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CapMan sells its minority holding in LUMENE Oy – the leading Finnish cosmetic brand


CapMan Press Release – 4 June 2014 at 11.30 a.m. EEST


CapMan sells its minority holding in LUMENE Oy – the leading Finnish cosmetic brand

Funds managed by CapMan sell the remaining 12% of shares in LUMENE Oy to LUMENE Oy. Following the transaction, the ownership of the company is transferred entirely to the management of LUMENE Oy and to its major shareholder, Langholm Capital LLP. The exit will not change CapMan’s outlook estimate for 2014 given on 8 May 2014.

Lumene brand is the market leader in skin care and make-up products in Finland. LUMENE Oy develops, manufactures, sells, and markets high-quality skin care and cosmetic products, together with professional hair care products. LUMENE Oy recorded net sales of approx. EUR 90 million in 2013, of which more than half derived from the international markets – Russia, Scandinavia and USA. The company employs about 530 employees, 330 of whom work in Finland.

“It has been great to take part in developing LUMENE Oy on its path to an international pioneer in the cosmetics market. LUMENE Oy makes world-class R&D, and its products founded on Arctic nature’s ingredients have become its distinct competitive advantage. We are confident that the company will continue its successful growth also in the future,” says Tuomo Raasio, Senior Partner at CapMan and responsible for the investment.

“Cooperating with CapMan has been very pleasant and rewarding. CapMan’s systematic contribution to our strategic approach and value creation is significant. We have learned a lot from CapMan’s experienced team and gained useful insights and know-how on the Russian and Nordic markets,” states Tapio Pajuharju, CEO of LUMENE Oy.

Investors of funds managed by CapMan have previously received a significant amount of the initial investment in LUMENE Oy. Following the transaction CapMan receives carried interest income from CapMan Equity VII B fund. Furthermore, CapMan Equity VII A and Sweden as well as Finnmezzanine III A and B funds move closer to carry.

CapMan and LUMENE Oy share a long history

The story of Capman and LUMENE Oy begun in 2003, when funds managed by CapMan invested in Noiro, a former cosmetics unit of a pharmaceutical company Orion. At the end of 2003 the ownership of Noiro was internationalized as the British capital investor Langholm Capital LLP became a minority owner in the company further strengthening the company’s growth strategy outside the Nordic markets. In 2005 the name Noiro was changed to LUMENE Group. During 2008 the business was further concentrated as LUMENE Oy’s subsidiary Farmos, the manufacturer of detergents and cleaning products, became an independent company. CapMan exited Farmos in August 2010. During the same year CapMan partly exited also LUMENE Oy and sold majority of the company’s shares to funds managed by Langholm Capital LLP.

For further information, please contact:

Tuomo Raasio, Senior Partner, CapMan Buyout, tel. +358 (0)40 040 5682

Tapio Pajuharju, CEO, LUMENE Oy, tel. +358 (0)50 577 4200


CapMan Buyout is the largest mid-market private equity team in the Nordic region, with 20 investment professionals in Finland, Norway and Sweden and 24 years of experience. The team has made a total of 77 investments and 57 exits and its tenth fund CapMan Buyout X is currently in active investment phase.

CapMan Buyout is part of CapMan Group, a leading private equity firm in the Nordic countries and Russia, with assets under management of EUR 3.1 billion. CapMan has five key 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 around 100 professionals in Helsinki, Stockholm, Oslo, Moscow and Luxembourg. 


Dedicated to delivering innovative skincare formulations for skincare and color cosmetics, Finnish beauty brand Lumene unlocks the potency of nourishing Arctic ingredients to illuminate your natural beauty. Lumene’s high quality beauty products are developed and manufactured in Finland. LUMENE Oy recorded net sales of app. EUR 90 million in 2013. The company employs some 530 employees.