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Home › Media › Releases 2003 › CapMan sells PIC Engineering to Swedish SWECO

Press release - 3 December 2003

CapMan sells PIC Engineering to Swedish SWECO

The funds managed/advised by CapMan have announced the sale of their holding in PIC Engineering Oyj’s (PIC) parent company PI-Management Oy to the Swedish company SWECO AB. The deal is to be carried out by the end of the year. PIC is Finland’s second largest expert in the consulting and engineering field.

Prior to the deal, the combined shareholding of CapMan funds Finnventure Funds IV and V and Finnmezzanine Fund II in PI-Management Oy is about 84 per cent and the shareholding of company management is about 16 per cent. SWECO will settle the transaction partly with its own shares, which are listed on the O List of the Stockholm Stock Exchange, and partly with cash. Following the deal the funds’ shareholding in SWECO will be about 9 per cent. The sales restriction that applies to the shares will be withdrawn in stages during the twelve-month period following the deal. The deal will not have a direct effect on CapMan’s result for 2003.

CapMan funds, together with company management, invested in PIC via PI-Management Oy in 2000. In practice, at that time PI-Management made a public offer on a majority holding in PI-Consulting Oyj, and as a result of the offer being accepted PI-Consulting was delisted from the Helsinki Exchanges. The company’s name was changed to PIC Engineering Oyj in 2002.

Mr Peter Buch Lund, Senior Partner at CapMan:”PIC’s business has developed favourably during our ownership period. The company has grown, for example by acquisitions, and strengthened its position via different partnership agreements. The company is now at the stage where a fusion with a large international entity is a good solution, from the viewpoint of all parties to the deal.”

”The deal is a natural step in the development of PIC. SWECO is a solid owner whose business complements and strengthens PIC’s expertise in many core business areas,” says Mr Lauri Hintikka, President of PIC Engineering.

SWECO is Sweden’s largest consulting company in engineering, environmental management and architecture and it has worldwide operations. The acquisition of PIC strengthens SWECO’s position in the Nordic countries, and above all in Finland. Earlier this year, SWECO acquired the Norwegian consulting engineering firm Statkraft Grøner.

For further information please contact:
Mr Peter Buch Lund, Senior Partner, CapMan, tel. +358 9 6155 8301 or +358 50 2747
Mr Lauri Hintikka, President, PIC Engineering Oyj, tel. +358 9 530 9304
Mr Wigon Thuresson, Managing Director and CEO, SWECO AB, tel. +46 8 695 66 00

CapMan Group
CapMan is one of the leading private equity investors in the Nordic countries and specialises in mid-sized buyouts in various industry sectors, technology investments in the IT and telecommunications sectors and investments in life science companies. The CapMan team comprises around 80 people in Helsinki, Stockholm and Copenhagen. CapMan manages/advises funds with approx. EUR 1.7 billion in total capital, of which approx. EUR 527 million is managed/advised by the affiliated company Access Capital Partners, which invests in European private equity funds. To date, the funds managed/advised by CapMan have invested in 136 companies in the Nordic countries and exited from 57 companies. The latest investments are made in Finnish Setec Oy, in Swedish Serco Sverige AB and in Danish Eco-Dan A/S. CapMan Plc is listed on the Main List of the Helsinki Stock Exchange.

PIC Engineering Oyj
PIC provides consulting, engineering, maintenance and project management services for industrial customers in R&D, investment projects and production. PIC’s main business areas are process industry, product and manufacturing, electronics and management and operations consulting. The company has operations in Finland, Sweden, Estonia and Hungary. PIC employs 830 persons and its turnover in 2002 was EUR 64 million.

SWECO AB
SWECO is Sweden’s largest consulting company in engineering, environmental management and architecture. The company has 60 offices throughout Sweden and abroad and a staff of 2,300. SWECO provides leading edge services ranging from expert advice in planning and pre-investment studies to integrated services in design and project implementation. The company’s market areas comprise know how in different sectors, for example water resources engineering and environmental management, electric power systems, hydropower and nuclear waste, development projects for transport system and infrastructure as well as pulp and paper, health care, pharmaceuticals and laboratories, and retail and logistics. SWECO AB is listed on the Stockholm Stock Exchange.

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