Finnventure Fund V has a fund size of MEUR 169.9. The amount of capital that has been returned to the fund’s investors will increase to approx. MEUR 170 as a result of the exit from Mehiläinen. Following the realisation, the remaining portfolio of Finnventure Fund V at fair value is approx. MEUR 78 as per valuations at 31 December 2005. It is estimated that the fund will begin to generate carried interest during 2007. The investment in Mehiläinen has been very good for the investors in the exiting funds.
Finnventure Fund V invested in Mehiläinen in December 2000, Sitra in January 2001 and Finnmezzanine Fund III in 2003. During the period of CapMan’s investment, Mehiläinen has grown into Finland’s leading producer of private health care services. The nationwide chain operates through 7 hospitals, 17 full service private clinics, 18 occupational health care centres and an elderly people’s home.Net sales have increased from MEUR 39.5 to MEUR 97.4 and operating income from MEUR 3.2 to MEUR 8.4.
”We are very pleased with the transaction that has been announced today. The transaction enables mutual exploitation of the strengths and special know-how of both companies. As a result of today’s closing, the united entity will form a leading player on the Nordic private health care market,” states CapMan’s Senior Partner Tuomas Lang, who is also the Chairman of Mehiläinen. ”The new owner has good resources to continue the development of Mehiläinen’s business and the strengthening of its position as the market leader in Finland.”
H-Careholding AB will make a tender offer to the minority shareholders in the company for Mehiläinen’s shares. The terms of the offer and Mehiläinen’s views are described in more detail in the bulletin published by Carema and Mehiläinen today.
Alfred Berg ABN AMRO acted as financial adviser and Roschier Holmberg Attorneys Ltd as legal adviser to CapMan, the other sellers and Mehiläinen.
Press conference:
A press conference on the transaction will be held for the media and analysts at 10.30 a.m. today, 17 March 2006 in the premises of Hotel Scandic Simonkenttä Helsinki. Tuomas Lang, Senior Partner of CapMan, Heikki Westerlund, CEO of CapMan, Matti Bergendahl, CEO of Mehiläinen and Peter Weiderman, Chairman of Carema will be present at the event.
time 10.30 a.m. today, Friday 17 March 2006
place Hotel Scandic Simonkenttä, Simonkatu 9, Helsinki
For further information, please contact:
Tuomas Lang, Senior Partner, CapMan Buyout, tel. +358 40 545 1240
CAPMAN PLC
Jerome Bouix
Partner
Fundraising, IR & Communications
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