Press release - 27 June 2006
CapMan and Helmet exit Kultajousi
Funds managed by CapMan and Helmet Capital have realised their investment in jewellery retailer Kultajousi Oy. The funds, together with other joint owners, have sold their entire holding in Kultajousi’s parent company Goldhold Oy to Swedish Iduna Group. The funds’ exit does not have impact on CapMan Plc’s result for 2006, as the exiting funds have not begun to generate carry.
CapMan funds Finnventure V, Finnmezzanine II D and Finnmezzanine III A, B and C invested in Kultajousi in 2001 together with a larger investor consortium. In connection with the transaction Kultajousi acquired the shares of Kultakönni Oy and Westerback Oy and achieved market leadership in Finland. Prior to the exit, CapMan funds’ holding in the company was 40 per cent and Helmet fund’s 11 per cent. Kultajousi’s turnover in 2005 totalled EUR 31.1 million and the company employs about 230 people. The investment in Kultajousi has been reasonable for investors in CapMan funds.
”We are happy to announce that Kultajousi has found a good home. Kultajousi is an excellent example of how a well-managed company can purposefully develop its internal processes corresponding to the standards of larger companies,” states Jan Mattlin, Investment Manager at CapMan.
”The acquisition of Kultajousi is a logical step for the Iduna Group, Sweden’s leading jewellery retailer, to expand into the Finnish market. Iduna’s existing chains and Kultajousi are a good fit, and the merger will enable us to exploit the best practice of both organisations and to exchange ideas and experience. We value Kultajousi’s high level of expertise and solid market position in Finland,” says Sten Warborn, CEO of the Iduna Group.
”The merger of two strong companies will strengthen operations in both Sweden and Finland. The company will be further developed and the existing network of stores expanded,” states Kaj Wikström, Managing Director of Kultajousi.
“Kultajousi is a strong growth company, which has developed positively in recent years. There are clearly recognisable new trends in the industry creating good prerequisites for growth also in future,” says Pauli Kulvik, Chairman of the Board of Kultajousi.
For further information, please contact:
Jan Mattlin, Investment Manager, CapMan Buyout, tel. +358 9 6155 8327 or +358 40 508 6406
Sten Warborn, CEO, Iduna Group, tel. +46 (0) 340 65 54 00
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