CapMan Plc Stock Exchange Release – 4 June 2013 at 8.30 a.m. EET
CapMan completes exit from Cardinal Foods
Funds managed by CapMan have completed the exit from Cardinal Foods AS as announced on 3 April 2013. CapMan funds sold their equity stakes in Cardinal Foods to a company formed by Swedish agricultural cooperative Lantmännen Group and private equity firm CapVest. The investment in Cardinal Foods has been excellent for investors in CapMan’s funds.
“We headed several value creating initiatives during our holding period, including four add-on acquisitions, expansion of the distribution channels and tripling the capacity of production facilities providing improved operational efficiency and economies of scale. As one of the leading producers and distributors of eggs and poultry products in Norway, Cardinal Foods has excellent potential for continued success under its new ownership,” says Kai Jordahl, Senior Partner and Head of CapMan Buyout.
The impact of the transaction on CapMan Group’s current year financial result is approx. 1.4 million from carried interest income mainly from the CapMan Equity VII B fund and 0.4 million in returns from own fund investments. Returns from fund investments were accounted for already in the first quarter of 2013.The transaction contributes 3.7 million to CapMan Group’s 2013 cash flow.
Three companies, of which one has been partially exited, remain in the CapMan Equity VII B fund portfolio. Following the sale of Cardinal Foods, CapMan Equity VII A and Sweden KB funds are significantly closer to carry. The funds currently hold a total of eight companies in their portfolios.
For more details about the transaction, please see CapMan’s stock exchange release published on 3 April 2013.
For more information, please contact:
Kai Jordahl, Senior Partner and Head of CapMan Buyout, tel. +47 90 98 22 71
Niko Haavisto, CEO and CFO, CapMan Plc, tel. +358 207 207 583 or +358 50 465 4125
Torfinn Prytz Higdem, CEO Cardinal Foods AS, tel. +47 99 04 48 76
CAPMAN PLC
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CapMan Group is one of the leading private equity firms in the Nordic countries and Russia, with assets under management of approximately 3.3 billion. CapMan has five investment partnerships – CapMan Buyout, CapMan Russia, CapMan Credit, CapMan Public Market, and CapMan Real Estate – each of which has its own dedicated investment team and funds. Altogether, CapMan employs 105 people in Helsinki, Stockholm, Oslo, Moscow and Luxembourg. CapMan was established in 1989 and has been listed on the Helsinki Stock Exchange since 2001.
Cardinal Foods AS www.cardinalfoods.no Cardinal Foods is a leading supplier of white meat and eggs and has a significant position in the Norwegian market. The company’s strategy is to continue to develop the most efficient production facilities for poultry and eggs in Norway, combined with innovative and consumer-friendly, top quality products. The company controls the entire value chain, from farmer to consumer. Slaughtering, cutting and processing of white meat are carried out at Jæren and Stokke in Vestfold in efficient and full-scale production plants. Egg processing takes place in Norway’s most modern facilities for egg processing, located in Ski.
