CapMan Buyout press release 19 November 2019 at 6.00 p.m. EET
CapMan Buyout has sold its shares in Harvia Plc
CapMan Buyout X Fund A L.P and CapMan Buyout X Fund B Ky (together the “funds managed by CapMan”) have sold all their shares in Harvia Plc (“Harvia”) to Onvest Oy. The funds managed by CapMan sold a total of 2,305,679 Company’s shares, which is 12.3 per cent of the shares and votes in Harvia. The price in the share sale was EUR 9.25 per share and the gross sales proceeds amounted to approximately EUR 21.3 million.
The funds managed by CapMan owned the majority of Harvia’s shares before the company’s IPO in March 2018, and they continued as significant investors of Harvia after the listing.
Pia Kåll, Managing Partner of CapMan Buyout, comments: “Harvia has been a great investment for CapMan, and we are proud of Harvia’s excellent performance as a listed company. We invested in Harvia in 2014, and the Company has since implemented the growth strategy that we together with the management developed for it. As a result, Harvia has strengthened its position as one of the leading sauna and spa companies in the world. Harvia is positioned to continue to perform well in the future. However, as owning shares of a listed company lies beyond the strategy of our funds, it was time for us to relinquish our ownership and finalise our exit. We believe Onvest Oy will be a strong long-term anchor investor for Harvia.”
“Harvia is a solid and very profitable company, whose strong Finnish roots and great brand fit exceptionally well with Onvest’s values and investment strategy. Harvia has succeeded with its growth strategy and we believe Harvia’s strategic direction is correct. We are extremely pleased to be taking a role in Harvia’s development”, says Kalle Kekkonen, Onvest Managing Director.
Pia Kåll, Managing Partner, CapMan Buyout, +358 207 207 555
CapMan Buyout is part of CapMan Group, a leading Nordic private asset expert with an active approach to value-creation in its portfolio 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. For more information, please visit www.capman.com