Latest Exits

During year 2005 CapMan funds exited from almost 20 companies. The latest buyout exits have been made from PPTH-Norden, EPI, Junttan and Holiday Club Finland. On the technology side the latest exits were finalised in August from Setec and Northlight Optronics. In addition the life science team exited from Otre.

PPTH-Norden Oy

CapMan announced the sale of Finnish steel constructor PPTH-Norden to Rautaruukki Corporation in September 2005. The exit was not finalised until January, due to further proceedings in the transaction by the Finnish Competition Authority. PPTH is a leading steel constructor in the Nordic countries specialising in steel frames for buildings, industrial structures and complementary structures. The investment in PPTH has been reasonable for CapMan funds.
_{More information from Olli Liitola Read the releases from September and November Visit the portfolio company page
Visit the company's home page}

EuroProcessing International ASA

The exit from Norwegian mezzanine target EuroProcessing International ASA (EPI) was finalised in October. EPI specialises in payment transaction processing and is a major provider of services for card and electronic payments’ markets in Central and Eastern Europe. The company's new owner is First Data Corporation.

EPI provides an excellent example of how a company can use mezzanine to finance strong growth, as the company’s operations were rapidly and profitably expanded during the investment period. The investment was very good for the mezzanine funds which invested in the company in 2004.
_{More information from Markus Sjöholm Read the press release Visit the portfolio company page Visit the company's home page} 

Junttan Oy

In September, CapMan funds exited from Finnish Junttan Oy. The funds sold their holdings in the company to a Finnish investor consortium led by Primaca Partners Oy. Junttan is a pioneer in the piling works industry and it is the leading manufacturer of hydraulic piling rigs in Europe. The company’s business has developed favourably in the last few years and the new domestic owners secured the continuation of Junttan’s long-term development plans. The investment in Junttan was good for investors in CapMan funds.
_{More information from Tuomo Raasio Read the press release Visit the portfolio company page Visit the company's ^{home page}}

Holiday Club Finland Oy

The exit from Finnish leisure travel service company Holiday Club Finland Oy (HCF) was closed in August. CapMan funds and Procurator Oy sold their holdings in HCF to the hotel real estate company London & Regional Properties (L&R).

During the investment period Holiday Club Finland's business had expanded strongly through acquisitions, and currently it is the leading provider of leisure travel services in Finland. In recent years, the company has expanded its operations also to neighbouring countries: in autumn 2004 a unique spa hotel was opened in Åre, Sweden and in summer 2005 in Tallinn, Estonia. The investment was reasonable for investors in CapMan funds.
_{More information from Markus Sjöholm Read the press release Visit the portfolio company page Visit the company's home page}

Setec Oy

The exit from Finnish developer and manufacturer of biometric passports and high security smart cards Setec Oy was finalised in August. CapMan funds and other owners of Setec had sold their holdings in the company to Luxembourg-based Gemplus International S.A already in April. Part of the sale was transacted with Gemplus International S.A shares, and the funds had sold the shares by the end of August.

CapMan's technology funds acquired 40% of Setec from the Bank of Finland in 2003. Setec’s business developed very favourably in the following 18 months and the company won, for example, the competitive bidding for the delivery of biometric passports to Norway and Sweden. The exit from Setec was excellent for CapMan funds.
_{More information from Petri Niemi Read the press release Visit the portfolio company page Visit the company's home page}

Northlight Optronics AB

Eutech Medical AB

CapMan funds exited from Swedish life science company Otre AB in October. Otre develops ozone-based sterilisation technology aimed for cleaning and sterilisation of surgical and medical instruments. The fund made its initial investment in the company in 2002.
_{More information from Jan Lundahl Visit the portfolio company page Visit the company's home page}