CapMan divests Curato to Altor

CapMan Press Release 16.9.2013 at 09.00 a.m. EEST

CapMan divests Curato to Altor

Funds managed by CapMan have signed an agreement to sell Curato AS, a leading provider of medical imaging services in Norway, to Altor Fund III.

Curato provides medical imaging (radiology) services in Norway and its main customers are the Regional Health Authorities, as well as health insurance companies and private individuals. The company has a nationwide network of 12 clinics and a patient flow of more than 300 000 patients annually. Curato's annual turnover reached approx. €53 million in 2012 and currently employs some 220 people.

"We have achieved the strategic objective set for the investment - to build a leading medical imaging service provider in Norway. The acquisition of the Telemark Røntgen group in 2007 and the merger with Sentrum Røntgeninstitutt in 2008 made the basis for the new company with an unmatched geographical coverage and market position in Norway. Another important development of Curato was successful completion of agreements with all Regional Health Authorities in Norway," says Hans Tindlund, Partner at CapMan Buyout and responsible for the investment.

"During CapMan's ownership we have modernized our equipment park and established service offering in three new locations. Today Curato is an important health care actor offering high quality radiology services to both the public health care sector and private patients. We have also gained significant economies of scale and productivity improvements through investing in state of the art medical imaging technology and through establishing centralized support functions. We are confident that Altor as a new owner will bring additional competences for a successful continuation of the company's development," says Hans Olav Almaas, Chairman of Curato.

"The cost of radiology services is significantly lower in Norway than in other Nordic or European countries, and far lower when performed by Curato than in the public domain in Norway. Curato, as the market leader, has been instrumental in driving this through its great people, efficient operations and modern infrastructure, saving the public health authorities considerable amounts while at the same time increasing service towards patients. We therefore believe that private players will increase their share of radiology services going forward. We also see possibilities of growing Curato into related services as well as beyond Norway over the next years," says Reynir Indahl, Partner in Altor Equity Partners.

The transaction is expected to be finalised by the end of October 2013. Funds managed by CapMan made the initial investment in Curato in 2007.

For more information, please contact:

Hans Tindlund, Partner, CapMan Buyout, tel. +47 92 66 99 66

Hans Olav Almaas, Chairman, Curato AS, tel. +47 91 71 03 05

Reynir Indahl, Partner, Altor Equity Partners, tel. +47 90 69 11 13

CapMan Buyout

CapMan Buyout is the largest investment team in the Nordic region, specialized in unlisted Nordic mid-market companies in various industries. The team has 23 years of experience and includes 20 people in Finland, Norway and Sweden. Since 1989, the team has made 69 investments and 49 exits and currently invests from its 10th fund, CapMan Buyout X, which is in active investment phase.

CapMan Buyout is part of CapMan Group, a leading private equity firm in the Nordic countries and Russia, with assets under management of €3.3 billion. CapMan has five key investment partnerships - CapMan Buyout, CapMan Russia, CapMan Credit, CapMan Public Market and CapMan Real Estate - each of which has its own dedicated investment team and funds. Altogether, CapMan employs 105 people in Helsinki, Stockholm, Oslo, Moscow and Luxembourg. For more information, please visit

Altor Funds

Altor Equity Partners act as investment advisor to the Altor funds. Since inception, the Altor funds have invested in close to 40 companies with a committed capital of EUR 3,800 million. The investments have been made in Nordic mid-cap companies with focus on value creation through growth initiatives and operational improvements. Among the investments are Lindorff, Helly Hansen, AGR, Eltek, Norsk Gjenvinning, SPT Group, Navico, Constructor and Elixia. For more information, please visit

Curato AS

Curato is a leading provider of medical imaging services in Norway. Its main customers are the Regional Health Authorities, as well as health insurance companies and private individuals. Curato has a nationwide network of 12 clinics and employs approx. 220 people. For more information, please visit

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