Investment
Banking
ICECAPITAL is an independent Nordic investment bank focused on delivering high-quality financial advisory services tailored to our clients’ needs. Our investment banking team consists of 25 experienced professionals in Helsinki and Stockholm.
Founded in 1999, ICECAPITAL draws on more than 25 years of experience as an independent sector-focused advisor, with particularly strong expertise in energy, infrastructure and TMT sectors. Within infrastructure, we are the leading advisor in the Nordics and have been involved in many of the region’s largest M&A transactions and refinancings.
Our local footprint, excellent global investor contacts and extensive experience make us a trusted partner in transactions in the Nordic region.
Investment banking professionals
Investment banking mandates and assignments since 1999
Cumulative value of successful M&A transactions
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Advisory Services
Mergers and Acquisitions
We advise companies, owners, and investors throughout the entire M&A process – from strategy development and valuation to negotiations and execution. Our extensive experience, strong process expertise, and deep industry knowledge make us a reliable partner in both acquisitions and divestments.
- Acquisitions
- Divestments
- Mergers
- Spin-offs / Carve-outs
- Joint ventures
- Public tender offers
Debt Advisory
ICECAPITAL provides independent advisory in the structuring and arrangement of debt financing. We have participated in some of the most demanding infrastructure financings in the Nordic region, and our experience enables us to deliver solutions tailored to each client’s needs. Through competitive processes, we ensure our clients achieve the best possible terms.
- Acquisition financing
- Refinancing
- Private placements
- Project financing
- Credit rating advisory
- Hedging advisory
- Financial restructuring
Growth Financing and Capital Markets
We advise clients in raising growth financing for investments and acquisitions. With a strong Nordic presence and an extensive international network of investors and financiers, we connect our clients with the right sources of capital and ensure efficient financing solutions.
- Growth financing (Equity & Debt)
- Project financing
- Public private partnerships (PPP/PFI)
- Capital markets transactions (IPOs, Directed issues and Rights issues)
- Private placements
Shareholder Value
Our extensive experience from numerous M&A and financing transactions provides ICECAPITAL with an excellent foundation to advise clients on valuations, fairness opinions, and ownership strategy. Our independent advise ensures management and owners a solid basis for decision-making.
- Valuations
- Fairness opinions
- Ownership strategeis
- Regulatory assesments
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References
ICECAPITAL’s track record spans more than two decades of advising clients in mergers and acquisitions, financing arrangements and strategic assignments. Over the years, we have been trusted by many of the world’s largest investors, leading corporates and public sector entities to deliver some of the largest transactions in the Nordic market.
ICECAPITAL advised Solör Bioenergi AB
ICECAPITAL advised Solör Bioenergi AB on the acquisition of E.ON’s district heating assets in Åkersberga (January 2025) and subsequently Vallentuna (July 2025) with a combined annual output of c. 140
ICECAPITAL acted as Financial Advisor and Private Placement Agent for Nevel
ICECAPITAL acted as Financial Advisor and Private Placement Agent for Nevel Oy in establishing its CTA financing platform and raising EUR 665+ million through a mix of multicurrency bank and
ICECAPITAL acted as financial advisor to Lahti Energia
ICECAPITAL acted as financial advisor to Lahti Energia in its partial refinancing, securing EUR 150 million in new green financing.
ICECAPITAL acted as financial advisor to Polhem Infra
ICECAPITAL acted as financial advisor to Polhem Infra in the acquisition of a 49 % minority stake in Pori Energia Oy. The equity value of the transaction was EUR 359
ICECAPITAL acted as a financial advisor to Pohjan Voima
ICECAPITAL acted as a financial advisor to Pohjan Voima in the divestment of Finland’s largest, 125 MW ready-to-build battery energy storage project to Alpiq.
ICECAPITAL acted as co-Financial- and Ratings Advisor with DC Advisory for Stockholm Exergi
ICECAPITAL acted as co-Financial- and Ratings Advisor with DC Advisory for Stockholm Exergi in reaching its Financial Investment Decision (“FID”) for its Bioenergy Carbon Capture and Storage (“BECCS”) project, including the coordination
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Partners
