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CapMan Buyout exits INR to Dansani


CapMan Buyout Press release
5 March 2020 at 5 p.m. EET

CapMan Buyout exits INR to Dansani

Funds managed by CapMan Buyout have agreed to sell INR (Iconic Nordic Rooms) to Danish bathroom group Dansani.

INR is the Nordic market leader within shower solutions and has a strong position in bathroom furniture, mixers and towel dryers delivering 60,000 shower solutions and 30,000 pieces of furniture annually. INR’s net sales were SEK 402 million in 2019. The company employs ca 115 people.

”During CapMan’s ownership period, we have developed the business both organically and through strategic M&A. We made an add-on acquisition of Sanka, the leading player in shower solutions in Finland, in the fall of 2010, and established INR as one brand for all products and markets. Also, several important operational initiatives have been conducted, including development of a new modular based furniture line,” tells Johan Pålsson, Co-managing Partner at CapMan Buyout.

“In addition, the opportunities and risks related to sustainability in INR’s operations and value chain have been an essential part of the company’s work these past years,” Pålsson continues.

The acquisition makes Dansani/INR a market leader within bathroom furniture and shower enclosure solutions in the Nordic countries. Dansani has a very strong position on the Danish market and INR has a strong position in Sweden, while both companies are solidly represented in Norway and Finland. The combined turnover in the Nordic countries will be in excess of DKK 500 million.

“I have appreciated the close and constructive cooperation with CapMan during my years as CEO. This merger means a tangible lift for INR’s employees and for our customers, who will benefit from both companies being able to supply a wider range of products, services and expertise. I am delighted to pass on the baton to Carsten Friis, who will be CEO of the new Dansani/INR constellation,” says Per Skårner, CEO of INR.

After the takeover, Skårner is stepping down from operational responsibility, but will continue as a board member of INR/Dansani.

“INR is a perfect match for Dansani, and the two companies complement each other well, both with their product ranges and market positions and with their corporate culture. Following the purchase, Dansani/INR will be a significant player in our prioritized product categories and primary markets. As a single unit, Dansani/INR will have the necessary strength to reinforce sales in our present markets and expand into new ones. I am extremely pleased that this purchase has been successful,” states Carsten Friis, CEO of Dansani.

CapMan Buyout IX fund made the investment in INR in 2010 through the merger of INR and Aspen. The transaction is expected to close within two weeks.

Livingstone acted as financial adviser to CapMan in the sale of INR.

For more information, please contact:

Johan Pålsson, Co-Managing Partner, CapMan Buyout, tel. +46 705 956 224
Carsten Friis, Owner and CEO, Dansani A/S, tel. +45 21 78 66 98
Johan Nyman, Nordic Head of Sales and Marketing, INR Nordic AB, tel. +46 739 40 05 29

About CapMan
CapMan is a leading Nordic private asset expert with an active approach to value creation. We offer a wide selection of investment products and services. As one of the Nordic private equity pioneers, we have developed hundreds of companies and real estate assets and created substantial value in these businesses and assets over the past 30 years. With over 3 billion in assets under management, our objective is to provide attractive returns and innovative solutions to investors. We have a broad presence in the unlisted market through our local and specialised teams. Our investment strategies cover Private Equity, Real Estate and Infra. We also have a growing service business that includes procurement services, fundraising advisory, and analysis, reporting and wealth management services. Altogether, CapMan employs 150 people in Helsinki, Stockholm, Copenhagen, London and Luxembourg. We are a public company listed on Nasdaq Helsinki since 2001 and a signatory of the UN Principles for Responsible Investment (PRI) since 2012. More information at

INR Nordic AB

INR designs, manufactures and sells bathroom furniture, tailored shower solutions, accessories and towel heaters. The design is simple Scandinavian, high quality products with attention to detail. INR was established in 1988 in Scania in Sweden, with headquarters in Malmö and production facilities in Jönköping. The CapMan equity fund has owned INR since 2010. INR’s main markets are in Sweden, Norway and Finland. See more at

Dansani A/S

Dansani A/S develops and markets bathroom products, and has deep roots in traditional Danish design, where skilled craftsmanship, simplicity and functionality are at the core. Dansani was established in 1983 with headquarters in Haderslev and supplies stylistically stringent solutions for quality-conscious customers. With subsidiary companies in the UK, the Netherlands, Germany, Norway and Sweden, more than 80 per cent of Dansani’s turnover is generated outside Denmark. See more at