CapMan Buyout exits Komas to Componenta Corporation

May 16, 2019

CapMan Buyout press release
16 May 2019 at 08:00 a.m. EEST

CapMan Buyout exits Komas to Componenta Corporation

Funds managed by CapMan have signed an agreement on selling the shares and capital loans of Komas Oy, a machining operation company, to Componenta Corporation. Komas is a manufacturer of machined components, forged blanks, hydraulic pipes and plate cuttings. At the end of 2018, the company employed 313 people in Jyväskylä, Härmä, Kurikka, Leppävesi and Sastamala. Key customers of Komas include major international OEMs of machinery and equipment. According to the arrangement, the entire purchase price is paid with the shares of the Componenta Corporation, which is listed on Nasdaq Helsinki.

“Komas has significantly grown and developed during CapMan’s ownership and has established a good position among its customers. In particular, we have focused on measures that improve quality, delivery accuracy and operational efficiency. Companies of sufficient scale and with professional management that are able to offer added value to clients will, in my opinion, continue to succeed in this industry. I see the acquisition as a good solution for Komas and the combination with Componenta is a logical next step for the development of the operations. I want to especially thank Komas’ management for their dedication over these past years. Our journey continues as shareholders of Componenta,” comments Jan Mattlin, Partner at CapMan Buyout.

“The acquisition of Komas expands Componenta’s range of products and services and improves the quality of our customer service by creating a one-stop-shop for industries purchasing cast and machined components. A large number of our customers wish to purchase the casting and the related services as a ready-made component from a single supplier. Componenta and Komas already have several common customers with ideal prerequisites for cooperation. The acquisition of Komas will improve the level of expertise within the Group and expand our presence in the Finnish market. Long distances between locations increase the total cost of a product. By acquiring machining locations close to our foundries, we are able to increase our competitiveness,” says Harri Suutari, CEO of Componenta.

Componenta is planning to issue shares for the sellers of Komas as a form of paying the purchase price. For this purpose, Componenta will convene an Extraordinary General Meeting for its shareholder in order to authorise its Board of Directors to decide on the share issue. The closing of the transaction further depends on the usual terms of business acquisitions, including any possible approvals from authorities. It is the intention of the parties to conclude the transaction on 1 July 2019. Prospectus including pro forma information on the impacts of the transaction is prepared for the listing of new shares.

The majority owners of Komas, i.e. the funds managed by CapMan and CapMan’s portfolio company Fortaco Oy have in the share purchase agreement undertaken not to exercise voting rights attaching their prospective shares until the shareholding of the majority owners has decreased below 10%. In accordance with the restriction the majority owners will abstain from exercising the voting rights in the general meetings of Componenta to the extent that the voting rights represent 50% or more of the votes represented in the general meeting concerned.

Komas Oy was established at the end of 2012 in conjunction with the establishment of Fortaco Group.

For additional information, please contact:

Jan Mattlin, Partner, CapMan Buyout, tel. +358 40 508 6406

CapMan Buyout is the largest mid-market private equity team in the Nordic region, with 12 investment professionals in Finland and Sweden and 30 years of experience. The team has made a total of more than 70 investments and more than 50 exits and its latest fund, CapMan Buyout X, is in active value creation and exit phase. CapMan Buyout is part of CapMan Group, a leading Nordic private asset expert with an active approach to value-creation in its target companies and assets, with assets under management of more than €3 billion. CapMan has a broad presence in the unlisted market through our local and specialised teams. The investment strategies cover Private Equity, Real Estate and Infra. CapMan also has a growing service business that includes procurement services, fundraising advisory, and analysis, reporting and wealth management services. Altogether, CapMan employs 140 people in Helsinki, Stockholm, Copenhagen, London, Moscow and Luxembourg.

Componenta is an international technology company. Componenta specializes in supplying cast and machined components to its global customers, who are manufacturers of vehicles, machines and equipment. The company’s share is listed on Nasdaq Helsinki.