CapMan Growth Signs Agreement to Sell Silmäasema Shares to Terveystalo and Strengthen Finnish Eye Health Market Consolidation

CapMan Growth Signs Agreement to Sell Silmäasema Shares to Terveystalo and Strengthen Finnish Eye Health Market Consolidation

(IN BRIEF) CapMan Growth Equity II fund and the other shareholders of Silmäasema Oy have agreed to sell all shares in the company to Terveystalo Plc and its subsidiary, Terveystalo Healthcare Oy. The transaction will strengthen Terveystalo’s position in Finland’s growing eye health market by combining its healthcare platform with Silmäasema, the country’s leading vision and eye health company across private eye health services and optical retail. CapMan Growth invested in Silmäasema in 2023 through an approximately EUR 40 million investment round, while Managing Partner Antti Kummu has served as Chair of Silmäasema’s Board since 2019. During CapMan Growth’s ownership period from 2020 to 2025, Silmäasema achieved average annual revenue growth of 16%, more than doubled revenue to EUR 267 million and quadrupled EBITDA to more than EUR 55 million. The transaction is subject to approval by the Finnish Competition and Consumer Authority and approval from Terveystalo’s Extraordinary General Meeting for the issuance of consideration shares. The exit is CapMan Growth’s tenth overall and the second for its Growth Equity II fund.

(PRESS RELEASE) HELSINKI, 8-Jun-2026 — /EuropaWire/ — CapMan Growth Equity II fund, together with the 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 transaction will bring together two major players in Finnish healthcare and eye health services, strengthening the combined entity’s position in the growing eye health market. The acquisition is expected to support the development of broader and more integrated services for customers, while creating new opportunities for Silmäasema’s future growth.

Silmäasema is Finland’s leading company in vision and eye health, with a strong position in both private eye health services and optical retail. CapMan Growth invested in the company through its Growth Equity II fund in 2023 as part of an approximately EUR 40 million investment round. In connection with that same transaction, CapMan Growth also exited Coronaria Oy, which has served as Silmäasema’s largest shareholder. Upon completion of the new transaction, Coronaria will become Terveystalo’s largest shareholder.

Antti Kummu, Managing Partner at CapMan Growth, has served as Chair of Silmäasema’s Board of Directors since 2019 and has been closely involved in the company’s development during a period of strong growth and market expansion.

During CapMan Growth’s ownership period from 2020 to 2025, Silmäasema’s revenue grew steadily and outperformed the market, achieving an average annual growth rate of 16%. Over the same period, the company’s revenue more than doubled to EUR 267 million, while EBITDA under IFRS quadrupled to more than EUR 55 million in 2025.

Silmäasema has also become the market leader in its sector in Finland. A major factor behind the company’s strong growth and profitability has been its integrated operating model, which covers the full range of eye health services and combines healthcare expertise with optical retail capabilities.

“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,” said Antti Kummu.

The completion of the transaction remains subject to approval by the Finnish Competition and Consumer Authority. It is also conditional on a resolution by Terveystalo’s Extraordinary General Meeting authorising Terveystalo’s Board of Directors to issue the consideration shares.

The sale of Silmäasema marks CapMan Growth’s tenth exit to date and the second exit for the Growth Equity II fund.

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.

SOURCE: CapMan