#: locale=en
## Action
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## Hotspot
### Tooltip
HotspotPanoramaOverlayArea_93E0C4BA_8A04_0F2A_41B9_B54204621AB9.toolTip = Click to get the email!
HotspotPanoramaOverlayArea_0F84611B_13FD_B0EA_417C_A7BE309F05D4.toolTip = Click to get the file
HotspotPanoramaOverlayArea_E979942D_F993_AF44_41DC_4B9E6B1BC91F.toolTip = Closer look at Tommi
HotspotPanoramaOverlayArea_41FEB15C_4E30_D46F_41D3_7FD805F15A02.toolTip = Cost structure data Table.
HotspotPanoramaOverlayArea_41EC13E1_4E10_3459_41D0_4C194405C5C1.toolTip = Equipment data Table.
HotspotPanoramaOverlayArea_41CD08B1_4E10_5439_4194_548C0189E4B5.toolTip = Equipment data Table.
HotspotPanoramaOverlayArea_30FF7972_20E1_A0A0_4193_B1DF6611447E.toolTip = Hanna Montonen, Marketing Director
HotspotPanoramaOverlayArea_5E4AE63E_4E30_7C2B_4192_0A34DFAA3658.toolTip = Historical capacity data Table.
HotspotPanoramaOverlayArea_30CB28F2_20E2_E1A0_4183_587C422AB3FD.toolTip = Micky Alexander, Brewing
HotspotPanoramaOverlayArea_5F0ED194_4E30_34FF_41B8_4976FA1CB0EE.toolTip = Product prices data Table.
HotspotPanoramaOverlayArea_41DE2C32_4E11_CC3B_41A2_644DD0F1B739.toolTip = Product prices data Table.
HotspotPanoramaOverlayArea_41C93084_4E10_54DF_41D1_514C4918A9C9.toolTip = Product sales data Table.
HotspotPanoramaOverlayArea_5FB628DF_4E10_F469_41BC_774DB0F3434A.toolTip = Product sales data Table.
HotspotPanoramaOverlayArea_5E74AD87_4E30_4CD9_41BE_1F1030F23D68.toolTip = Production time data Table.
HotspotPanoramaOverlayArea_419FB4C8_4E1F_DC56_41B8_F2D9C4C16C30.toolTip = Sales channels data Table.
HotspotPanoramaOverlayArea_413D78CF_4E10_5469_4193_43D3E6A2C458.toolTip = Sales channels data Table.
HotspotPanoramaOverlayArea_5FA67E79_4DF0_4C29_41A4_1E2DDD836B7D.toolTip = Sales channels data Table.
HotspotPanoramaOverlayArea_5E85144F_4E11_FC69_41C7_CF9396AE0952.toolTip = Space considerations data Table.
HotspotPanoramaOverlayArea_42CC0124_4DF0_D5DF_41CE_C1EA784B9DFA.toolTip = Taxation discount information table.
HotspotPanoramaOverlayArea_5E8482E5_4E10_5459_41A0_50BDE66FBCAB.toolTip = Taxation discount information table.
HotspotPanoramaOverlayArea_2E64CD40_20E2_A0E0_41B8_E1BC1505F522.toolTip = Tommi Koistinen, CEO
HotspotPanoramaOverlayArea_2E4AEB46_20A1_60E0_41B5_26A94E8A188E.toolTip = Veera Savolainen, Taproom Director
HotspotPanoramaOverlayArea_08A2D5A3_12CB_F3D9_418D_674F326ED0F9.toolTip = You also may view the file via this link: https://drive.google.com/file/d/131Ks0dtHVh2FUaLIdTBcFDguFtOUu8tP/view?usp=sharing
HotspotPanoramaOverlayArea_273B8482_2947_8C97_41B3_1C26A664282C.toolTip = You can practically smell the memories etched into this table over the years - and one of particular importance stands out, to the point where you can read it as a written description. How fortuitous.
HotspotPanoramaOverlayArea_266FC9CB_294A_8494_4196_8D926931DA4F.toolTip = You can practically smell the memories etched into this table over the years - and one of particular importance stands out, to the point where you can read it as a written description. How fortuitous.
## Media
### Title
panorama_FCDC3E6C_F60D_6682_41E8_4DBA04F7B00C.label = Between shop and taproom - interviews
panorama_F663EC34_FAEC_6B57_41E4_870E5897894F.label = Cleaning cabinet
panorama_FFEE4439_F60D_DA82_41D6_B653F18E7560.label = Entryway to brewery
panorama_FC11F6AA_F603_6786_41ED_95867D544A65.label = Entryway to storage
photo_9A2CB0C0_8A1C_0756_41D7_AFFE09FC6326.label = OP logo
panorama_F16930B1_FAED_BB6E_41E5_84AEAB7B6056.label = Office - entryway
panorama_F168945C_FAED_DBD7_41E8_90D3101EC008.label = Office - inner
panorama_F169EBAB_FAEC_ED72_41C4_BB899D9BB3E1.label = Outside - next to tables
panorama_F169B2A1_FAEC_BF6E_4148_AAA7E59575D5.label = Outside - starting point
panorama_F1698F07_FAEC_E531_41DB_331242834913.label = Outside - tables, conversation
panorama_F36C948B_FFDD_7DFE_41BE_C2BA4274709A.label = Production - behind bottling machine
panorama_FC0E6B88_F61C_AD82_41C1_AF099293D221.label = Production - between tanks
panorama_F1694523_FAEC_A572_41E5_D2ECDE7E29E6.label = Production - corner
panorama_FC0E6E70_F61C_E682_41EB_FA47800C9C9C.label = Production - kegs 1
panorama_FC0E313A_F61C_DA86_41D9_6E1D8CC62472.label = Production - kegs 2
panorama_FC0E2898_F61C_AB82_41EB_CC6DBE36730F.label = Production - middle
panorama_F168E770_FAED_E5EF_41D5_3F5640139CE5.label = Production - middle of vats
panorama_F169884C_FAEC_AB36_41EF_5168207A7584.label = Production - upper level
panorama_FC0EF2A2_F61D_5F86_41EB_865D756F45F2.label = Shop - entryway
panorama_FC0E25A4_F61D_6582_41E7_D94FE73C9EFE.label = Shop - inner
panorama_F1688AEC_FAED_ACF6_41E3_73165DBA97E0.label = Stairway to upstairs lounge
panorama_FC120BD6_F603_AD8F_41A8_E69CC2152FF3.label = Storage - hops and kegs
panorama_FC121927_F603_6A8E_41C3_0623CB63F7AF.label = Storage - malt
panorama_FC0EBFC2_F61D_A586_41E9_9A29F374378C.label = Taproom - counter
panorama_FD224CBD_F61D_EB82_41B3_D81BF5CD7243.label = Taproom - middle
panorama_F168CE21_FAED_A76E_41CE_AA1D64278ED8.label = Upstairs lounge - table
panorama_F1696197_FAEC_7D51_41EE_F67AAD0FB845.label = Upstairs lounge - view to production
panorama_FC0E340B_F61C_BA86_41EA_1EBAC7D2B35D.label = Way to storage
photo_98FF20D4_8A0C_077E_41C2_5584FCE850AD.label = olari brand
## Popup
### Body
htmlText_158E216D_05B5_8708_4180_D02EDC45E4B4.html = Nothing to see here!
Or is there? It appears there's a significant stockpile of industrial chemicals leaking!
...what's that in the corner there?
"So if I had to give you a short summary of the two founders of the firm, it would be this:
Ville Leino: an ex-military professional, Ville had been brewing beers in his garage for a while, and when he got fed up working in the military, founding his own brewery was a logical step. He enlisted the help of his friend Topias Wahlbeck. Currently, Ville is heavily involved in the brewing process, which he wants to focus on, since it is his passion.
Topias Wahlbeck: a friend of Ville's, Topias has a history as an entrepreneur in the bar industry. He has been involved with the administrative side of the brewery.
The two are knowledgeable connoiseurs of beer, so it's no wonder they have been so successful!"
"And Tommi, the new CEO?"
"He is an old alumnus of the Helsinki School of Economics (Aalto University School of Business these days), and a rapper of some renown. He was hired to bring more systematic planning into the company, and to let Ville focus solely on brewing the best beer he could."
Beer kegs wait here before they are bottled and sent to customers.
Hops are also stored in this room. A type of plant part, Olarin Panimo sources hops from a Finnish supplier under contract until September 2027.
While not impossible to replace, a sudden change in climate conditions could disrupt production and have an effect on the taste of beer.
Remember that with a product that is made of live material, environmental conditions can be a rare but impactful risk.
David seems to think there is something interesting in the office. Get in there and have a look!
Get closer to find out what the two are talking about!
In the forgotten corners of this dusty cleaning cupboard, you find a document stating that this tour was created by David Derichs, Aatu Pulkkinen and Pyry Huitu.
...since this has no bearing on your assignment, you quickly throw the document away and focus on what truly matters in this world of breweries and planning. Spreadsheets.
Inviting kegs of beer - but of what kind?
Note that while every beer has its customers, not all of them are made equal - in terms of price, cost, volume, or anything else.
Some differences you know, others you might have to guess. Remember that leaving information out of decision-making just because it is not exact leaves out a lot of information.
Is there a lot of room here for new equipment? And what should the production capability be geared towards?
Remember that the answers to a lot of questions may change if predicted consumer behaviour changes.
Let's listen to some quality entertainment: get to know the key staff!
Looking from up high, the playful and colourful culture of the brewery is clearly visible.
But it is also clear that the space available is somewhat limited. If the growth continues, something may need to be done about this...
Malts and hops suppliers, while not impossible to replace, could be difficult to substitute quickly.
Remember that different types of beer might use resources differently.
Regardless of what the planning will bring, David knows that the beer of the brewery will still taste delicious.
That is also the expectation of every other customer of OP, and also that of their brewers. Remember that at the heart of the brewery is stalwart commitment to producing high-quality beer.
Taproom is an important sales channel, and the feel of it gives a good indication of the beer-loving culture at the brewery.
Step on to to interview people!
The brand of Olarin Panimo is what every customer notices first: graffiti-like and playful, the beers represent a unique take on the craft brewery culture that is vibrant in Finland.
Try googling what Aalto Design Factory has to say about Olarin Panimo for more analysis!
The brewery can fit itself in a relatively small area around the Aalto Campus, due to its relatively small production.
In the regulatory treatment, this has a number of advantages: the alcohol tax is less for smaller breweries, and when production is below 500 000 litres per year, the brewery can have its own shop.
The brewery started from Olari, in the garage of Ville, one of the founders.
The garage quickly became too small for the operation, and the brewery moved behind an Ikea in Espoo. When that also became a limiting space two years later, Otaniemi was the next destination.
But the name of "Olari" stayed, and to this day the founders would love to have some sort of foothold where they started...
The lack of room for fermentation tanks limits the rise of production at Olarin Panimo. What could be done about this?
The sales of the brewery have been growing since the beginning, with exceptionally high growth over the last couple of years.
The product mix offered to customers has also changed dynamically.
The store of Olarin panimo was introduced in 2018, and has grown to become an important sales channel.
Remember that beers sold from own store can be stronger in alcohol than those sold through supermarkets (supermarkets are limited to 5,5%).
They are also more profitable, as beers are sold to supermarkets at about 20% cheaper. However, supermarkets are a larger sales channel.
There is a reason why not every brewery can do this, however: only breweries that are independent and produce no more than 500 000 litres a year can have their own store.
Note for analysts: this regulatory condition has direct implications for any change of ownership. See the compliance document in the back office.
The taproom of the brewery was opened in 2019, and quickly grew to become the channel for 12,5% of sales.
Notably, the taproom allows for the sale of higher alcohol-percentage beers than supermarkets, and offers better returns. The same is true for bar sales and for the own store.
The taproom of the brewery was opened in 2019, and quickly grew to become the channel for 12,5% of sales.
Notably, the taproom allows for the sale of higher alcohol-percentage beers than supermarkets, and offers better returns. The same is true for bar sales and for the own store.
There seem to be some papers on the desk about the treatment of craft breweries in Finnish tax code.
Remember that although the tax treatment might seem favourable, some other countries in nearby markets might have even better environments for small breweries.
These kegs let the brewery store beer effectively - depending on the type of beer and hoppiness thereof, the storage time of beer may vary.
The wooden kegs you see on the shelf opposite these kegs are old bourbon kegs - storing beer in those gives it more flavour.
Thus far the brewery has had enough capacity to brew enough beer to mostly keep up with demand.
However, estimating whether the current capacity is enough and how to make sure the demands of customers are answered remains a difficult question.
Will the growth continue? How should the brewery answer that?
What kinds of beer are cooking in these tanks? Olarin Panimo produces several:
Pale Ales: Hoppy and strong, the IPAs of Olarin Panimo are the customer favourite, and their success, which exploded in 2019, shows no signs of stopping.
Lagers: also an ever-popular choice, lagers are a well-established product for OP and their rising popularity has seen them multiply their sales several times now.
Labic and other sours: sour beer has also been very popular, though it has not had as long to establish a foothold as lagers.
Others: as a small brewery, OP also likes to experiment with smaller batches of various products, and the best of these might merit further runs!
While it involves a lot of machinery, brewing is also akin to a form of art, or cooking: most breweries have similar equipment, and it is the brewers who make the difference in the end product.
If Olarin Panimo is to hold its position as a premium beer-brewer, it is imperative its capable brewers remain in its service.
While not impossible to replace, it could be difficult for the brewery to quickly get a good alternative for their bottle supplier.
While not impossible to replace, it could be difficult for the brewery to quickly get a good alternative for their bottle supplier.
While the brewery only produces beers, there might also be other products they could make.
It should be remembered that even with just beers, production times may vary.
You can't hear David's thoughts this far away. Maybe if you went a bit closer...
“Alright, listen up, Olarin Panimo! I got a bone to pick with you! First off, why are the chairs so uncomfortable? Like, seriously, are you trying to ruin my back while I drink? And don’t get me started on the lighting way too dim! What is this, a romantic dinner or a brewery? I couldn’t even see the foam on my beer properly. I came here to enjoy myself, not sit in some artsy cave!
And another thing what’s with the names of the beers? All these fancy, unpronounceable names like they’re trying to confuse me. Just call it "Good Beer No. 1" or something simple! I don’t need to solve a riddle just to order a pint! Oh, and the music? Terrible. Who even picks this playlist? It’s like someone just hit shuffle on a playlist from 2003. Where’s the vibe? Where’s the energy?
Also, let me tell you, the glassware! Why are the glasses so small? I’ve been to places where they give you a mug so big you need two hands to lift it! Now that’s how it should be. Here? Tiny glasses for tiny drinks. It’s like they’re rationing beer or something! Ridiculous!
And don’t think I didn’t notice the bathroom situation. There’s no reason it should take me a whole two minutes to find the place. I almost ended up in the storage room! How about some better signs or a map, huh?
Oh, and let me just say this you call this a brewery? I didn’t see a single hop plant or brewing machine anywhere! If I’m paying this much for beer, I at least want to see where the magic happens. How do I know this isn’t just coming out of cans in the back?
But you know what? Despite ALL of this despite the chairs, the music, the glasses, the bathrooms, and your weird beer names I’m still probably coming back tomorrow. Because, well, the beer’s still good, and I like to complain in person. So, yeah, see you tomorrow!
The inventory in storage appears to be significantly larger than what is recorded in the accounting records.
“Well, let me tell you, Olarin Panimo is something special. You can taste the passion in every sip of their beer like, I swear they must brew it with love or some secret magic ingredient. I’m sitting here now, and honestly, this place just feels like home but with way better drinks! The vibe? Oh, it’s cozy but lively, you know what I mean? And the staff they’re like beer geniuses, always ready to recommend something perfect for your mood.
That said, I have to admit, the prices here are pretty steep. I totally get that costs are rising everywhere, but it means I can’t afford to drink here as often as I’d like. It’s a shame because the quality is great, but my wallet doesn’t always agree.
And, well, if I’m being honest, I think Fat Lizard might have a slight edge on them. Their selection is just a bit more varied, and sometimes I feel like they’ve nailed the flavor balance a little better. Don’t get me wrong, Olarin Panimo is fantastic, but Fat Lizard is giving them a run for their money.
Because of the prices and the variety, I’ve actually been planning to order most of my beer directly from Central Europe via mail. It’s a bit more affordable, and the selection is unbeatable. But hey, when I’m here at Olarin, I’m still reminded why local breweries are so special. They just have this charm and personal touch you can’t replicate with imports.
So yeah, even with a few downsides, Olarin Panimo is a gem. Maybe it’s the third or fourth? Beer talking, but I’d still say it’s worth experiencing. Ask me anything you’ll have to excuse me if I ramble a bit, but that’s just because I’m having such a good time!"
After a couple of beers, the manager at Olarin Panimo often dive into a cascade of corporate jargon, weaving elaborate tales of strategy and vision. While it might seem insightful at first, it’s essential to remain cautious about what to believe. Beneath the buzzwords and polished narratives, critical risks and vulnerabilities may lurk, demanding a more discerning eye during the due diligence process.
"Our ERP system... It’s been the backbone of our operations, reliably supporting us through years of growth. That said, we recognize that it’s beginning to show its age. While it’s served us well, its legacy design presents an opportunity to modernize and future-proof our infrastructure. Addressing potential risks, such as cyber vulnerabilities and compatibility with new technologies, is a priority one we see as an investment in our long-term resilience.
The craft beer market is an exciting and dynamic space. It’s a fragmented industry with countless opportunities for creativity and differentiation. While the presence of larger players and the possibility of market consolidation bring challenges, we believe our artisanal approach and local connections give us a unique edge. We’re vigilant in maintaining our independence and embracing the flexibility that comes with being a smaller player.
On the supply chain front, we’ve managed to grow despite rising costs in logistics and raw materials like hops. The craft beer market’s sensitivity to price means we’re always looking for innovative ways to maintain value without compromising quality. These challenges drive us to build stronger partnerships with suppliers and explore sustainable practices that will benefit us in the long run.
Our team is another key asset. We’ve been fortunate to have a dedicated group of leaders who have driven our success. While some of our senior managers may step back post-acquisition, we see this as an opportunity to bring in fresh perspectives and strengthen our leadership for the future. Ensuring a smooth transition is a priority, and we’re confident that our collective vision and culture will carry us forward.
Consumer trends are evolving, and we view this as an exciting chance to innovate. While there’s a growing demand for non-alcoholic beverages, which could impact traditional craft beer sales, we’re already exploring ways to adapt. Diversifying our product offerings to cater to changing preferences is an opportunity we’re eager to embrace.
Lastly, our customer base is a source of pride and stability. While we do rely on key accounts for a significant portion of our revenue, these relationships have been strong and mutually beneficial. That said, we’re actively working to diversify our customer portfolio to reduce potential risks and create new avenues for growth.
As you conduct your review, I encourage you to see these challenges not as obstacles but as opportunities for partnership and progress. We’re incredibly proud of what we’ve built here at Olarin Panimo, and we’re even more excited about what lies ahead. Together, we can tackle these opportunities and ensure a bright future for our brewery. I look forward to hearing your thoughts and collaborating to shape our next chapter."
Current capacity: 330,000 litres total. Used in 2022: 190,000 litres (58%). The production limit for own store eligibility is 500,000 litres per year. At current growth rates this ceiling would be reached in approximately 3–4 years.
You are a junior analyst at Nordic Capital Partners, a Helsinki-based private equity firm. Your firm is conducting preliminary due diligence on Olarin Panimo — a Finnish craft brewery founded in 2015 in Otaniemi, Espoo. The scenario is a potential full acquisition.
Your managing partner has shown you two very different pictures of the company. The seller's advisor describes a thriving premium craft brewery with loyal customers and a growing market. Your partner is more cautious.
Explore the facility carefully. You will be assessed on whether you can connect your findings to the right parts of the due diligence framework.
Five DD tracks are active: commercial, financial, legal, tax, and ESG.
You are a junior analyst at Nordic Capital Partners, a Helsinki-based private equity firm. Your firm is conducting preliminary due diligence on Olarin Panimo — a Finnish craft brewery founded in 2015 in Otaniemi, Espoo. The scenario is a potential full acquisition.
Your managing partner has shown you two very different pictures of the company. The seller's advisor describes a thriving premium craft brewery with loyal customers and a growing market. Your partner is more cautious.
Explore the facility carefully. You will be assessed on whether you can connect your findings to the right parts of the due diligence framework.
Five DD tracks are active: commercial, financial, legal, tax, and ESG.
Welcome!
In this virtual tour, you’ll have the opportunity to explore the premises of Olarin Panimo and access key information to support your due diligence process.
Navigate by clicking on the white circles to move forward and discover new areas.
Look out for the info-icons! Clicking them will reveal important details. You’ll find a variety of resources throughout the tour, including text, documents, spreadsheets, and videos, all available within the premises.
The people at OP work tirelessly to produce high-quality beers, and this is why they stand out from the competition.
While craft beer has become a quickly growing market in Finland, not every actor is as committed to quality, and the taste of beers has high variance.
In recent times, customers have become more discerning, and this may bode well for Olari, if they can keep their quality where it is.