CapMan Mergers and Acquisitions Summary

Private Equity Firm Profile

In the last 3 years, CapMan has acquired 9 companies. It has also invested in 10 others.

CapMan’s most common sectors for investment areinformation technology (11%) and healthcare services (6%) . The Firm’s most common investment types include growth capital (36%) and buyout (lbo, mbo, mbi) (29%). In total, CapMan has invested in 6 different countries. Its largest (disclosed) acquisition occurred in 2011 when it acquired Den Finland Oy for $86M.

In the last 3 years, CapMan has exited 11 companies. The Firm’s most common exit type is trade sale (59%). CapMan’s largest (disclosed) exit occurred in 2019 when it sold Elisa Polystar for $79M.

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M&A Summary

  • M&A Total Activity135
    • M&A Buy Activity92
    • M&A Sell Activity43
  • Total Sectors Invested 37
  • Total Countries Invested 6
  • M&A Buy/Sell Connections 40
  • M&A Advisors 8

CapMan

Ludviginkatu 6, 4 fl.,
Helsinki, 00130
Finland
+358 207 207 500
www.capman.com

CapMan is a private equity group focused on a variety of investments in Scandinavia and Russia. CapMan's buyout group looks to invest €20 to €70 million (€10 to €20 for mezzanine) of capital in unlisted companies generating €50 to €500 million in revenues. CapMan seeks control positions and does not have any sector preferences. CapMan was established in 1989 and has offices in Helsinki, Stockholm, Oslo, Luxembourg, and Moscow.


Investment Criteria

Sectors of Interest: Building Materials, Business Services, Consumer Products, Distribution, Education, Electrical Equipment, Electronics, Engineering, Financial Services, Furniture, Healthcare Services, Internet Software and Services, Machinery, Manufacturing, Media, Medical Products, Metals/Mining, Packaging, Publishing, Real Estate, Restaurants, Retail, Safety/Security, Software, Staffing, Utilities

Target Transaction Types: Buyout (LBO, MBO, MBI), Growth Capital, Secondary Buyout

Geographic Preferences: Eastern Europe, Nordic

Transaction Criteria Min Max
Target Revenue 50 500
Target EBITDA - -
Investment Size 10 70
Enterprise Value 50 250
values in millions of EUR

M&A Summary

Buy vs Sell

Year ≤ '19 '20 '21 '22 '23 '24 T
Buy (4.6/yr) # 69 4 7 8 3 1 92
vol $86M $86M
Sell (2.6/yr) # 30 2 4 4 3 - 43
vol $79M $79M
  135

Most Recent M&A

Company Date Value Type
TerraWise Oy 2024-05-06 - Secondary Buyout
Helsinki, Finland · www.terrawise.fi
Delete Group Oy 2023-12-05 - Trade Sale
Helsinki, Finland · www.delete.fi
Fuzion A/S 2023-09-04 - Growth Capital
Skanderborg, Denmark · www.fuziondatacenters.com
Serverius B.V. 2023-05-09 - Growth Capital
Dronten, Netherlands · www.serverius.net
Malte Manson Verkstader AB 2023-02-13 - Secondary Sale
Skogas, Sweden · www.maltemanson.com
Napier AS 2023-02-06 - Growth Capital
Bomlo, Norway · www.napier.no
HopLop Oy 2023-01-23 - Merger
Vantaa, Finland · www.hoplop.fi
KDL Group of Companies 2022-12-28 - Trade Sale
Moscow, Russia · www.kdl.ru
Aro Systems Oy 2022-12-23 - Buyout (LBO, MBO, MBI)
Helsinki, Finland · www.arosystems.fi
Skarta Energy Oy 2022-12-12 - Joint Venture
Espoo, Finland · www.skartaenergy.fi
View All >>

Portfolio M&A

Company Acquired Add-On/Sale Date #
Elenia Oy 2017-12-13 Loimua Oy 2019-07-01 1
Tampere, Finland · www.elenia.fi Hameenlinna, Finland · www.loimua.fi

M&A by Sector

Sector Current # Value All-time # Value
Information Technology 6 (12%) - 10 (11%) -
Healthcare Services 2 (4%) - 5 (5%) -
Manufacturing 2 (4%) - 5 (5%) -
Construction 4 (8%) 86M (100%) 4 (4%) 86M (100%)
Business Services 2 (4%) - 4 (4%) -
Internet Software and Services 4 (8%) - 4 (4%) -
Medical Products 2 (4%) - 4 (4%) -
Software 2 (4%) - 4 (4%) -
Consumer Products 1 (2%) - 3 (3%) -
Engineering 2 (4%) - 3 (3%) -
Machinery 1 (2%) - 3 (3%) -
Marketing 2 (4%) - 3 (3%) -
Media 1 (2%) - 3 (3%) -
Renewable Energy 3 (6%) - 3 (3%) -
Retail 2 (4%) - 3 (3%) -
Communications 1 (2%) - 2 (2%) -
Distribution 1 (2%) - 2 (2%) -
Education 2 (4%) - 2 (2%) -
Leisure - - 2 (2%) -
Life Science 2 (4%) - 2 (2%) -
Marine 2 (4%) - 2 (2%) -
Metals/Mining - - 2 (2%) -
Transportation 2 (4%) - 2 (2%) -
Utilities 2 (4%) - 2 (2%) -
Automotive - - 1 (1%) -
Building Materials - - 1 (1%) -
Consumer Services - - 1 (1%) -
Diversified 1 (2%) - 1 (1%) -
Electrical Equipment 1 (2%) - 1 (1%) -
Environmental - - 1 (1%) -
Financial Services - - 1 (1%) -
Furniture - - 1 (1%) -
Packaging - - 1 (1%) -
Publishing - - 1 (1%) -
Restaurants 1 (2%) - 1 (1%) -
Semiconductors - - 1 (1%) -
Staffing - - 1 (1%) -
Total 51 $86M 92 $86M

Acquisitions By Geo

State/Country Current # Value All-time # Value
Finland 26 (51%) 86M (100%) 47 (51%) 86M (100%)
Sweden 8 (16%) - 18 (20%) -
Russia 13 (25%) - 16 (17%) -
Norway 2 (4%) - 7 (8%) -
Denmark 1 (2%) - 3 (3%) -
Netherlands 1 (2%) - 1 (1%) -
Domestic 26 (51%) 86M (100%) 47 (51%) 86M (100%)
Cross-border 25 (49%) - 45 (49%) -
Total 51 $86M 92 $86M

Acquisitions by Deal Type

Type Current # Value All-time # Value
Growth Capital 23 (45%) - 33 (36%) -
Buyout (LBO, MBO, MBI) 8 (16%) - 26 (28%) -
Stake Purchase 11 (22%) - 14 (15%) -
Secondary Buyout 4 (8%) - 10 (11%) -
Divestiture 2 (4%) 86M (100%) 3 (3%) 86M (100%)
Venture 1 (2%) - 3 (3%) -
Joint Venture 2 (4%) - 2 (2%) -
Going Private - - 1 (1%) -
Total 51 $86M 92 $86M

Exits by Deal Type

Type Total # Value
Trade Sale 15 (35%) 79M (100%)
Secondary Sale 11 (26%) -
Trade Sale - Public Company 11 (26%) -
Stake Sale 3 (7%) -
IPO 2 (5%) -
Merger 1 (2%) -
Total 43 $79M

Top M&A Advisors

Financial Deals
PwC Corporate Finance LLC
 1
Summa Capital Oy
 1
Keystone Advisers
 1
Legal Deals
Baker & McKenzie
 1
Horten Advokatpartnerselskab
 1
Linklaters
 1

Deal Values

buy # Total
< $100M 1 $86M
TOTAL $86M
Largest Den Finland Oy
$86M (2011-01-21)
sell # Total
< $100M 1 $79M
TOTAL $79M
Largest Elisa Polystar
$79M (2019-06-10)

M&A Connections

Deals
Acquired from
Investor(s)
11%
10 (11%)
Strategic(s)
3%
3 (3%)
Exited to
Investor(s)
28%
12 (28%)
Strategic(s)
63%
27 (63%)

Investor Summary

Investor Type

Private Equity Firm

Size

Mega

PE Assets

4.9B EUR

Established

1989

Specialist/Generalist

Generalist

Leadership

Pia Kåll

CEO

Antti Karppinen

Managing Partner

Antti Kummu

Managing Partner

Maximilian Marschan

Managing Partner

Ville Poukka

Managing Partner

FAQ

When was CapMan founded?

CapMan was founded in 1989.

What type of investor is CapMan?

CapMan is a private equity firm.

Where is CapMan headquartered?

CapMan is headquartered in Helsinki, Finland.

How much capital does CapMan have under management?

CapMan has 4.9B EUR under management.

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