Press release, 27 June 2025 at 10:00 a.m. EEST
Mandatum Asset Management's Growth Equity II fund is investing in Epical, a Nordic data consulting company. The investment supports Epical’s growth journey as it aims to become the most trusted and innovative data consultancy firm in the Nordics.
Epical is a pure-play data consultancy company with services and expertise to support and enable the management, utilisation and protection of data-driven organisations’ data. The company has ten offices in Sweden and Finland and over 400 clients with solid references spanning several industries across both the public and private sectors. With net sales of EUR 46 million in 2024 and approximately 400 digital experts, Epical is one of the leading service providers in the Nordics within its niche as a pure-play data consultancy. The investment aims to further strengthen Epical’s core offering.
This EUR 22.5 million funding round marks a significant milestone in Epical’s growth journey, enabling the company to further leverage its core capabilities and accelerate expansion across the Nordic market. Osuuskunta KPY, who currently fully owns Epical, will remain as the other main owner after the funding round.
"As AI and data are transforming almost every sector, more and more companies are now seeking data-focused consulting services. We’re thrilled to partner with KPY to help accelerate Epical’s next phase of growth. With a team of highly respected specialists and a committed, experienced management team, Epical has proven its capabilities and is well-positioned to scale. Our aim is to support Epical in strengthening its position as a leading player – both in the eyes of clients and as an employer of choice,” says Mandatum Asset Management’s Head of Private Equity Alexander Antas.
“Epical has developed significantly, and the investment reflects the company's potential. We see that Epical has a unique role in developing data-driven business. With its specialised expertise, Epical brings real value to its customers' business. We are happy that we can now accelerate the company's growth by expanding its ownership base. Epical has a clear future-oriented strategy, and for us Mandatum is a partner with whom we have a solid foundation to support Epical's growth and development,” says CEO of KPY Anssi Lehikoinen.
“We’re excited about Mandatum joining KPY as an owner of Epical. We’re proud of the trust in the potential of our offerings and in us as an organisation that Mandatum is showing by investing in Epical. We have a strong position as experts in our niche, and we believe that through this collaboration, we can further strengthen that position. Epical is looking forward to future growth for all our offering areas in Sweden and Finland, as well as opportunities in the other Nordic markets. We plan to support this with relevant acquisitions,” says CEO of Epical Märit Sareyko.
The MAM Growth Equity strategy focuses on the scale-up phase of Finnish and Nordic growth companies. It takes part in exceptional growth stories by being an active owner and providing expertise, networks and flexible growth capital for companies with a proven business model and ambitious management teams.
The Growth Equity II fund focuses on actively developing the companies in its portfolio to enable their growth and internalisation. The strategy provides companies and owners with a flexible minority solution by offering companies growth capital and owners liquidity. The Mandatum Growth Equity team has been part of developing companies such as Takomo, Integrata, Nosto, Cadmatic, Oddlygood and HappySignals.
The transaction is subject to standard regulatory approvals, including from the competition authorities.
Additional information:
Mandatum
Alexander Antas
Head of Private Equity, Mandatum Asset Management
Tel. +358 40 533 0986
alexander.antas[a]mandatumam.com
Niina Riihelä
SVP, Communications, brand and sustainability, Mandatum plc
Tel. +358 40 728 1548
niina.riihela[a]mandatum.fi
KPY
Anssi Lehikoinen
CEO, KPY
Tel. +358 50 328 2648
anssi.lehikoinen[a]kpy.fi
EPICAL
Märit Sareyko
CEO, Epical
Tel. +46 70-380 4264
marit.sareyko[a]epicalgroup.com
Mandatum in brief
Mandatum is a major financial services provider that combines expertise in wealth management and life insurance. Mandatum offers clients a wide array of services covering asset and wealth management, savings and investment, compensation and rewards as well as pension plans and personal risk insurance. Mandatum offers services to corporate, retail, institutional and wealth management clients. At the centre of Mandatum's success are highly skilled personnel, a strong brand as well as a proven investment track record. mandatum.fi/en/group/
Epical in brief
Epical is a Nordic data consultancy specialized in areas such as data & analytics, security, applications and integrations. Together with our 400 digital experts, we support and enable the management, utilization and protection of customers’ data. We believe that responsible use of data is a powerful tool for creating positive change in the world, helping to solve some of our most pressing problems for our customers and the society around us. www.epicalgroup.com
KPY in brief
KPY is a value-driven cooperative with a history spanning over 140 years. It is owned by a community of approximately 19,000 members. KPY is a significant Finnish employer and an influential player in the business sector. Its portfolio companies operate widely across Finland and internationally. www.kpy.fi/en/
This marketing communication is related to Mandatum Asset Management Ltd's ("MAM") MAM Growth Equity II Fund (the “Fund”). This document is prepared by MAM, portfolio manager of the Fund. The Fund is managed by Mandatum AM AIFM Ltd (Bulevardi 56, 00100 Helsinki, P.O Box 1221, 00120 Helsinki, Finland).  The Fund is available only to professional clients.
This marketing communication does not constitute investment advice. Please refer to official fund documents before making any final investment decision.
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