Press release - 21 September 2006
CapMan acquires industrial maintenance from Fortum
Funds managed by CapMan have signed an agreement with Fortum to acquire its Industrial Services business unit, a provider of industrial maintenance services. The execution of the transaction is subject to the approval of competition authorities in Finland and Sweden, and it is expected to be closed by the end of October. The parties will not publish the transaction price.
The transaction will be made on behalf of a new company called Maintpartner Oy. In connection with the transaction approximately 900 persons will transfer under the employment of Maintpartner, and of these about 700 work in Finland and 200 in Sweden. The personnel’s employment will remain unchanged after the transaction.
Jouko Latvakangas, Head of the Industrial Services business unit, has been appointed as the Managing Director of Maintpartner and Esko Mäkeläinen as the Chairman of the Board. Mr Mäkeläinen has more than 30 years’ experience in the forest industry sector, among others as the CFO of Stora Enso. The company’s management will be offered shares in the company in future.
The Industrial Services business unit is one of the leading Nordic providers of maintenance and operation services. The unit has operations in Finland and Sweden and its turnover was approx. EUR 80 million in 2005.
”There are a few larger companies and several smaller players among industrial maintenance and operation service providers, which creates consolidation opportunities for the sector. The sector’s overall markets have grown in recent years and we expect this trend to continue when industrial companies increase the outsourcing of maintenance services in the Nordic countries. In addition, Industrial Services has a strong position and an experienced management,” states CapMan Partner Jukka Järvelä on the background to the investment.
Jouko Latvakangas, Managing Director of Maintpartner: ”This deal improves our operational prerequisites because we can better direct our resources to meet the needs of our customers. We will certainly be quicker and more flexible as a stand alone company than as a part of a large corporation."
”The deal is a part of Fortum’s strategy, according to which Fortum Service will focus on operation and maintenance functions and expert services for the energy industry," says Kim Kronstedt, Head of Fortum Service.
The investment in the company is made by CapMan Buyout VIII fund, in which CapMan Plc is a substantial investor.
Press conference:
We would like to invite the media to a Finnish press conference today, 21 September 2006 at 12.30 p.m. in CapMan’s headquarters, address Korkeavuorenkatu 32, Helsinki. Partner Jukka Järvelä and Investment Manager Jan Mattlin from CapMan, Managing Director Jouko Latvakangas and Chairman of the Board Esko Mäkeläinen from Maintpartner and Kim Kronstedt, Head of Fortum Service will be present at the event. The presentation will be shown on CapMan’s Internet pages when the press conference has commenced.
For further information, please contact:
Jukka Järvelä, Partner, CapMan Buyout, tel. +358 9 6155 334 or +358 50 553 8990
Jouko Latvakangas, Managing Director, Maintpartner Oy, tel. +358 50 453 2760
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