Press release - 8 December 2006
CapMan exits ECO-DAN A/S
Funds managed by CapMan have sold the activities in ECO-DAN A/S, a Danish provider of guidance systems used for precision farming, to an European manufacturer of agricultural equipment. The transaction is expected to be closed by the end of 2006. The funds’ exit does not have substantial impact on CapMan Plc’s result for 2006.
ECO-DAN is a developer of a high-tech guidance system for automatic precision guidance of tractors and agricultural implements including applications such as cultivation, tram lines, tracks and furrows. The products of ECO-DAN enables farmers to carry on farming more efficiently and economical.
“ECO-DAN has successfully been able to develop and recently launched a third generation product which significantly improved its strategic positioning within high-tech farming and enlarged its market potential significantly. This has paved the way for the transaction and is a blue stamp for the technology, products and employees of the company”, states Chairman of ECO-DAN and CapMan’s Investment Director Tommy Valther Hansen.
CapMan funds CapMan Equity VII, Swedestart Tech and Finnventure V ET, which is parallel fund to Finnventure V and focused on technology investments, invested in ECO-DAN in 2002 together with the Danish Growth Fund (Vækstfonden) and NOVI A/S. Prior to the transaction CapMan funds had 38.7 % stake in the company. The investment in ECO-DAN has been satisfactory for the investors in the CapMan funds.
For further information, please contact:
Tommy Valther Hansen, Chairman of ECO-DAN and Investment Director, CapMan Technology, Tel. +45 35 25 99 32 or +45 29 41 14 80
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