Alma Media will combine its Human Resources and Corporate Communications functions under Elina Kukkonen, currently Executive Vice President, Communications and Brand. Merja Ristilä, responsible for HR, leaves the Group Management Team on 31 October as her position is discontinued. From 1 November, the team has nine members.

HR is not the first function Alma has folded into another this year

In March, Alma said General Counsel Mikko Korttila will retire in early 2027 after holding the role since 2007, and that the corporate planning function under him will move to Group Finance before year-end. Senior legal counsel Tiina Kerttula succeeds him on 1 January 2027.

“By combining our Human Resources and Communications functions, we are streamlining our organization and strengthening our ability to execute our strategy,” says Kai Telanne, President and CEO of Alma Media

Alma is streamlining from a position of rising profit

First-half revenue grew 4.9% to EUR 171.0 million, and adjusted operating profit rose 16.9% to EUR 44.8 million. In the second quarter alone, revenue rose 5.0% to EUR 87.9 million, and adjusted operating profit rose 15.6% to EUR 24.4 million, or 27.7% of revenue. All business segments improved their results. The leaner management team is an efficiency move, not a repair job. 

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Leaders

Alma Media folds HR into communications and trims its management team to nine

Alma Media folds HR into communications and trims its management team to nine

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Alma Media will combine its Human Resources and Corporate Communications functions under Elina Kukkonen, currently Executive Vice President, Communications and Brand. Merja Ristilä, responsible for HR, leaves the Group Management Team on 31 October as her position is discontinued. From 1 November, the team has nine members.

HR is not the first function Alma has folded into another this year

In March, Alma said General Counsel Mikko Korttila will retire in early 2027 after holding the role since 2007, and that the corporate planning function under him will move to Group Finance before year-end. Senior legal counsel Tiina Kerttula succeeds him on 1 January 2027.

“By combining our Human Resources and Communications functions, we are streamlining our organization and strengthening our ability to execute our strategy,” says Kai Telanne, President and CEO of Alma Media

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Alma is streamlining from a position of rising profit

First-half revenue grew 4.9% to EUR 171.0 million, and adjusted operating profit rose 16.9% to EUR 44.8 million. In the second quarter alone, revenue rose 5.0% to EUR 87.9 million, and adjusted operating profit rose 15.6% to EUR 24.4 million, or 27.7% of revenue. All business segments improved their results. The leaner management team is an efficiency move, not a repair job. 

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Authors

Devdatta Temgire is a data and business analyst at Listeds. He contributes research, data analysis, and pattern detection to the publication’s coverage of Nordic-listed companies, with a focus on board composition, leadership transitions, and financials. He holds an honors degree in artificial intelligence and data science alongside a bachelor’s in computer engineering, and previously worked at KPMG.

Devdatta Temgire is a data and business analyst at Listeds. He contributes research, data analysis, and pattern detection to the publication’s coverage of Nordic-listed companies, with a focus on board composition, leadership transitions, and financials. He holds an honors degree in artificial intelligence and data science alongside a bachelor’s in computer engineering, and previously worked at KPMG.

Authors

Devdatta Temgire is a data and business analyst at Listeds. He contributes research, data analysis, and pattern detection to the publication’s coverage of Nordic-listed companies, with a focus on board composition, leadership transitions, and financials. He holds an honors degree in artificial intelligence and data science alongside a bachelor’s in computer engineering, and previously worked at KPMG.

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Market Signals

Rainmaker buys Inhouse Group to close its B2B gap ahead of a possible First North listing

Oct 7, 2026

Rainmaker has agreed to buy all shares in Yellow Holding, owner of B2B sales outsourcer Inhouse Group, and is investigating a listing on Nasdaq First North Growth Market Finland. The Finnish sales and customer service outsourcer had 2025 turnover of EUR 45.9 million.

Rainmaker buys Inhouse to close the gap on its EUR 7 million B2B target 

Rainmaker aims to grow its B2B business to around EUR 7 million by the end of its 2025 to 2027 strategy period. B2B sales revenue was EUR 1.6 million in the first half, up from EUR 1.0 million. Two pilot assignments did not move into production, and volumes in its SDR service fell in spring before recovering in early summer. Inhouse covers prospecting, customer acquisition and appointment booking, and will keep its own brand. The purchase price was not disclosed.

“Inhouse Group has built a strong position in demanding B2B solution sales and developed operating models that perfectly complement Rainmaker's business entity. The acquisition supports our strategy to grow and strengthens our position as a growth partner for our customers,” says Tapio Korttilalli, CEO of Rainmaker, in the press release.

Inhouse follows two acquisitions in the first half of 2026

In February, Rainmaker bought telephone sales company Myyntimestarit and its roughly 60 sales professionals. It also bought Digizer's e-commerce customer service business.  First-half revenue rose 14.2% to EUR 24.6 million, with organic growth of 10.6% and acquisitions adding 3.6 percentage points. Comparable EBITDA rose to EUR 1.7 million, or 7.0% of revenue, the bottom of its 7 to 10% medium-term target range.

The balance sheet has been rebuilt for a listing since spring

In June, pension insurer Veritas subscribed EUR 2.0 million of new shares, equal to 11.76% of shares after registration. “The company's growth prospects and market position create a solid foundation for the company's future development and it is really great to be part of this story,” says Theo Laakso, portfolio manager at Veritas.

Interest-bearing net debt fell to EUR 5.6 million from EUR 9.7 million a year earlier, or 1.5 times rolling EBITDA. In July, several loan arrangements were replaced with a single long-term facility with fewer covenants.

Two holding companies own more than 90% of the shares

Before the Veritas shares were registered, GTW Group held 58.56% of Rainmaker and Divest Group 34.34%. The company says a listing would strengthen its capital structure and fund organic and acquisition-driven growth. A new company form, an outside equity investor and simpler debt all point the same way. The Inhouse deal gives prospective investors a first look at what a listing would pay for.

Leadership Moves

Boreo names Lassi Simola CFO, ending nearly a year of a split finance function

Oct 6, 2026

Boreo has appointed Lassi Simola, currently Workout and Restructuring Executive at Nordea, as Chief Financial Officer and a member of the Group Management Team. He starts no later than 4 January 2027, ending an interim arrangement that has divided the finance role between two people since February.

Boreo brings back a CFO after deciding in February to manage without one

In December 2025, Boreo announced that CFO Jesse Petäjä would step down and said it had started recruiting a successor. In February 2026, it changed course and decided not to appoint a CFO for the time being. Rafael Osmanov became Head of M&A and Financing, and Vice President Finance Sami Hanerva took over financial reporting.

Once Simola starts, Hanerva will report to him in his current role. Osmanov will support the onboarding, and his contract ends by the end of March 2027.

The new CFO and the CEO both come from private equity and consulting dealmaking

Simola has more than 15 years in finance, over 10 of them in private equity, and is a CFA charterholder. Tuomas Kahri, CEO since 1 April 2026, was previously a partner at McKinsey & Company and Intera Partners. The hire is the first CFO appointment under Kahri.

“Lassi brings to Boreo strong expertise in mergers and acquisitions and corporate finance. He has extensive experience working with small and medium-sized companies and possesses an excellent understanding of the challenges and opportunities these businesses face,” says Tuomas Kahri, CEO of Boreo, in the press release.

Boreo has spent 2026 preparing its balance sheet for acquisitions

Boreo grew 2025 net sales by 14% to EUR 153.3 million and operational EBIT by 17% to EUR 8.0 million, and its board proposed no dividend to strengthen the financial position. The April 2026 AGM approved that proposal. First-half 2026 net sales rose 14% to EUR 84.6 million, operational EBIT rose 21% to EUR 4.3 million, and operating cash flow improved to EUR 3.7 million.

The portfolio is moving in both directions. In July, subsidiary Floby Nya Bilverkstad sold its vehicle painting business Lackmästar'n. On 1 October, Boreo bought technical textiles maker TEXpro for an enterprise value of EUR 1.6 million, paid from existing cash.

“With its strengthened financial position and renewed focus on acquisitions, I believe the company is well positioned to pursue its growth strategy,” says Lassi Simola.

TEXpro, with EUR 1.7 million in net sales, shows the scale of Boreo's deals so far this year. A CFO hired for his acquisition record suggests the board expects that scale to grow.

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