Tokmanni is Finland's largest discount store chain with more than 160 outlets across the country. It offers value for money, a wide assortment of products, an appealing store concept and nationwide coverage.  The company has grown substantially in recent years, solidifying its leadership position in the structurally attractive Finnish general discount retail market. Nordic Capital Fund VII acquired Tokmanni in 2012.

In April 2016, Tokmanni Group Corporation was listed on NASDAQ Helsinki. Nordic Capital remained one of the largest shareholders in Tokmanni at the listing and the final shareholding in Tokmanni was sold in September 2017. 


After tracking the business for several years, Nordic Capital’s strong local relationships in Finland helped gain access to an exclusive process to acquire Tokmanni in 2012. A local presence and the ability to communicate with native Finnish speaking investment professionals proved critical to the successful completion of the transaction. In addition, an attractive debt package was secured to support the acquisition as a result of Nordic Capital’s strong relationships with local lenders.

Investment rationale

  • Continued room for expansion following a trend shift from high street to discount retail in Finland.
  • Scope for major operational improvement across the organisation.
  • Significant margin improvement opportunity identified from increased direct sourcing and private label.
  • Opportunity to develop and improve standardised in-store concepts and enhance product range.
  • Potential to unify eight different predecessor brands under the Tokmanni brand to drive nationwide marketing and develop customer loyalty.

Building the business

  • Well-planned, rigorous value creation plan put in place in advance of the acquisition.
  • Management team upgraded and operational improvements actioned from day one.
  • Investment in direct sourcing, with Shanghai office opened in June 2013.
  • Significant investment in store concept and strengthening of the Tokmanni brand.
  • Repositioning of the business from a mixed brand business to a segment-leading retail asset that could support a successful public listing and strong post IPO performance.


Early preparation commenced in 2013, with Nordic Capital working to communicate Tokmanni’s equity story and to position the business as the clear market leader in the structurally attractive Finnish discount market.

In April 2016, Tokmanni was successfully listed on Nasdaq Helsinki at an equity value of approximately EUR 394 million. The share price developed positively following the IPO, increasing by 55% between listing and March 2017.

The successful listing and strong subsequent share price performance reflect the strength of Tokmanni’s business and the significant improvements implemented during Nordic Capital’s ownership. Tokmanni’s revenues increased from EUR 650 mn (2011) to EUR 776 mn (2016). In the same period, the number of employees grew from 2,900 to 3,200 and Tokmanni opened 18 new stores.

Nordic Capital's final shareholding in Tokmanni was sold in September 2017.