Verso Capital Oy

What Verso Capital Oy does

Verso Capital Oy is a Nordic private equity firm founded in 2012 in Helsinki, Finland by Anssi Kariola, specializing in buy-outs and carve-outs of European B2B businesses with €10-100M in revenue and positive EBITDA. The firm manages three closed-end private equity funds (Verso Fund I, Fund II, and Fund III at €100M+) plus a Spin-off Fund, with €160M+ total AUM raised from Finnish institutional investors including Tesi/KRR III, pension funds Ilmarinen, Varma, and Elo, and corporate investor Nokia. The investment team holds 100+ combined years of operational and financial experience, with backgrounds at Nokia, Nokia Siemens Networks, Ericsson, Carnegie, and Pareto Securities, and operates from offices in Helsinki, Stockholm, and Frankfurt (opened November 2025). The firm has executed 19 total investments including 11 carve-outs, with notable exits including Ginolis (€70M to CELLINK in 2021), Solutions for Tomorrow (to DMS Group in 2023), Emberion (to Exosens in April 2026), and Atrinet's NetACE business (>200x MOIC to ServiceNow).

The current portfolio spans eight active companies across healthcare technology (Everon elderly care, Suomen Avustajapalvelut personal assistance), industrial IoT (Cumulocity, recognized as a 2025 Gartner Magic Quadrant Leader), photonics and imaging (Emberion's quantum dot SWIR sensors with 120+ granted patents; DMS Group medical imaging), workplace services (Joyweek office solutions), marine technology (Nextfour Q Experience displays), and modular cleanroom infrastructure (Vetrospace). Verso's revenue model is standard institutional private equity: 1.5-2% annual management fees on committed capital plus 20% carried interest on exits above a hurdle rate, with the most recent exits (Emberion 2026, Teira formation 2025) signaling active realization. The go-to-market is enterprise direct origination, leveraging a proprietary carve-out methodology and Nordic-DACH corporate network built over 100+ transactions to source non-core business divestments from larger corporates including Software AG, Nokia, Schneider Electric, and Office Management.

Recent strategic activity through 2025-2026 includes the Cumulocity 23-country carve-out from Software AG (January 2025), Suomen Avustajapalvelut acquisition (August 2025), the Teira formation agreement with Schneider Electric (November 2025), and the Frankfurt office opening with DACH hire of Alexander Wenz (November 2025), positioning the firm to expand from its Nordic core into the broader DACH market.

Name

Verso Capital Oy

Legal name

Verso Capital Oy

Website

https://versocapital.com

Company type

Private

Founded year

2012

Operating status

Operating

Headcount range

1–10 employees

Short description

Verso Capital Oy is a Nordic private equity firm founded in 2012 that invests in European B2B companies with €10-100M revenue, specializing in carve-outs and buy-outs. The firm manages €160M+ across three funds from offices in Helsinki, Stockholm, and Frankfurt.

Ownership category

akta.pro rank

Headquarters

HQ city

Helsinki

HQ country

Finland

HQ region

Europe

Offices3 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Marketing or Sales, Technology or R&D, Others

Revenue model

1. Fund Management: Verso Capital generates revenue through management fees from managing its private equity funds (currently 3 funds), as well as carried interest from successful exits. The firm has raised over €160M across its funds.
2. Investment Returns: Returns from successful exits of portfolio companies through trade sales, IPOs, and other transactions. Examples include exits from Ginolis (€70M acquisition by CELLINK), Solutions for Tomorrow (acquired by DMS Group), and exceptional returns from Atrinet (>200x MOIC).

Go-to-market motion1 record

Distribution channels2 records

Marketing channels3 records

Core offering

Verso Capital Oy is a Nordic private equity firm that invests in European B2B companies with €10-100m in revenue through buy-outs, corporate carve-outs, and management buyouts. The firm typically becomes the largest shareholder in portfolio companies and works actively with management teams to accelerate sustainable profitable growth. Verso manages three private equity funds plus a spin-off fund, with over €160M in total committed capital.

Product overview

Verso Capital Oy is a Nordic private equity firm specializing in carve-outs and buy-outs of European B2B businesses with €10-100m revenue. The investment portfolio includes Everon (cloud-based elderly care solutions), Cumulocity (industrial IoT platform), Emberion (infrared imaging/SWIR cameras), Nextfour (marine displays), Vetrospace (modular spaces with clean room technology), DMS Group (medical imaging systems), Joyweek (office supplies/services), and Suomen Avustajapalvelut (personal assistance services). Verso Capital does not offer a unified product/platform but rather holds equity stakes in these distinct portfolio companies across healthcare technology, IoT, imaging, and facility management sectors.

Differentiator

Problem solved

Functional benefit

Products and services

• Verso Fund III Verso Capital's third private equity fund with €100M+ committed capital, focused on acquiring European B2B businesses with €10-100m revenue experiencing growth or profitability bottlenecks, with emphasis on carve-out situations. Available to institutional limited partners.
• Verso Fund I Earlier-generation Verso Capital private equity fund that completed multiple investments and exits, establishing the firm's carve-out and B2B investment track record.
• Verso Fund II Second-generation Verso Capital private equity fund that completed notable investments including the carve-out of Environics Oy in 2015 and the exit of Ginolis to CELLINK for €70M in 2021.
• Verso Spin-off Fund I Specialized spin-off fund focused on carve-out transactions, achieving exceptional returns including over 200x MOIC on the Atrinet investment through the ServiceNow exit completed in December 2025.
• Buy-Out Investment Services Active ownership buy-out services for European B2B companies with €10-100m revenue, where Verso becomes the largest shareholder and works closely with management teams to accelerate growth and optimize the business.
• Carve-Out Execution Services Specialized carve-out transaction execution services, leveraging Verso Capital team's experience across more than 100 carve-outs and M&A transactions to efficiently separate non-core businesses from larger corporations.
• Management Buyout (MBO) Partnership MBO partnership services collaborating with talented management teams to unlock full company potential, foster sustainable growth, and ensure seamless ownership transition with long-term value creation.

Quantifiable outcome

• Verso Spin-off Fund I achieved >200x MOIC on Atrinet investment
• +3 more outcomes

Named customers8 records

Segments3 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

AI capability7 records

Feature3 records

Partnerships

Three partnerships are on record, tiered product partner, transaction partner and partnership.

• HEPROproduct partnerTechnology or Integration · 19 March 2026HEPRO designed Night Owl digital supervision solution which was integrated into Everon's EMA app, enabling caregivers to receive and manage alerts with two-way speech capabilities.
• Schneider Electrictransaction partnerStrategic or Co-development Partner · 10 November 2025Verso Capital entered into Sale and Purchase Agreement with Schneider Electric to acquire their Fire & Security and Building Management Systems business in Finland, Norway, and Sweden, forming new company Teira.
• HowzpartnershipStrategic or Co-development Partner · 8 September 2025Everon Group partnered with Howz, specialists in behavioral monitoring and care analytics, to deliver a market-first technology platform combining reactive devices with behavioral analytics for proactive and preventative care.

Scale indicators9 records

Recent moves7 records

Expansion highlights7 records

Broad incumbents

• Nordic Capital: Largest Nordic-focused PE firm with broader sector mandate and larger fund sizes than Verso. Comparable thesis but operates at much larger cheque size and broader portfolio.
• IK Investment Partners: Pan-European mid-market PE firm with strong Nordic presence and B2B focus. Comparable lower mid-market orientation but materially larger fund and team.
• Schroders Capital (Private Equity): Global PE secondaries and co-investment arm of Schroders ($97B+ AUM) that co-invested with Verso on Cumulocity. Comparable direct PE activity but at much larger scale.

Direct peers

• CapMan Growth: Nordic PE/growth investor that co-invested alongside Verso in Suomen Avustajapalvelut. Comparable in fund size, Nordic focus and lower mid-market B2B orientation.
• Norvestor: Nordic mid-market buyout firm investing in B2B businesses with similar hold-and-build approach. Comparable thesis, region and cheque size range.
• Avedon Capital Partners: Benelux- and DACH-focused lower mid-market PE firm that co-invested with Verso on the Cumulocity carve-out from Software AG. Directly comparable strategy and cheque size.
• Sentica Partners: Finnish private equity firm investing in Nordic SME buyouts and growth capital. Closely comparable in geography, target size and B2B focus.
• Altor Equity Partners: Nordic and DACH-focused mid-market PE firm with active ownership approach to B2B companies. Similar investment style and operating value-add.
• Sponsor Capital: Finnish lower mid-market PE firm focused on buyouts and growth in Nordic SMEs. Overlaps with Verso on geography, deal size and active ownership style.

Emerging players

• Armada Credit Partners: Finnish private credit and equity co-investor that partnered with Verso Fund III on Suomen Avustajapalvelut. Comparable Nordic lower mid-market focus with hybrid debt/equity capability.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks5 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/verso-capital

Compliance2 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles7 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A4 records

Investments16 records

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Verso Capital Oy