I am very grateful that I have had the opportunity to develop and build this wonderful company for so many years, while at the same time learning from unique entrepreneurs. At this point, I would especially like to thank Teppo Lindén, Ulla Näpänkangas, Marika Heikkala and Jari-Pekka Kelhä, and all the rest of Silmäasema’s and Coronaria’s management for their amazing work in an environment challenged by a public social and welfare renewal, covid-19, inflation and a war in Europe,” comments Antti Kummu, Managing Partner at CapMan Growth.

”I want to thank CapMan and Antti Kummu for providing us with resources to grow into one of the largest healthcare operators in the country, as well as the market leader in eye health. During CapMan’s ownership period our turnover has more than tripled from 117 million to 358 million. At the same time our personnel have grown from about 1,200 to 4,200 people”, comments Teppo Lindén, CEO at Coronaria.

CapMan Growth Equity Fund 2017 Ky fund is in carry and will have five remaining assets following this exit.

Silmäasema’s ownership base broadens

Connected to this the CapMan Growth Equity II -fund has made an investment in Silmäasema as part of an investment round of about 40 million euros, which was also joined by Finnish institutional investors Elo, Ilmarinen and Konstsamfundet and key persons.

Coronaria continues as the main owner of Silmäasema with an ownership share of approximately 80% after the investment. The ownership share of investors and key persons in Silmäasema is about 20% after the investment. Following the investment, Antti Kummu will continue as a member of the company’s Board of Directors, together with Timo Larjomaa who will join as a new member.

Silmäasema is a subsidiary of Coronaria and the leading eye health operator in Finland, offering all services related to eye health and optical retail as a one-stop-shop. In a few years, the company has visibly strengthened its market position in Finland and reached a market leading position.

”As the Chair of the Board at Silmäasema I have been closely involved in the company’s development for over three years. I am very impressed with the company’s unique concept, leadership, and know-how. During this time the company has almost doubled in size and grown into a market leader in all its operating segments. This is a good base on which to build future growth,” comments Antti Kummu.

”Silmäasema continues strong growth in the eye health market. New investors strengthen the company’s ownership structure and enable investing in growth also going forward. We also receive new know-how to develop the company. The change in ownership structure will not change our operative activities, shares Teppo Lindén.

For more information, please contact:
Antti Kummu, Managing Partner, CapMan Growth, +358 50 432 4486

About Coronaria

Coronaria on is one of the most significant healthcare companies in Finland, offering versatile ophthalmological and optical services, specialized healthcare, oral healthcare, and rehabilitation services on a national level. In rehabilitation and therapy services, Coronaria is Finlands leading operator. Coronarias subsidiary Silmäasema is a market leader in eye health. Coronaria is part of the Finnish health and welfare group, Cor Group. In 2022 Coronarias turnover was 358 million euros and the company had about 4,200 employees.

About Silmäasema

Silmäasema is the largest eye health and optical retail operator in Finland. We see the whole picture, from meeting and treating our patients to Finnish eye health as a whole. Silmäasema’s over one thousand experts in eye health, treat close to a million clients a year. Silmäasema has nearly 150 optical stores and ophthalmologist centres, 18 private eye hospitals and seven providers of public eye health services across the country. Silmäasemas turnover in 2022 was 203 million euros and the company had about 1,000 employees.

About CapMan

CapMan is a leading Nordic private asset expert with an active approach to value creation. As one of the private equity pioneers in the Nordics we have built value in unlisted businesses, real estate, and infrastructure for over three decades. With 5.1 billion in assets under management, our objective is to provide attractive returns and innovative solutions to investors. We have set greenhouse gas reduction targets under the Science Based Targets initiative in line with the 1.5°C scenario. We have a broad presence in the unlisted market through our local and specialised teams. Our investment strategies cover minority and majority investments in portfolio companies and real estate, and infrastructure assets. We also provide wealth management solutions. Our service business consists of procurement services. Altogether, CapMan employs approximately 180 professionals in Helsinki, Stockholm, Copenhagen, Oslo, London and Luxembourg. We are listed on Nasdaq Helsinki since 2001. Learn more at