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CapMan buys INR and Aspen and builds a new Nordic bathroom equipment company


CapMan Press Release 2 July 2010 at 4.00 p.m. EET

CapMan buys INR and Aspen and builds a new Nordic bathroom equipment company

Funds managed by CapMan have agreed to buy the two Swedish bathroom equipment companies INR from the investment fund Accent Equity and Aspen from Valedo Partners. INR and Aspen will then be merged to form a new Nordic bathroom equipment company.


INR and Aspen are leading companies within their respective segments in Sweden and their products have built up a strong reputation for their design and quality. The two companies had combined net sales of approx. €30 million in 2009.


“INR and Aspen are well-managed companies and together they will be able to offer a broad, high-quality, and competitive product range. The companies’ similar strategic brand positions and business models provide a solid basis for a successful merger. Working together with management, our goal will be to continue to build on the current business model and strengthen the new company’s market position, both in existing and selected new areas, and generate organic growth and expansion through possible acquisitions,” says CapMan Partner Göran Barsby.


Founded in 1993, INR mainly manufactures innovative and award winning shower solutions. Sales are currently primarily in Sweden, Norway, and Denmark. Founded in 2002, Aspen has quickly become an established player in the bathroom furniture market in Sweden, and with sales also in Norway and Denmark. The majority of both companies’ products are sold through specialist retail shops.


The investment will be made by the CapMan Buyout IX fund, in which CapMan Plc is a substantial investor. Funds managed by CapMan will hold approx. 80% of the new company. Completion of the transaction will require the approval of the competition authorities and is expected to be finalised in August.


Keystone Advisers has acted as financial adviser and Baker & McKenzie as legal adviser to CapMan.


For further information, please contact:
Göran Barsby, Partner, CapMan Buyout, tel. +46 8 545 854 79 or +46 734 40 84 87
Alf Larsson, Managing Director and founder, INR Sverige AB, tel. +46 40 670 15 35 or +46 705 50 01 40
Pontus Eklind, Managing Director, Aspen i Jönköping Holding AB, tel. +46 708 16 83 62



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 approximately150 people in Helsinki, Stockholm, Copenhagen, Oslo and Moscow. CapMan was established in 1989 and its B shares have been listed on the Helsinki Stock Exchange since 2001.