Looking a bit at Capman’s PE investments, with the current investment policy, Capman will likely continue to steer well clear of companies like Oura, not to mention quantum stocks. Perhaps it’s better this way, but one almost falls asleep trying to find any original investment target that Capman is involved in. Furthermore, since they operate across a million different industries with several different business models, this truly is an interesting department store of various goods.
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Here are Sauli’s thoughts on CapMan in video format as well. 
Sauli mentioned that CapMan is not primarily a dividend play, but I still ruthlessly exploited the 7% dividend yield for the video title and thumbnail. 
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CapMan Growth exits Silmäasema – Terveystalo to acquire the company’s entire share capital
The CapMan Growth Equity II fund, together with other shareholders of Silmäasema Oy, has signed an agreement to sell all shares in the company to Terveystalo Plc and its subsidiary, Terveystalo Healthcare Oy. The arrangement strengthens the position of the combined Terveystalo and Silmäasema entity in the growing eye health market and enables an even better range of services and care for customers.
Silmäasema is Finland’s leading eye health company in both private eye health and optical retail. CapMan Growth invested in Silmäasema from the Growth Equity II fund in 2023 as part of an approximately EUR 40 million investment round. In connection with this, CapMan Growth exited Coronaria Oy, which has served as Silmäasema’s largest owner and will become Terveystalo’s largest shareholder upon completion of the arrangement. CapMan Growth’s Managing Partner, Antti Kummu, has served as Chairman of the Board of Silmäasema since 2019.
Silmäasema’s revenue has grown steadily and faster than the market at an average annual rate of 16 percent during CapMan Growth’s ownership period between 2020 and 2025. The company’s revenue has more than doubled to EUR 267 million and EBITDA (IFRS) has quadrupled to over EUR 55 million (2025). During this time, Silmäasema has also become the market leader in its field in Finland. A key part of Silmäasema’s strong growth and high profitability has been its unique integrated operating model, which covers all eye health services.
The completion of the arrangement is subject to approval by the Finnish Competition and Consumer Authority and the decision of Terveystalo’s Extraordinary General Meeting to authorize Terveystalo’s Board of Directors to issue Consideration Shares.
The exit is CapMan Growth’s tenth and the Growth Equity II fund’s second.
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What does the exit from Silmäasema mean in practice for CapMan shareholders?
CapMan owns approximately 10 percent of that fund which is divesting from Silmäasema.
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CapMan Infra invests in Hansabuss to promote the development of public transport in the Baltics
The CapMan Nordic Infrastructure II fund has agreed to acquire Hansabuss from Hansa Group. Hansabuss is the largest privately-owned bus company operating contract-based local transport in the Baltics. The investment supports CapMan Infra’s strategy to strengthen core public transport infrastructure in Northern Europe.
Founded in 1995, Hansabuss has grown to become the leading local bus transport operator in the Baltics. In addition to contract-based local transport, the company provides charter services and other bus transport services for corporate and public sector clients. The company operates in Estonia and Latvia and has grown profitably through competitive tenders and acquisitions. Hansabuss is well-positioned to expand its business as the opening of the Baltic public transport market to competition continues. As part of this long-term development, green transition requirements, such as the introduction of low-emission and electric fleets, will become increasingly prominent in tenders.
CapMan Infra’s investment supports Hansabuss in its next phase of growth. As the new owner, CapMan Infra is prepared to invest in low-emission and electric fleets as well as the company’s operational development, further strengthening Hansabuss’s competitiveness and growth potential.
All current employees of Hansabuss will continue in their current roles following the completion of the acquisition. The transaction will have no immediate impact on Hansabuss’s current customers or services.
The completion of the transaction is subject to approval by the Estonian Competition Authority.
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