Information to the owners, financers, and other stakeholders

The following is Detailed information of investment assets, valuation principles, investor reporting and divestments


Canelco Oy

Location: Finland
Strategy: majority or major minority holdings in Finnish industrial SME’s, turnover 2 – 20 M€
Parent company: 20 M€ balance sheet
Starting year: 1988

Classification of the investors

46,66 %
Private companies
41,11 %
12,23 %
The others

Upper-Savo Investment Fund Oy

(managed by the service of Canelco Management)
Location: Upper-Savo
Strategy: minority and loan investment to SME’s in Upper-Savo
Size of the fund: 3,6 M€
Starting year: 2002

Anaika Wood Group Oy
Envitecpolis Oy
Sisuline Oy (former IS-Vet Oy)
Lapinlahden Konepajat Oy / Lametal Oy

Classification of the investors

100 %
Public sector

Responsible and reliable operator

Canelco is a full member of the Finnish Venture Capital Association and an alternative investment funds manager subject to a registration obligation under the Act on Alternative Investment Funds Managers (162/2014). Canelco was registered in the public register of alternative investment funds managers maintained by the Financial Supervisory Authority in 2014.

Valuation methods and investors’ reporting

We follow the International Private Equity and Venture Capital Valuation Guidelines (“IPEVG”). The valuation method of the guidelines is based on the fair market value of each holding we own and as this holding would be under M&A process on the reporting date.

Our reporting to the investors is based on the investment company agreements and the Guidelines of InvestEurope, the laws and accounting principles. The valuation of the holdings is based on the IPEVG principles and the investor reporting is proceeded in semi-annually.

Divestments – Warm memories, thousands of hours work

From the year 2009, when Canelco Management Oy was found, we have worked with over 40 different SME’s and their top management. These past years have been punctuated by hard work, challenging moments, learnings, and successes.
See below the list of companies that has been divested within these years

CompanyIndustryTime of divestment
SSG Sahala OyIndustrial maintenance & services 12/2023
Marvaco OySolution provider for packaging printers and brands12/2022
Oplatek Group OyManufacturer of optomechanic and photonics products9/2022
Fine-Pine OyManufacturing of glulam pine and spruce boards6/2022
KPA Unicon Group OyClean and renewable energy technology provider 4/2021
Cross Wrap Oywrapping and opening machines transforming industial processes2/2021
Alupro Oyarchitectonic fasad products for buildings1/2021
Via Naturale OyB-2-C healthy products12/2020
Midpointed OyIT-systems11/2020
Pixmill Group Oyprinted media3/2020
Geomachine OySpecial geodrilling rigs and accessories4/2019
Toolfac OyHydraulic and pneumatic components and valve assembly for machinery and engine manufacturers1/2019
Savcor Holding OyInformation systems for forest industry and process industry diagnostics.3/2017
Movia Group OyFinland’s largest driving school chain12/2016
Planmill OyIntegrated browser-based enterprise resource planning solutions12/2016
Remega OyHealth technology, EMG measurement devices, solutions for treating incontinence11/2016
Timaco OyManufacture of products produced through mechanisation1/2016
Jäämestarit OyConstruction of sports and exercise facilities (building cold and heat pipes)9/2015
Doranova OyEnvironmental cleaning and remediation9/2015
Arffman Consulting OyEducation services, particularly for labour market policy training6/2015
Tepcomp OyDeveloper and manufacturer of innovative LED products and contract manufacturer of electronics4/2015
Pirkanmaan Lehtipaino OyPrinting newspapers and print advertisement products8/2013
Polytronic OyRotation and die cutters for the packaging industry6/2013
Finnpos Systems OyCash register systems, primarily to transport stations and restaurants4/2013
Acute OyEnterprise resource planning systems for health care3/2013
Medfiles OyClinical research services and pharmaceutical product development services for the pharmaceutical industry3/2013
Oy Tammer-Suoja AbSeat covers and other textile design elements for the aviation and automobile industry12/2012
HR House Group OyStaff leasing and HR software products6/2012
Joptek OyComposite structures for the transport industry11/2011
Call Waves Solutions Finland OyCall centre services5/2011
Medikro OyThe design, manufacture and marketing of spirometry equipment4/2011
TH-Tools OyManufacturer of demanding made-to-measure tools for industrial companies11/2010
Intensium OyHealth care information systems (peer review services and process management products)6/2010
Tamlans OyEquipping vehicles for professional use6/2010
Blancco OyData erasure software5/2010
Lunawood OyIndustrial manufacture of thermowood5/2010
Kronodoc OyDocument management software4/2010
Aliko OyMetal cutting and press brake systems for the metal industry and steel wholesale companies3/2010
Visy OyMachine vision applications and access control solutions for industry and the authorities12/2009
Cerebricon OyTesting and product development services of drugs targeting the diseases of the central nervous system for the pharmaceutical industry8/2009