The transaction will be made by a new company, and it is expected to be closed in September. The closing of the deal is subject to the approval of competition authorities. After the transaction CapMan funds will own 68% of the company, co-founders Johan Bjarke and Johan Kullander will own 23% and the company’s other key employees will own the remaining 9% of the company.
Inflight Service’s business concept is to provide the travel industry with the merchandise that travellers purchase, as well as retailing services and solutions. Inflight Service has a leading position in the Nordic market with airline and shipping companies and airport shops as customers. The customers achieve benefits through lower purchase prices, internal efficiency gains and possibility to focus on core business. Inflight Service’s main product groups are wine & spirits, perfumes & cosmetics, tobacco goods, confectionary and luxury goods. The company’s annual turnover 2004 amounted to EUR 138.6 million (SEK 1.3 billion). In spring 2005 Inflight Service acquired airport shop operations in the Baltic States and Poland.
“Inflight Service has a strong market position, a competitive and in certain areas unique offering, and an efficient logistics chain. This, together with the company’s solid and profitable growth, makes Inflight Service an attractive investment for CapMan funds,” says Mats Gullbrandsson, Investment Director at CapMan. “Our ambition is to, together with the company’s management, strengthen and improve the company’s strategic position in the Nordic countries and to focus on finding new business opportunities in primarily Eastern Europe,” Gullbrandsson continues.
“We are very pleased to have CapMan as our new reliable business partner. Inflight Service is well positioned to take advantage of the steadily growing travel retail market and to broaden its customer base and service offering. We are confident that CapMan’s experience, partner network and financial support will help us to take the company to the next level,” says Peter Candell, CEO, Inflight Service.
For further information, please contact:
Mr. Mats Gullbrandsson, Investment Director, CapMan Buyout, tel. +46-8-545 85 481 or +46-734 408 488
Mr. Peter Candell, CEO, Inflight Service, tel. +46-8-594 90 729 or +46-706 741 244