CapMan Buyout X, L.P., a fund managed by CapMan Oyj, Varma Mutual Pension Insurance Company and Finnish Industry Investment Ltd completed the acquisition of 70% stake in KotiSun Oy from Panostaja Oyj and other shareholders.
January 16, 2018
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CapMan Buyout X, L.P., a fund managed by CapMan Oyj (HLSE:CAPMAN), Varma Mutual Pension Insurance Company and Finnish Industry Investment Ltd entered into an agreement to acquire 70% stake in KotiSun Oy from Panostaja Oyj (HLSE:PNA1V) and other shareholders on December 19, 2017. Under the terms of the transaction, the total debt-free sale price of shares sold is estimated by Panostaja to be 88 million, of which Panostaja's share after the deduction of interest-bearing net liabilities and costs related to the sale will be approximately 40.7 million. As part of the transaction, Panostaja is selling its entire 56.6% stake in KotiSun to the CapMan fund by virtue of trade, making CapMan the majority owner of KotiSun. KotiSun Group's management will retain the balance 30% stake while Varma Mutual Pension Insurance Company and Finnish Industry Investment will take minority ownership alongside CapMan in KotiSun. Panostaja will finance the buyer with credit in the amount of 1.5 million.
For the twelve month period ending October 31, 2017, KotiSun recorded net sales of approximately 42.46 million and EBIT of approximately 6.59 million. As on October 31, 2017, KotiSun's balance sheet recorded total assets of 34.97 million and equity of approximately 13.07 million. As on December 19, 2017, the transaction is pending approval from competition authorities and is expected to close by January 31, 2018. As of January 9, 2018, the Finnish Competition and Consumer Authority approved the transaction and the deal is expected to close on January 17, 2018.
CapMan Buyout X, L.P., a fund managed by CapMan Oyj (HLSE:CAPMAN), Varma Mutual Pension Insurance Company and Finnish Industry Investment Ltd completed the acquisition of 70% stake in KotiSun Oy from Panostaja Oyj (HLSE:PNA1V) and other shareholders on January 17, 2018.
Panostaja Oyj is a Finland-based investment company, which together with its group enterprises forms a conglomerate, which primary market is Finland. The Company's portfolio comprises: Grano Oy within digital and printing services area; dealership KL-Varaosat Oy, which delivers parts for Mercedes-Benz, BMW and Volvo cars; Selog Oy, a ceiling material wholesaler; Suomen Helakeskus Oy, engaged in import of and services related to fixtures and fittings; Megaklinikka Oy, a provider of oral health care services; Heatmasters Oy, a metal heat treatment services and equipment provider; Oscar Software Group Oy, a software service company specialized in the development of enterprise resource planning (ERP) systems and various business services, as well as CoreHW, which offers design services within radio frequency integrated circuit sector.
CapMan Buyout X, L.P., a fund managed by CapMan Oyj, Varma Mutual Pension Insurance Company and Finnish Industry Investment Ltd completed the acquisition of 70% stake in KotiSun Oy from Panostaja Oyj and other shareholders.