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Home › Media › Releases 2005 › CapMan and Eqvitec exit Normet

Press release - 30 March 2005

CapMan and Eqvitec exit Normet

The funds managed/advised by CapMan and Eqvitec Partners and company employee shareholders have sold their stake in Normet Corporation to the newly established Normet Group Oy. Normet Corporation specialises in engineering, manufacturing and marketing mobile equipment and vehicles for underground mining and construction.

The owners of Normet Group Oy are Cantell Oy (70% holding) as well as Anssi Soila and the operative management of Normet (30%). The majority owner of Cantell Oy is Aaro Cantell, M.Sc. (Eng.), who is also the Managing Director of Fenno Management Oy and a business partner of CapMan.

The Fenno Fund co-managed by CapMan and Fenno Management Oy, Finnmezzanine Fund II managed/advised by CapMan and Eqvitec Technology Fund I Ky managed/advised by Eqvitec Partners acquired Normet from Orion Corporation in February 1999. Normet’s turnover has developed steadily during the investment period. The company continues as the global market leader in its sector and has experienced growth in Russian markets in particular.

The realisation moves the Fenno Fund co-managed by CapMan and Fenno Management Oy closer to carry, but it does not impact on CapMan’s result for 2005.

MCF Corporate Finance has acted as a financial advisor for the vendors in the transaction.

For further information, please contact:
Mr Tuomo Raasio, Senior Partner, CapMan, tel. +358 9 6155 8305
Mr Markku Puskala, Senior Partner, Eqvitec Partners Oy, tel. +358 50 336 0448

CapMan Group
CapMan is one of the leading private equity investors in the Nordic countries and specialises in middle market buyouts in various industry sectors, technology investments in the IT and communications sectors and investments in life science companies. The CapMan team comprises around 80 people in Helsinki, Stockholm, Copenhagen and Oslo. CapMan manages/advises Nordic funds with approx. EUR 1.3 billion in total capital. To date, the funds managed/advised by CapMan have invested in 150 companies in the Nordic countries and exited from 72 companies. The latest investments are made in Swedish SciBase AB, Finnish Metso Drives Ltd, Norwegian Locus AS and Danish Anhydro Group. CapMan Plc is listed on the Main List of the Helsinki Stock Exchange.

Eqvitec Partners Ltd
Eqvitec Partners is a leading private and independent venture capital firm in the Nordic countries specialising in technology companies. It currently has four funds with a total capital of approximately EUR 300 million under management. Eqvitec Partners has invested in more than 50 technology companies in all Nordic countries. Eqvitec has 17 employees and has offices in Helsinki and Stockholm. www.eqvitec.com

Normet Corporation
Normet Corporation engineers, manufactures, markets and maintains mobile construction machines and equipment for underground mining and tunnelling worldwide. Normet is the global market leader in its own product segments. The Group also includes the subsidiary Farmi Forest Corporation, which develops, manufactures and markets forest machines for installation on farming tractors, the specialist in leasing equipment and customer finance Normet Finance Oy and the service and spare parts provider LLC Normet, which has commenced operations in Russia. www.normet.fi

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