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

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

Transaction Criteria

Min

Max

Target Revenue

500

Target EBITDA

Investment Size

Enterprise Value

250

values in millions of EUR

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

Year

≤ '19

'20

'21

'22

'23

'24

Buy (4.6/yr)

vol

$86M

Sell (2.6/yr)

vol

$79M

135

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 >>

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 >>

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

Company

Acquired

Add-On/Sale

Date

Elenia Oy

2017-12-13

Loimua Oy

2019-07-01

Tampere, Finland · www.elenia.fi

Hameenlinna, Finland · www.loimua.fi

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

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

$86M

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

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

$86M

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

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

$86M

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

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

$79M

Financial	Deals
PwC Corporate Finance	1
Summa Capital Oy	1
Keystone Advisers	1

Financial

Deals

PwC Corporate Finance

Summa Capital Oy

Keystone Advisers

Legal	Deals
Baker & McKenzie	1
Horten Advokatpartnerselskab	1
Linklaters	1

Legal

Deals

Baker & McKenzie

Horten Advokatpartnerselskab

Linklaters

buy	#	Total
< $100M	1	$86M
TOTAL	$86M
Largest	Den Finland Oy $86M (2011-01-21)

buy

Total

< $100M

$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)

sell

Total

< $100M

$79M

TOTAL

$79M

Largest

Elisa Polystar
$79M (2019-06-10)

		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%)

Deals

Acquired from

Investor(s)

10 (11%)

Strategic(s)

3 (3%)

Exited to

Investor(s)

12 (28%)

Strategic(s)

27 (63%)

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.

CapMan Mergers and Acquisitions Summary

Private Equity Firm Profile

M&A Summary

CapMan

Investment Criteria

M&A Summary

Buy vs Sell

Most Recent M&A

Portfolio M&A

M&A by Sector

Acquisitions By Geo

Acquisitions by Deal Type

Exits by Deal Type

Top M&A Advisors

Deal Values

M&A Connections

Investor Summary

Investor Type

Size

PE Assets

Established

Specialist/Generalist

Leadership

Pia Kåll

Antti Karppinen

Antti Kummu

Maximilian Marschan

Ville Poukka

FAQ

When was CapMan founded?

What type of investor is CapMan?

Where is CapMan headquartered?

How much capital does CapMan have under management?

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