Nordhaven sells its Incentive Advisory business - Mandatum to create the market leader in employee rewards and compensation advisory in Finland

3 may 2021

Nordhaven Finland and Mandatum have completed the sale and purchase of Nordhaven’s Incentive Advisory business. The business and its full team will continue as part of newly established Mandatum Incentives Oy, part of Mandatum Life Group.

Over the years Nordhaven’s team, led by Tapio Tolvanen, has built highly successful long term incentive advisory business that serves on recurring basis many of the largest, most international, and fastest growing listed and privately owned companies in Finland. The team has created several hundreds of incentive programs based on a variety of structures that efficiently align the interests of the owners and the management and personnel.

With heavy hearts, and after lengthy considerations, we have now come to the conclusion that our Incentive Advisory business can develop faster under the ownership of Mandatum. We believe that the transaction is highly attractive to both the team and the clients. The transaction also opens up many co-operation possibilities between Nordhaven and Mandatum. Nordhaven shall focus on M&A and Debt & Capital advisory services going forward” says Juha Raunio, Managing Partner at Nordhaven Finland.

We welcome our current and new customers to Mandatum Incentives. We will benefit from wide employee rewards and compensation service offering by Mandatum and support by many new colleagues at Mandatum” says Tapio Tolvanen, who has been nominated as CEO of Mandatum Incentives.

Mandatum Life is one of Finland’s most respected and solvent financial service providers, and part of Sampo Group, one of the most valuable companies listed on Nasdaq Helsinki. Mandatum Life provides its customers with wealth management, saving and investment services, employee reward and retention and personal risk insurance services.


For further information, please contact:

Juha Raunio, +358 40 570 5260,

Tapio Tolvanen, +358 40 533 9474,

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