CapMan Growth press release
8 June 2026 at 12:00 pm EEST
CapMan Growth exits Silmäasema – Terveystalo acquires all shares in the company
CapMan Growth Equity II fund, together with the other owners of Silmäasema Oy, has signed an agreement to sell all shares in the company to Terveystalo Plc and its subsidiary, Terveystalo Healthcare Oy. The transaction strengthens the position of the combined Terveystalo and Silmäasema entity in the growing eye health market and enables the provision of even better services and care for customers.
Silmäasema is Finland’s leading vision and eye health company in both private eye health services and optical retail. CapMan Growth invested in Silmäasema through the Growth Equity II fund in 2023 as part of an approximately EUR 40 million investment round. In connection with the same transaction, CapMan Growth exited Coronaria Oy, which has served as Silmäasema’s largest shareholder and will become Terveystalo’s largest shareholder upon completion of the transaction. Antti Kummu, Managing Partner at CapMan Growth, has served as Chair of Silmäasema’s Board of Directors since 2019.
Silmäasema’s revenue has grown steadily and outpaced the market at an average annual rate of 16% during CapMan Growth’s ownership period in 2020–2025. The company’s revenue has more than doubled to EUR 267 million, while EBITDA (IFRS) has quadrupled to over EUR 55 million (2025). During this time, Silmäasema has also become the market leader in its sector in Finland. An important driver of Silmäasema’s strong growth and high profitability has been its unique integrated operating model, which covers the full range of eye health services.
“I am very grateful and proud that we have been part of Silmäasema’s impressive development over several years. I would like to warmly thank Teppo Lindén, Ulla Näpänkangas, Jari-Pekka Kelhä, as well as Silmäasema’s wider management team and all employees for their excellent work in driving the company’s growth and development. Silmäasema has played an important role in Finnish eye health, and the transaction with Terveystalo opens up new opportunities for the company and creates a strong foundation for future growth,” comments Antti Kummu.
Completion of the transaction is subject to approval by the Finnish Competition and Consumer Authority and a resolution by Terveystalo’s Extraordinary General Meeting authorising Terveystalo’s Board of Directors to issue the consideration shares.
The exit is CapMan Growth’s tenth to date and the second for the Growth Equity II fund.
For more information:
Antti Kummu, Managing Partner, CapMan Growth, +358 50 432 4486
About CapMan
CapMan is a leading Nordic private asset expert with an active approach to value creation and 7.2 billion euros in assets under management. As one of the private equity pioneers in the Nordics we have developed hundreds of companies and assets creating significant value for over three decades. Our objective is to provide attractive returns and innovative solutions to investors by enabling change across our portfolio companies. An example of this is greenhouse gas reduction targets that we have set under the Science Based Targets initiative in line with the 1.5°C scenario and our commitment to net-zero GHG emissions by 2040. We have a broad presence in the unlisted market through our local and specialised teams. Our investment strategies cover real estate and infrastructure assets, real asset debt, natural capital and minority and majority investments in portfolio companies. We also provide wealth management solutions. Altogether, CapMan employs around 200 professionals in Helsinki, Jyväskylä, Stockholm, Copenhagen, Oslo, London, Luxembourg, and Düsseldorf. We are listed on Nasdaq Helsinki since 2001. www.capman.com.
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 more than 1,700 vision and eye health professionals treat close to one million customers every year. Silmäasema has 155 optical stores and ophthalmologist centres, 20 private eye hospitals and 5 units providing public eye health services across Finland. Silmäasema’s turnover in 2025 was 267 million euros. In Estonia, Silmäasema has 10 optical retail locations under the Eagle Vision brand.