Our Story in a Nutshell

We are one of the oldest financial and strategic advisory firms in Finland. CAG was founded in 1995 and has been a pioneer in corporate finance now for a quarter of a century.

The origins of CAG can be traced back to 1992 when Kera Plc (current Finnvera) incorporated its advisory operations into Kera Advisor Group Ltd with the objective of commercializing credit analysis in Finland. Three years later, CAG was established through a management buy-out. Ever since 1995, CAG has been an independent advisory firm fully owned and operated by its employees.

Our journey has been filled with many memorable moments reflecting the overall trends of the Finnish economy and the changing needs of our clientele. Despite the broad range of client needs served, we can notice that different topics have been particularly relevant at different times as illustrated here.

The key concerns of our clients


  • Corporate analysis
  • Credit analysis systems
  • Shareholder value management
  • Mergers & acquisitions


  • Business portfolio optimization
  • Corporate governance
  • Incentive schemes
  • Public sector incorporations


  • Financial arrangements
  • Strategic planning / analysis
  • Start-up and growth companies
  • Mergers and acquisitions

Recent news

Visma Consulting acquired Avaintec’s digital signature and digital archive solutions

CAG acted as the advisor to Avaintec Oy in the divestment of the company’s digital signature and digital archive business. Avaintec is the market leader in Finland in these solutions, particularly in the financial and public sectors. The acquirer, Visma Consulting Oy, already has strong expertise in these areas, and through the acquisition will become the market leader in these solutions. The transaction became effective on 2 September 2019. (more…)

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Algador Holdings Ltd acquires Helsinki Shipyard Oy

CAG acted as the advisor in the transaction between Algador Holdings Ltd (“Algador Holdings”) and Arctech Helsinki Shipyard Oy (“Arctech”) regarding 100 % of shares of Helsinki Shipyard Oy. The acquisition became effective on 20 May 2019.

In preparation for the acquisition Arctech established a new company, Helsinki Shipyard Oy, where it transferred its shipbuilding operations in Helsinki earlier this month. The acquisition structure ensured that the shipyard, under its new owners, could get a fresh start while going back to the name Helsinki Shipyard that it is best known and often referred to.


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Greetings from the FI-Compass Event in Brussels

CAG attended the FI-Compass event ‘Financial intermediaries and ESIF financial instruments – working with managing authorities on loan and guarantee instruments’, 25 June – 26 June 2018, Brussels. The event brought together over 140 representatives of financial intermediaries, national promotional banks and institutions (NPBIs), managing authorities and other stakeholders to share their practical experience in implementing ESIF financial instruments.

The intense two-day event focused on (1) the role of NPBIs and other financial institutions in implementation of debt instruments in 2014-2020, (2) the state of play in implementing ESIF financial instruments, and (3) challenges of implementing financial instruments – enhancing the competitiveness of small and medium-sized enterprises (SMEs).

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CAG Established Presence in Moscow, Russia

CAG has in January 2018 established presence in Moscow, Russia. CAG has over the past 25 years undertaken engagements in over 20 countries. In recent years CAG has served a number of Russian clients and Finnish clients with business interests in Russia. Establishing a presence in Russia enables CAG to provide better service to our clients in Russia and Finland.

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Tuomas Kouki Joined CAG as Analyst

Mr. Tuomas Kouki has joined CAG as Analyst starting 02.01.2018. Tuomas holds a M.Sc. (Econ.) in Accounting from Aalto University. Prior to joining CAG, Tuomas worked with EY as a Senior Audit Associate and various other positions in accounting and corporate finance. We are excited to welcome Tuomas to CAG to further strengthen our team particularly regarding financial analysis and arrangements.

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Greetings from Slush2017 in Helsinki

CAG attended Slush, 31 November – 1 December 2017, to hear and discuss the latest news, ideas and challenges in the rapidly evolving start-up scene. The event aimed to help the next generation of companies move forward, gain financing, contacts and visibility, has quickly exploded in popularity and become one of the most awaited occasions of the year.

As key takeaway, the large, prevailing themes in 2017 were the resolving of global environmental and social issues with new technological applications. The technological progression and advancement in multiple areas, for instance artificial intelligence and big data, will unlock new possibilities and allow substantial increase in efficiency in multiple industries. Technology is already on the verge of profoundly renewing healthcare and banking, also visible in new healthcare and payment service start-ups seen at Slush this year.

With regards to financial arrangements, it is noteworthy that crowdfunding platforms have in recent years established as viable option particularly for early-stage, low-threshold financing alongside traditional financing sources. We at CAG are looking forward to continuing our work with start-up companies regarding growth strategies and financial arrangements to help realize their full potential.

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Skaala Group Acquired by IFN Group

Austrian IFN-Holding AG has on 24 October 2017 signed and agreement to acquire 80% of Finnish window manufacturer Skaala Group. CAG acted as an advisor to Skaala Group regarding the transaction. Skaala was established in 1956 and owned by the Hautanen family. In 2016, Skaala Group had a turnover of EUR 96 million in 2016 and approximately 400 employees.

With the acquisition, Skaala becomes a part of the IFN/Internorm Group which is one of the largest manufacturer of windows, doors, facades and sunscreens and is represented in 22 European countries. The group was established in 1931 and is owned by the Klinger family. In 2016, the group generated net sales of EUR 500 million and had over 3,000 employees. “With IFN Group we are getting a strategically strong partner for the successful development of our company and further market expansion,” explain co-owners Markku and Hannu Hautanen.

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Greetings from the FI-Compass Event in Kuopio

CAG attended the FI-Compass event ‘ESIF financial instruments in the 2014-2020 programming period – Opportunities for Finnish regions’, that was held on 12-13 September in Kuopio, Finland. The event brought together approximately 60 practitioners including representatives of many Finnish regions, the Ministry of Economic Affairs and Employment and banking sector representatives.

The event focused on the opportunities for Finnish regions provided by the use of financial instruments under ESIF in the 2014-2020 programming period and particularly on the financial instruments under the ESI Funds supporting small and medium-sized enterprises (SMEs), in particular guarantees and equity. In addition to theoretical presentations, the event included interactive sessions and practical case studies from across Europe.

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Greetings From the FI Campus in Brussels

CAG attended FI Campus event ‘Financial instruments under the European Structural and Investment Funds (ESIF) in the 2014-2020 programming period’, 29 November – 1 December 2017, Brussels. The event brought together 300 representatives of the growing community of ESIF financial instrument practitioners from across the EU.

The three-day event was organized by the European Commission and the European Investment Bank and will offer a comprehensive program, including information sessions and interactive workshops covering: (1) EC Regulatory Guidance for ESIF financial instruments, (2) case studies sharing experiences of the implementation of ESIF financial instruments 2014-2020 in different member states, and (3) market practices, e.g. in equity or project development. Moreover, the event provided an opportunity to network and exchange experiences among leading practitioners.

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