Building the next phase of growth – Tomi Alén, Partner, CapMan Growth

CapMan Growth offers entrepreneurs a tailor-made alternative for a full exit. “We offer entrepreneurs an opportunity to realise part of their holdings while retaining majority control, gaining access to growth capital, diversifying their personal risk and partnering with professional sparring partners,” says Tomi Alén, Partner at CapMan Growth.

“One of the best things about growth investing is that it allows you to be creative with tailor-made solutions for the needs of the entrepreneurs and the company. Every company is different, and so is the way you work with entrepreneurs and management teams to help them solve challenges and build the next phase of growth.”

For Tomi Alén, partner at CapMan Growth, that variety is one of the most rewarding aspects of growth investing. Few cases illustrate it better than Silmäasema.

During CapMan Growth’s ownership period from 2020 to 2026, Silmäasema more than doubled its revenue from EUR 130 million to EUR 267 million, while profitability quadrupled and company value grew sixfold.

The CapMan team supported Silmäasema with several structural arrangements and operational excellence initiatives, including developing and executing a systematic M&A strategy, implementing new management systems, setting new KPIs, introducing new concepts, and integrating optical retail and eye care businesses, which have been instrumental in the company’s growth and profitability development.

In this case, a close, tailor-made partnership helped Silmäasema strengthen its position as the market leader in Finnish eye health services.

Scaling the business without losing control

Many entrepreneurs know the two ends of the financing spectrum. Early-stage companies turn to venture capital to fund growth, while more mature businesses are often sold through buyout transactions.

Growth investing occupies a different position in between. Increasingly, the challenge facing successful growth companies is not necessarily access to capital but finding the right ownership structure and support for the next phase of growth.

CapMan Growth takes a flexible approach to ownership, tailoring each investment to the company’s and its owners’ needs. Often, this means partnering with companies with a proven business model that need capital and support to accelerate growth: a sharper strategy, a more structured operating model and functions, or access to new markets.

For founders not interested in a full exit, the growth investing model offers a way to bring in a professional partner while staying in charge, Tomi explains. Growth investing lets founders keep building the companies they created while gaining access to capital, expertise, and a long-term partner.

“One of the first tasks before investments is to discuss where the company should be heading over the next three to five years and even further. If we find common ground on that vision, we move forward with the strategy and business plan.”

A strategic partner can help bring structure, challenge assumptions, and sharpen priorities.

Finding opportunities beyond IT

CapMan Growth invests in ambitious companies across the Nordic region, spanning a range of sectors. The team supports businesses with strong foundations and growth potential.

Through the third fund in its Growth fund series, in addition to its historical areas of success in software and digital consultancies, CapMan Growth increasingly invested in sectors rooted in the physical economy. Recent investments include the fitness chain Liikku, environmental technology company Tana and interactive gaming company CSE Simulation, whose products are used in schools, activity parks, hotels and airports across Europe and North America.

“Technology and AI can create competitive advantages in these businesses, but they are not replacing the need for the services they provide.”

“Technology and AI can create competitive advantages in these businesses, but they are not replacing the need for the services they provide.”

Learning how companies grow

Tomi started his career working at Boston Consulting Group, advising mainly large corporations across industries and growth situations. He then spent seven years in private equity, making mid-market buyout investments across the Nordic region.

Before joining CapMan Growth, Tomi worked for one of Finland’s most successful growth companies, RELEX Solutions, a SaaS company backed by leading international growth investors. Tomi led the team responsible for strategy, M&A, fundraising and investor relations, and was also part of the group leadership team.

For Tomi, his time at RELEX demonstrated how ambitious founders, a strong product and disciplined execution can create exceptional outcomes. Compared to advisory work, Tomi’s current role at CapMan Growth makes it possible to participate more directly in that journey.

What makes a compelling growth company?

When evaluating opportunities, growth is always the starting point. The companies that attract Tomi’s attention are usually solving a real problem for their customers and have already shown that people are willing to pay for that solution.

“Without tangible growth potential, there is no basis for a growth investment. But if the mindset exists and the core business is solid, we have a good foundation to build on.”

Sustained growth requires something competitors cannot easily copy.

“There has to be something genuinely difficult to replicate.”

Creating value beyond capital

As companies grow, management teams face questions about strategy, acquisitions, recruitment, and international expansion. However, the operational side of fast growth can keep entrepreneurs and management teams focused on daily execution at the cost of long-term strategic development.

For some companies, the next phase of growth is driven primarily through organic expansion. For others, acquisitions become an important way to accelerate growth, enter new markets or strengthen their market position.

“Our job is to identify where we can create the most value, remove bottlenecks and help build the structures needed for growth.”

A key part of that work is identifying the issues that could slow down growth before they become real problems. The objective is not to run the company, but to help entrepreneurs build organisations capable of operating at a much larger scale.

For example, CapMan Growth supported Fennoa in refining its pricing model and building a dedicated sales organisation, allowing the founder to remain focused on product development.

“Our job is to identify where we can create the most value, remove bottlenecks and help build the structures needed for growth.”

Another relevant example is Suomen Avustajapalvelut, one of Finland’s largest providers of personal assistance services. Since CapMan Growth’s investment in 2021, the company’s revenue and profitability have nearly quintupled, while the workforce has grown to more than 3,000 assistants. Working closely with the two founders, CapMan Growth has supported the company’s growth in a demanding, fast-changing market.

International expansion is often one of the biggest challenges growth companies face. For many founders, it is unfamiliar territory.

“Experienced investors can bring perspective from having seen similar challenges across multiple companies and markets.”

Trust is the foundation

Whether the challenge is international expansion, recruitment, acquisitions or strategy, the effectiveness of that support ultimately depends on one thing: trust. Growth may be measured in numbers, but it is always built by people.

For CapMan Growth, partnership means being available when difficult decisions need to be made. When strategic or operational challenges arise, entrepreneurs can always reach out to discuss the situation and explore possible solutions together.

“I always tell entrepreneurs that when a serious problem arises, I would like to be the first person they want to call.”

For Tomi, trust is the foundation of every successful investor relationship.

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Spotlight series – stories from behind the scenes at CapMan

This is the fifth part of the Spotlight series offering a look behind the scenes at CapMan through the eyes of our people. In each edition, we’ll share career stories, insights into the work of CapManians, and what motivates them in their roles.