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CapMan and 3i funds exit Finndomo

29 April 2005 -- The funds managed/advised by CapMan and 3i have announced an exit from Finndomo Oy, which is the largest Nordic producer of industrially manufactured single-family houses. The funds and 3i will sell their stake in Finndomo to the company’s operative management and a group of Finnish and Swedish private investors. The transaction is expected to be finalised by the end of May 2005. The parties of the transaction have agreed that the transaction value will not be published. Prior to the deal, CapMan funds held a 55.4% stake in Finndomo and 3i held 27.7%. The exit has an impact of approx. EUR 5 million on CapMan’s result for 2005 as a result of carried interest income received from Finnventure II and III funds.

CapMan funds Finnventure II and III and 3i fund Forenvia Venture I invested in Finndomo in 1997, when Rantasalmi Oy and Suomen Taloteollisuus Oy were merged. CapMan fund Finnventure V and 3i Group Plc invested in the company in 2001, when Finndomo and Swedish house manufacturer Hjältevadshus Produktion AB were merged. Finndomo’s business has developed well in recent years, and the company has achieved market leadership as the largest producer of single-family houses in the Nordic countries. The investment has been profitable for CapMan funds, of which Finnventure II and III funds are already generating carried interest. As a result of carried interest received from these funds, the impact of the exit on CapMan Plc’s result for 2005 is about EUR 5 million. Finnventure V Fund also moves closer to the point where it begins to generate carry following the exit.

”When we invested in Finndomo eight years ago our aim was to reorganise the company’s business and improve profitability, and to positively influence the development of the construction industry. These objectives have now been met and several different buyers have expressed interest in Finndomo. We believe that the new owners, who are capable of long-term profitable management and development of Finndomo, have the best possible interests in the company’s future,” says Markus Sjöholm, CapMan Partner and Chairman of the Board of Finndomo.

“Finndomo has grown to be the leading industrial manufacturer of single-family houses with the support of private equity investors and at the same time the company’s profitability has increased remarkably. We are very pleased that private persons have shown interest in buying Finnish businesses. The most recent exits have been from one private equity investor to another or to an industrial buyer, because the stock exchange listing markets have not yet fully recovered,” says Ere Kariola, CEO, 3i Finland.

Reijo Svanborg, Managing Director of Finndomo Group: ”We are extremely pleased with the partnership with CapMan and 3i. Their positive contribution has enabled Finndomo to become a united and profitable company, which has grown into the largest Nordic producer of single-family houses and the benchmark of quality in Nordic living. This change of ownership secures the long-term development of Finndomo according to company strategy also in future. The operative management has long been committed to developing Finndomo, and is therefore best qualified to take responsibility for the company’s future challenges. The executive ownership will further increase management’s commitment to the company.”

In addition to the company’s operative management, the buyers of Finndomo include a group of Finnish and Swedish private investors such as Ilkka Brotherus, Curt Lindbom, Jussi Länsiö and Stig-Olof Simonsson.

In 2004 Finndomo’s turnover increased to EUR 157.7 million and profits to EUR 5.3 million. Finndomo’s major market areas are Finland and Sweden, which each contributes approximately half of the total turnover. In coming years the company aims to grow turnover to EUR 200 million and profit to EUR 10 million,<

Publisher Contact Information:

CapMan Capital Management Oy
+358 9 6155 8312

Company profile of CapMan Capital Management Oy
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