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Press release - 19 December 2003

Noiro’s ownership base becomes more international

The funds managed/advised by CapMan and pan-European private equity investor Langholm Capital LLP have made an agreement, according to which Langholm will become a minority owner of Noiro Oy with an ownership share of about 34 per cent. The internationalisation of Noiro’s ownership base supports the company’s growth strategy outside the Nordic countries and brings additional strategic and financial resources for the development of the company.

CapMan funds acquired Noiro from Orion Corporation, a listed Finnish pharmaceutical company in September 2003. Noiro is Finland’s leading cosmetics company and its brands include Lumene, Cutrin, Herbina and Farmos among others. The ownership arrangement between CapMan funds and Langholm will be implemented by syndicating the funds’ investment in Noiro with Langholm. Noiro’s owners comprise also some of the company’s top management and members of the Board. The arrangement does not have an effect on company personnel.

”The inclusion of an international partner in the Noiro investment proceeded according to our plans,” says Lars Hagelstam, Investment Director at CapMan. ”Noiro has a clear strategy for growth and internationalisation, which is supported by the expansion of the ownership base. Langholm has good financial resources, which together with CapMan funds will enable acquisitions and investments to be made in line with Noiro’s strategy. Additionally, Langholm brings a strong expertise in brand building and marketing.”

Langholm is a sector-focused private equity fund that invests in European consumer-facing companies operating in high-growth areas such as health and well-being. In connection with the syndication, Christian Lorenzen, Partner at Langholm Capital, will join Noiro’s Board of Directors.

”The co-investment in Noiro is right in Langholm’s “sweet spot” – both with regard to its business sector and its stage of development. Noiro and its main brand, Lumene, have good growth potential in Europe and Russia, and we are enthusiastic to develop the company and its excellent brands together with Noiro’s experienced management team and CapMan,” says Christian Lorenzen.

For further information please contact:
Mr Lars Hagelstam, Investment Director, CapMan, tel. +358 9 6155 8349 or +358 40 747 1870
Mr Christian Lorenzen, Partner, Langholm Capital LLP, tel. +44 207 321 6161

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.

Langholm Capital LLP

Langholm Capital LLP is a private equity firm focused on mid-market buyouts and investments in European consumer facing companies. Langholm focuses on acquiring majority or influential minority stakes in companies capitalised between €20 million and €200 million with above average growth potential.

Langjolm is particularly interested in businesses that are strategically positioned to capitalise on opportunities arising from emerging demographic trends - such as the increase in average age within the western population, as well as fundamental changes currently taking place in consumer lifestyles and priorities. These opportunities are particularly evident in businesses providing products and services that stimulate personal health and well-being, provide convenience, and help in liberating time at home.

Langholm’s investment team is based in London and consists of experienced investment professionals with broad international backgrounds. Langholm has over 240 million in total capital for new and add-on investments.

Noiro Oy

Noiro develops, produces and markets cosmetics, personal hygiene and hairdressing products as well as institutional cleaning producs. In terms of research and development and manufacturing, Noiro is the largest enterprise in Scandinavia in its fields of business. Own brands account for over 80 percent of the net sales.

The brightest star in the product range is the Lumene cosmetics line, which accounts for more than one-third of the net sales and almost than two-thirds of the exports. Lumene is the leading brand on the Finnish market for cosmetics with a strong market share of over 25 percent. Other well known brands of Noiro are, for example, Herbina, a line for personal hygiene, Nanoel, representing selective cosmetics, and the Cutrin hair cosmetics line. Institutional cleaning products are manufactured and marketed under the name Farmos. Exports account for around one-third of Noiro’s net sales, Russia being the biggest single export market.

Noiro’s net sales were EUR 135.3 million in 2002 and the number of employees .

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