CapMan Plc of Finland agreed to sell 30 percent of Paris, France-based Access Capital Partners Group SA to Pohjola Bank Plc. CapMan expects the transaction will impact its 2010 results by about EUR 23 million. The transactionis expected to close by the end of 2010. Access Capital has about EUR 2.9 billion in assets under management.
CapMan Plc (CapMan) and Pohjola Bank Plc (Pohjola) have signed an agreement under which CapMan will sell 30% of Access Capital Partners Group SA (Access) to Pohjola. The transaction will have an impact of approx. EUR 23 million on CapMan’s 2010 result. The closing of the transaction will be subject to the consent of the regulatory authorities in Guernsey (GSFC) and France (AMF), and is expected by the end of 2010.
Access is a leading independent European manager and advisor of private equity funds of funds and mandates, with assets under management totalling approx. EUR 2.9 billion. CapMan was a co-founder of Access in 1999 together with Access’ managing partners.
The transaction is part of a larger one, in which Access will acquire Pohjola Private Equity Funds Oy (PPEF) from Pohjola, while Pohjola will simultaneously acquire 40% of Access from CapMan and Access’ managing partners. Following these transactions, the capital managed by the new Access Capital Group will increase to approx. EUR 4.5 billion. CapMan will continue to be an Access shareholder after the transaction, with a 5% stake. CapMan’s entitlement to possible carried interest income from the funds and private equity mandates managed by Access will remain unchanged after the transaction for all capital raised by Access prior to the closing.
“Both CapMan and Access have grown strongly since the establishment of Access, CapMan into one of the leading private equity houses in the Nordic countries and Russia, and Access into one of the leading managers and advisors of private equity funds of funds and mandates in Europe,” says CapMan’s CEO Lennart Simonsen. “Now is a good and natural time for us now to reduce our significant ownership in Access and concentrate on our core business of managing private equity funds making direct investments in companies and real estate.”
“We are proud to have had the chance to contribute to Access’ development during the past 12 years,” continues CapMan Senior Partner, Ari Tolppanen, who has served on the Access Board since 1999. “The company’s managing partners have done an excellent job in growing the company and building a strong market position for Access. And I believe that the transactions we are now announcing will support Access’ future development very effectively.”
Lennart Simonsen, CEO, tel. +358 (0)207 207 567
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CapMan is one of the leading alternative asset managers in the Nordic countries and Russia and manages private equity funds with approximately EUR 3.6 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 approximately 150 people in Helsinki, Stockholm, Copenhagen, Oslo, Moscow and Luxembourg. CapMan was established in 1989 and its B shares have been listed on the Helsinki Stock Exchange since 2001. www.capman.com
Access Capital Partners
Access Capital Partners (www.access-capital-partners.com) is a leading, independent European provider of private equity funds of funds with around EUR 2.9 billion under management. Since inception in 1999, Access’ stable management team has remained disciplined and focused on the proactive screening, selection and management of European small to mid-market buy-out funds of funds and mandates. Access’ combined primary and secondary approach to the management of funds of funds has been a key differentiator. The firm currently employs 32 people including 8 partners operating or advising from Paris, Brussels, Munich and London. www.access-capital-partners.com.
Pohjola is a Finnish financial services group which provides its corporate and institutional customers with a diverse range of banking, non-life insurance and asset management services and private individuals with an extensive range of non-life insurance and private banking services. Pohjola Bank plc (Pohjola) is part of OP-Pohjola Group, the leading financial services group in Finland.
Pohjola Asset Management Ltd is part of Pohjola Group and it is responsible for asset management services for OP-Pohjola Group’s major institutional and private clients. Its 168 asset management experts manage assets worth over EUR 35 billion. The company is the leading asset manager for Finnish private and institutional investors. During the almost four years of operation, Pohjola Private Equity Funds Ltd within Asset Management has become one of the most significant private equity firms in the Nordic countries. It has assets of around EUR 1.6 billion under management. www.pohjola.fi