CapMan has agreed to sell its 67% stake in Inflight Service Intressenter AB, a Sweden-based retail travel company, to Triton. No financial terms were disclosed. Inflight was acquired by CapMan in 2005, and reported 2008 net sales of approximately €152 million.
The CapMan-managed funds have signed an agreement to sell their approximately 67% holding in Inflight Service Intressenter AB to funds managed by the private equity firm Triton. The company was acquired in 2005 from the original founders and investment company Wasatornet Invest AB.
Swedish-based Inflight Service, the market leader in the Nordic travel retail market, provides the travel industry with merchandise that travellers purchase, offering its customers a wide range of travel retail solutions and distribution services. In 2008 the company reported net sales of approx. €152 million employing some 300 people.
“We are very pleased with the transaction that has been announced today and with the development in Inflight Service during our ownership period. Inflight is now ready for a new phase in its international expansion, and has good growth prospects going forward. We believe that Triton is a strong owner for the company and they will be able to support the management team in taking Inflight Service to the next level,” says CapMan Partner, Mats Gullbrandsson.
The funds exiting from Inflight Service are CapMan Equity VII, CapMan Mezzanine IV, and Finnmezzanine III A and B funds. The investment has been good for the investors in the exiting funds. The exit will not affect CapMan Plc’s result, as the exiting funds are not yet in carry. The funds concerned, with the exception of CapMan Mezzanine IV, are expected to start generating carried interest during 2010–2011.
The transaction is subject to customary closing conditions and requires the approval of competition authorities. It is expected that the transaction will be closed by the end of January 2010.
Catella Consumer, KPMG and Vinge have acted as CapMan’s advisors in the transaction.
For further information, please contact:
Mats Gullbrandsson, Partner, CapMan Buyout, tel. +46 8 545 854 81 or +46 734 40 84 88
CapMan is one of the leading alternative asset managers in the Nordic countries and Russia and manages private equity funds with approximately EUR 3.5 billion in total capital. CapMan has six investment areas (CapMan Buyout, CapMan Technology, CapMan Life Science, CapMan Russia, CapMan Public Market and CapMan Real Estate), and each of them has a dedicated team and funds. Altogether CapMan employs approx. 150 people in Helsinki, Stockholm, Copenhagen, Oslo and Moscow. CapMan was established in 1989 and its B shares are listed on the Helsinki Stock Exchange since 2001.