Latest exits

Since late April CapMan funds have announced four exits from the technology portfolio: Avitec, Secgo Software, Hantro Products and Medianorth. Two of the companies were acquired by larger listed peers. In addition the funds announced an exit from the Finnish buyout target Copterline. Life science target Aerocrine announced an IPO in June; CapMan funds retain their stake in the company.

Hantro Products Oy (IN the picture on right)

CapMan funds sold their stake in Hantro Products Oy, a provider of mobile multimedia solutions, to the American listed company On2 Technologies Inc in May. On2 is the world’s premier developer of video compression technology. In the transaction, CapMan funds received mainly shares in the buyer’s company and the funds will therefore exit from the company in total when they sell the shares received in On2. The funds invested in Hantro Products in 2002.

^{More information from}^{Vesa Walldén}^Read the^{press release}

Copterline oy

CapMan funds sold their stake in Finnish Copterline in September. Copterline provides search and rescue services, helicopter emergency medical services and charter flights, among others. Copterline operated scheduled route flights between Helsinki and Tallinn in 2000–2006. The company had to suspend the scheduled route in August 2005 as a result of a helicopter accident caused by a technical failure in the helicopter’s main rotor servo. The funds invested in Copterline in 2000.

^{More information from}^{Tuomo Raasio}^{Read the press release}

Avitec AB

CapMan funds realised their investment in Swedish repeater manufacturer Avitec AB in July. Avitec was acquired by ECI, a UK based private equity investor that had recently acquired also Aerial Facilities Limited, one of Avitec’s main competitors. During the last years Avitec successfully grew its business, significantly improved its profitability and gained position as one of the leading repeater manufacturers in the world. The funds invested in Avitec in 2002.

^{More information from}^{Lars Hagdahl}^Read the^{press release}

Secgo Software Oy

CapMan funds sold their holding in the Finnish information security and mobility management software provider Secgo Software Oy to the Norwegian listed company Birdstep Technology ASA in late April. Secgo grew well in Finland during CapMan’s investment period. As a part of Birdstep, global leader in wireless solutions, Secgo’s business has a solid base for further internationalisation. CapMan funds received shares in Birdstep Technology ASA in the transaction, and the funds will exit from the company in total when they sell the shares received in Birdstep. CapMan funds invested in Secgo in 2000.

^{More information from}^{Vesa Walldén}^Read the^{press release}

Medianorth

CapMan funds sold their holding in media house Medianorth Group Oy to Avaus Consulting Oy in mid June. Medianorth Group Oy owns city magazines Nöjesguiden in Sweden and Natt & Dag in Norway as well as the LoyaltyNorth unit in Finland focusing on development of customer loyalty programs. The funds invested in Medianorth in 1999.

^{More information from}^{Heikki Westerlund}^Read the^{press release}

Aerocrine IPO

CapMan Life Science’s portfolio company Aerocrine AB was listed on the Stockholm Stock Exchange in June 2007. The company develops and commercialises products for improved management and care of asthma. Swedestart Life Science fund invested in Aerocrine in 2005 and the company has shown good development during the investment period. The fund did not sell its Aerocrine shares in connection with the IPO but holds approx. 6 per cent of the company’s shares. The objective of the IPO is to expand Aerocrine’s ownership base and to create prerequisites for future value creation and continuity of business operations.

^{More information from}^{Johan Bennarsten}^Read the^{press release}^{Visit the}^{portfolio company page}^{Visit the}^{company’s home page}