CapMan secures additional funding

As part of the expansion of its Norwegian operations, the Nordic private equity group has secured an additional E50m commitment from Norwegian fund of funds Argentum Fondsinvesteringer.

CapMan, the Nordic private equity firm listed on the Helsinki Stock Exchange, has opened an office in Oslo as part of plans to expand its presence in the Norwegian market.


CapMan will set up an office of three investment professionals in Oslo, with a focus on buyouts and technology investments. Norway’s industrial and financial structures offer attractive investment opportunities from the viewpoint of portfolio company diversification and return potential,” said Ari Tolppanen, CEO of CapMan.


The creation of a Norwegian office coincides with a E50m commitment to CapMan Equity VII, CapMan’s latest private equity fund which closed in December 2003. The commitment, from Norwegian fund of funds manager Argentum Fondsinvesteringer, increases the capital of CapMan Equity VII from E253m to E303m. “We are attracted by CapMan’s Nordic strategy and impressive track record,” said Jorgen Kjaernes, CEO of Argentum Fondsinvesteringer, commenting on the E50m commitment.


In February, the firm announced a series of appointments across its businesses in Sweden and Denmark. The firm appointed a Danish senior advisor and three Swedish investment professionals. Peter Langkjaer, chairman of Danish consulting company Lisberg Management, joined the Danish operations, while Göran Barsby, Mats Gullbrandsson and Rikard Albihn joined the firm’s Swedish team.


The fund has already made several investments, including the E270m buyout of Nordkalk, the Finnish limestone-based products producer. Other investments include a E34m investment in RGS90, the Danish waste management company and Tieturi, a Finnish provider of IT training.


According to CapMan, the latest expansion puts the firm as the only private equity investor with offices in Finland, Sweden, Denmark and Norway.